According to the figures published by the Insurance Association of Cyprus - IAC, in the first half-year, the total volume of gross written premiums by the member companies totaled EUR 400 million, up by 4.8% y-o-y. According IAC's web-site, there are 29 insurance company members which account for about 95% of the annual GWP.

Per business segments, the value of life GWP was up by 9.74% y-o-y, totaling EUR 171 million, while the Cypriots non-life insurers generated a volume of EUR 229 million (~57% of total premiums), up by 1.3% y-o-y.

The explanation of the large growth-rate reported in life insurance was due to the fact that GWP by ALLIANZ "relating to the annually renewable group life policies (covering the period commencing from 01.01.2016) have been recognised for accounting purposes at the beginning of the year. This shift in approach concerning the recognition of GWP was decided in order to become aligned with international accounting standards", pointed out IAC in the half-year report. Excluding the ALLIANZ contribution to the life GWP, the growth-rate on life was only 0.5%.

In case of the non-life segment, in quantitative terms, the market was dominated by three major sub-classes: A&H insurance (accidents & health) - 15.2% of total GWP, fire (13.6%) and motor insurance (21.2%), respectively. The three mentioned business lines generated in the analyzed period EUR 200 million in GWP - a half of the total insurance industry or 87% of the non-life field.

Read more about the Cypriot insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Access www.xprimm.com and download the 1H2016 Cyprus insurance market statistics.

• Market portfolio (GWP/ Claims/ Growth rates)
• Life and non-life rankings (GWP/ Market shares/ Growth rates)