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: CYPRUS, 3Q: The GWP growth-rate was supported by both market segments

According to the quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), at the end of September 2016 the local insurance industry totaled EUR 565 million in GWP, up by 2.7% y-o-y. Per business segments, the value of life GWP was up by 3.3% y-o-y to EUR 235.7 million, while the non-life insurers generated a volume of EUR 329.4 million (approximately 58.3% of the total premiums), up by 2.4% y-o-y.

Travel insurance costs to increase in Cyprus, Malta, Spain

If you're going to Spain, Malta or Cyprus you'll now pay more for your travel insurance. This is because the cost of medical treatment in some of these sunny holiday hotspots is rocketing. That's because they are starting to rely more on private healthcare for tourists to help to ease the strain on public resources.