Cyprus Insurance Industry – Key Trends and Opportunities to 2027
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Cyprus Insurance Market Report Overview
The direct written premium of the Cyprus insurance market was EUR1 billion ($1 billion) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027.
Cyprus Insurance Market Outlook, 2022-2027 (EUR Billion)
For more insights into the Cyprus insurance market forecast, download a free report sample
The Cyprus insurance market research report provides in-depth market analysis, information, and insights into the Cyprus insurance industry. It provides values for key performance indicators such as direct written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cyprus economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | EUR1 billion ($1 billion) (DWP) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · Eurolife
· CNP Cyprialife · Universal Life · MetLife Cyprus · Ancoria Insurance · Minerva Insurance |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Cyprus Insurance Market Trends
Cyber insurance and social service and welfare benefits are some of the key trends impacting the Cyprus insurance market. The country is taking adequate steps to strengthen the cyber security sector, and cyber insurance will play a pivotal role. In 2023, Astaara, an insurance services and risk management advisory, increased its underwriting limit. The company’s cyber insurance covers ships, ports, and terminals.
In addition, in May 2023, the Ministry of Research, Innovation, and Digital Policy of Cyprus admitted that there are lapses in the country’s cyber security.
Cyprus Insurance Market by Segments
The key segments in the Cyprus insurance market are life insurance and general insurance. The life insurance segment dominated the market in 2022.
Life Insurance: The growth of the life insurance sector can be attributed to increased awareness of the benefits of life insurance due to the COVID-19 pandemic. In addition, economic growth aided by infrastructure investment and positive developments in the labor market will support life insurance growth over 2023–27. Compared to the general insurance sector, claims in life insurance are lower in Cyprus, which leads to insurers retaining most of the premiums they collect in order to redirect them into investment portfolios.
General Insurance: The sector is expected to grow during the forecast period. Motor, in 2022 was the largest general insurance line of business (LOB). Retail insurance accounted for more than half of general insurance GWP in 2022. Leading retail lines were motor and personal accident and health (PA&H) with a share of in 2022.
Cyprus Insurance Market Analysis by Segments, 2022 (%)
For more segment insights into the Cyprus insurance market, download a free report sample
Cyprus Insurance Market – Competitive Landscape
The key companies in the Cyprus insurance market are Eurolife, CNP Cyprialife, Universal Life, MetLife Cyprus, Ancoria Insurance, and Minerva Insurance among others. Eurolife was the largest insurer in 2022
Cyprus Insurance Market Analysis by Players, 2022 (%)
For more players’ insights into the Cyprus insurance market, download a free report sample
Segments Covered in the Report
Cyprus Insurance Market Segments Outlook (Value, EUR Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Cyprus insurance industry –
- It provides historical values for the Cyprus insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Cyprus insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Cyprus and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Cyprus insurance industry.
- A comprehensive overview of the Cyprus economy, government initiatives, and investment opportunities.
- The Cyprus insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Cyprus insurance industry’s market structure gives details of lines of business.
- Cyprus’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Cyprus insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Cyprus insurance industry.
- Assess the competitive dynamics in the Cyprus insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
CNP Asfalistiki
Eurolife
CNP Cyprialife
General Insurance of Cyprus
MetLife Cyprus
Altius Insurance
Ancoria Insurance
Table of Contents
Frequently asked questions
-
What was the Cyprus insurance market direct written premium in 2022?
The direct written premium of the Cyprus insurance market was EUR1 billion ($1 billion) in 2022.
-
What is the growth rate of the Cyprus insurance market?
The insurance market in Cyprus is expected to achieve a CAGR of more than 8% during 2023-2027.
-
Which segment dominated the Cyprus insurance market in 2022?
The life insurance segment dominated the Cyprus insurance market in 2022.
-
Who are the major players operating in the Cyprus insurance market?
The key companies in the Cyprus insurance market are Eurolife, CNP Cyprialife, Universal Life, MetLife Cyprus, Ancoria Insurance, and Minerva Insurance.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.