CYPRUS: Negative dynamics continued in 2013

Cypriot insurers reported EUR 750 million in gross written premiums last year, an annual decrease of 7.4%, according to the figures published by the Insurance Association of Cyprus.

In case of life insurance, the local insurers reported a negative dynamic of 9.1% y-o-y to EUR 319 million while in case of non-life insurance segment, the decrease was only 6% y-o-y. In the life insurance segment, the top three businesses remained the same as in 2012, with slight changes in the companies' market shares: EUROLIFE with a 28.4% market share, CNP CYPRIALIFE with 25.4% and UNIVERSAL Life Company with a 14.3% market share.

In non-life insurance, General Insurance of Cyprus (a 13% market share) led the field ahead of CNP Asfalistiki (12.5%) and PANCYPRIAN (7.4%), as data from the Insurance Association of Cyprus shows.

On the life insurance market, seven of 10 insurers recorded a decrease in GWP, while on the non-life side, 17 of the 27 active companies reported negative dynamics.

Access www.xprimm.com and download the FY2013 Cyprus insurance market statistics.
  • Market portfolio (GWP/Claims/Growth rates)
  • Life and non-life market rankings (GWP/Market shares/Growth rates)

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