STATISTICS: CYPRUS, 1H2015: Market's status almost unchanged in the last 12 months

According to the figures published by the Insurance Association of Cyprus - IAC, in the period January-June 2015, the total volume of gross written premiums by the member companies remained approximately at the 1H2014 level: EUR 381.74 million, down by 0.03% y-o-y. According IAC's web-site, there are 28 insurance company members which account for about 95% of the annual GWP.

Per business segments, the value of life GWP was up by 0.7% y-o-y, totaling almost EUR 156 million, while the Cypriots non-life insurers generated a volume of EUR 225.84 million (~59% of total premiums), down by 0.53% y-o-y.

In case of non-life segment, in quantitative terms, the market was dominated by three major sub-classes: accidents & health (13.63% of total GWP), fire (14.42%) and motor insurance (21.63%), respectively. The three mentioned business lines generated in the analyzed period EUR 190 million in GWP, representing about a half of the total insurance industry or 84% of the non-life field.

As in the case of insurers' business, the value of incurred claims remained at a stable level: EUR 231.19 million, down by only 0.02% y-o-y. In case of life segment, the indicator decreased by 5.14% y-o-y to EUR 122.59 million "helped" by lower values in case of surrender claims (-10%) and death indemnities (-17%).

Access www.xprimm.com and download the 1H2015 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life market rankings (GWP/ Market shares/ Growth rates)

More about the Cypriot insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

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