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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Cyprus FY2017 Market Portfolio

Cyprus FY2017 Insurance Companies Rankings

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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, 1Q2012 rezults: Fast changes bring rapid results

The insurance market of Cyprus proved itself to be build on really strong foundations after the research conducted  by the IAC (Insurance Association of Cyprus) regarding the economic results for the first quarter of 2012 with the total premium production maintaining a positive growth of 2.04% from the same period in 2011.

CYPRUS: a premium destination for insurers, with large room for expansion

Over 34 insurance companies operate currently in Cyprus mainly revolved around the domestic market in the past. As an EU member at the moment, the island has attracted some major international industry players having a key role serving the markets of the Eastern Mediterranean, Middle East, Russia and the CIS region.