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.

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.



Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.



Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.


Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


See all