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.

Gross written premiums from non-life insurance lines fell by 3.81% y-o-y to EUR 111.74 million, while the life insurance segment generated premiums of EUR 80.17 million, or 0.17% more y-o-y.

In non-life insurance, CNP Asfalistiki (a 11.60% market share) led the field ahead of GENERAL INSURANCE of Cyprus (9.07%) and PANCYPRIAN (7.37%), as data from IAC shows.

In the life insurance segment, the top three businesses remained the same as in 1Q2014, with slight changes in the companies' market shares: EUROLIFE with a 25.75% market share, CNP Cyprialife with 22.30% and UNIVERSAL Life Company with a 13.67% market share.

On the life insurance market, five of the ten active insurers recorded a decrease in GWP, while on non-life, 17 of the 27 active companies reported negative rates.

Access www.xprimm.com and download the 1Q2015 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life market rankings (GWP/ Market shares/ Growth rates)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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