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.


Macro indicators (* 2018 estimates)
Surface:9,251km2
Population*:0.9million
Pop. density*:93.0people/km2
GDP*:20.7EUR billion
GDP/capita*:23,987.4EUR

European Union:
EU member, since 2004


Currency: Euro
Code: EUR
Since: 2008


Sources:


 


Statistics

Cyprus 1Q2019 Insurance Companies Rankings

Cyprus 1Q2019 Market Portfolio


See all statistics

Latest news


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.







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.