STATISTICS: CYPRUS, 1Q2016: Life policies pushed the market up by 13.5%

At the end of March 2016, the insurance market of Cyprus totalled about EUR 218 million or 13.5% more than in the first quarter of 2015, according to a report of the Insurance Association of Cyprus.

On the main insurance classes, the largest increase in GWP was recorded in life insurance, from EUR 80.2 million to EUR 101 million (or 25.9% more y-o-y), while the non-life segment increased by 4.6% y-o-y to EUR 116.9 million.

According to IAC, the explanation of the large growth-rate reported in life insurance was due to the fact that ALLIANZ GWP "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".

Excluding the ALLIANZ contribution to the life GWP, the growth-rate was only 1.6%.

Access www.xprimm.com and download the 1Q2016 Cyprus insurance market statistics.
  • Market portfolio (GWP/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.

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

STATISTICS: CYPRIOT insurers' Q1 GWP up by 6.5% y-o-y

Cypriot insurers reported aggregate GWP of EUR 234.4 million in the first three months of 2017, up by 6.5% y-o-y, according to the quarterly market figures published by the Insurance Association of Cyprus - IAC.

2017-06-22

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.

2016-12-08

ON THE MOVE

TOP EVENT

LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.

10.07.2018

See all