Cyprus

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Location map
author: OCHA/ ReliefWeb


Location:
- Eurasian island located in the Eastern Mediterranean Sea;
- Cyprus is the third largest island in the Mediterranean Sea.
- Neighbours: Greece, Turkey, Syria, Lebanon, Egypt.

Climate:
- 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;
- rains occurs mainly in winter, summer being generally dry.

Natural Hazards:
- moderate earthquake activity;
- droughts.

European Union:
EU member, since 2004


Currency: Euro
Code: EUR
Since: 2008


Sources:


 


Statistics

Cyprus FY2018 Market Portfolio

Cyprus FY2018 Rankings

See all statistics

Latest news


STATISTICS: CYPRUS, 1H2015: Market's status almost unchanged in the last 12 months

According to the figures published by the Insurance Association of Cyprus - IAC, in the period January-June 2015, the total volume of gross written premiums by the member companies remained approximately at the 1H2014 level: EUR 381.74 million, down by 0.03% y-o-y. According IAC's web-site, there are 28 insurance company members which account for about 95% of the annual GWP.

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.

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.

Financial Crisis may have created greater opportunities in CYPRUS' insurance sector

The financial crisis that struck Cyprus in 2012 has seriously harmed the country's economy, but in turn may have created greater opportunities in the insurance sector Foreseeing a large-scale financial crisis is something that not many can claim genuine credit for. While some have insisted they knew all along that an economic downturn was on the horizon, there are only few examples of companies preparing for such a devastating event. There is no more obvious an example of a country burying its head in the sand than that of Cyprus.


Cypriot insurance industry still affected by crisis: -5.6% y-o-y in 3Q2013

Relatively small and still affected by the financial crisis, the Cypriot insurance industry contracted by 5.6%, to EUR 577 million in the first three quarters of 2013, according to the report of the IAC - Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was recorded in life insurance, from EUR 271 million to EUR 246.5 million (or 9% less y-o-y), while the non-life segment decreased by 2.9% y-o-y to EUR 330.5 million.

CYPRUS 1H2013: Insurance market resists better to the crisis than the other financial sectors

The outlook for Cyprus's financial markets - especially the banking system has remained negative and unchanged since May 2009, according to MOODY's Investors Service, ansamed.info informed. The financial crisis in Cyprus triggered a deep and prolonged economic recession that will further strain the already highly stressed operating environment. "In this context the outlook reflects the formidable challenges the banks are facing, namely acute asset-quality deterioration, continued concerns over their solvency, and intense funding and liquidity pressures. The banks will continue to operate in a highly-stressed environment, with MOODY's expecting a 12% contraction of GDP in 2013 and 6.4% in 2014."

CYPRUS, 1Q2013: The market contracted 6% y-o-y

At the end of March 2013, the insurance market of Cyprus totaled EUR 211.8 million or 6.7% less than in the first quarter of 2012, according to the report of the Insurance Association of Cyprus on insurers' performance.