STATISTICS: CYPRUS, 1H: A&H, fire and motor policies generated a half of the total market

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)

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

Share |

Related articles

Cypriot biggest life insurer appointed new CEO

At the beginning of June, UNIVERSAL Life - the Cypriot largest life insurer announced that its Board of Directors has decided to appoint Evan GAVAS as the new CEO - Chief Executive Officer of the Company.

2018-06-25

ON THE MOVE

Supervisory Board Chair NN Group steps down

NN Group announces that Jan HOLSBOER, chair of the Supervisory Board of NN Group, has decided to step down as of the close of the annual general meeting (AGM) on 29 May 2019. The Supervisory Board has elected David COLE as Jan HOLSBOER's successor.

20.02.2019

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

TOP EVENT

Inclusive Insurance - just a week to the second edition of IIF - CEE & SEE Regional Actuarial Insurance Conference in Skopje

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

20.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

21.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all