Location: - Eurasian island located in the Eastern Mediterranean Sea; - Cyprus is the third largest island in the Mediterranean Sea. - Neighbours: Greece, Turkey, Syria, Lebanon, Egypt.
Climate: - subtropical climate Mediterranean type of climate, with very mild winters (on the coast) and warm to hot summers; - snow is possible only in the Mountains, in the central part of island; - rains occurs mainly in winter, summer being generally dry.
At the end of 2019 the SEE insurance market (the region formed by Cyprus, Greece and Turkey) totaled about EUR 15.3 billion in terms of GWP, 12.5% more y-o-y, according to preliminary figures centralized by XPRIMM.
Last year, the insurance industry of Cyprus totaled EUR 892 million, up by almost 4% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.
The Cypriote insurance market increased by 4.66% y-o-y at the end of 3Q2019 according to the data published by The Insurance Association of Cyprus - IAC, amounting to a figure over EUR 678.55 million in GWP.
During January-June 2019, the Cypriot insurance industry increased by 2.5% y-o-y to EUR 468 million, according to half-year market figures published on the IAC website - the local professional association.
Cypriot insurers reported aggregate GWP of EUR 250.6 million in the first three months of 2019, down by 1.2% y-o-y, according to the quarterly market figures published by the Insurance Association of Cyprus - IAC.
CNP Cyprus Insurance Holdings announced that its majority shareholder - the France's insurer CNP Assurances which owns 50.1% of its share capital, came to an agreement with Bank of Cyprus to acquire the remaining 49.9% stake in CNP Cyprus Insurance Holdings.
The cabinet of Ministers approved in February, 2019 the creation of a new insurance system for farmers that seeks to offer financial support to producers of all crops, as well as for sheep and goat farmers.
The nine months report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2018 the local insurance market totaled EUR 651 million in premiums, up by 7.2% y-o-y.
During the first half of the current year, the local insurance industry increased in almost all business classes, with total GWP being up by almost 8% to EUR 458 million, according to half-year market figures published on the IAC website - the local professional association.
The Cypriot Auditor General Odysseas MICHAELIDES claimed that his office had spotted Olympic's insolvency issues during a 2014 audit. Yet, the situation broke out onlyfour years later, when the company went bankrupt leaving some 200,000 clients uninsured.