STATISTICS: CYPRUS, 1Q2018: A life & pensions insurer dominates the market rankings

The insurance market of Cyprus totaled EUR 251 million in the first three months of 2018 in terms of GWP, up by 7.2% y-o-y, according to the quarterly preliminary market figures published by the Insurance Association of Cyprus - IAC.

Q1 2018 GWP from non-life insurance lines totaled EUR 124.8 million (up by 2.1% y-o-y), while the life insurance segment generated premiums of EUR 126.2 million, or 12.7% more y-o-y.

The value of gross claims incurred was EUR 117.5 million (down by 4.4% y-o-y), of which EUR 54.5 million - life insurance, EUR 30 million - motor, EUR 25 million - accidents & health.

In life insurance, UNIVERSAL LIFE (a 39.9% market share as GWP) led the field ahead of EUROLIFE (17.8%) and CNP CYPRIALIFE (16.6%). UNIVERSAL LIFE led also the non-life segment with 9.9% market share, the entirely non-life GWP being related to accidents & health insurance sub-classes.

Access and download the 1Q2018 Cyprus insurance market statistics.

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