Cyprus

Location: is a Eurasian island located in the Eastern Mediterranean Sea, East of Greece, south of Turkey, west of Syria, Lebanon and Israel and north of Egypt. Cyprus is the third largest island in the Mediterranean Sea and the Republic of Cyprus is a Member State of the European Union.

Climate: Cyprus has a subtropical climate Mediterranean type of climate, with very mild winters (on the coast) and warm to hot summers. Snow is possible only in the Mountains in the central part of island. Rain occurs mainly in winter, with summer being generally dry.

Natural Hazards: Moderate earthquake activity, droughts.

Currency: EURO

Sources:Insurance Association of Cyprus
Central Bank of Cyprus
Ministry of Economics Cyprus

Insurance statistics

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1Q2017 Market portfolio

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STATISTICS: CYPRIOT insurers 1Q GWP down by 2.2% y-o-y

Cypriot insurers posted aggregate gross written premiums of EUR 191.92 million in the first three months of 2015, down by 2.19% y-o-y, according to the quarterly market statistics published by the Insurance Association of Cyprus - IAC. At the same time, in the analyzed period, the local insurers paid about EUR 115 million in life and non-life claims.

STATISTICS: CYPRUS insurance market declined by 3% in 2014

At the end of 2014, the Cypriot insurance market totaled EUR 727 million, recording an annual decrease of 3%, according to the figures published by the Insurance Association of Cyprus (IAC). The value of paid claims declined by 26% y-o-y to EUR 459 million. In case of life insurance, IAC reported a negative dynamic of 4.7% y-o-y to EUR 304 million while in case of non-life insurance segment, the decrease was 1.9% y-o-y to EUR 423 million.

Labour costs double in the financial and insurance sector in CYPRUS

Hourly labour costs in the financial and insurance activities sector were at least twice as high as the national average for the total economy in 2012 in Cyprus (+106%), as well as in Portugal (+167%), Romania (+136%), Latvia (+113%) and Hungary (+110%).
At the end of September 2014, the insurance market of Cyprus totaled EUR 549 million or 3.9% less y-o-y, according to the report of the Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was reported in life insurance, from EUR 243 million to EUR 227 million (or 6.4% less y-o-y), while the non-life segment decreased by 2.1% y-o-y to EUR 321 million.

CYPRUS 1Q2014: The insurance market fell by 6.3%, below EUR 200 million

The insurance market of Cyprus reported a volume of GWP of about EUR 196 million in the first quarter of 2014, representing an annual decrease of 6.3%, according to the figures published by the Insurance Association of Cyprus. In the case of life insurance, the local insurers reported a negative dynamic of -9.7% y-o-y, to EUR 80 million, while the non-life insurance segment decreased by ~3.9% y-o-y to EUR 116 million.