Life Insurance in Cyprus, Key Trends and Opportunities to 2020

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Published: August 04, 2017 Report Code: GD-IS1539MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides a detailed analysis of the market trends, drivers and challenges in the Cypriot life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cypriot economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving 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.

Scope

This report provides a comprehensive analysis of the life insurance segment in Cyprus:

• It provides historical values for the segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the segment, and market forecasts to 2020.

• It analyzes the various distribution channels for life insurance products in Cyprus.

• It profiles the top life insurance companies in Cyprus and outlines the key regulations affecting them.

Key Highlights

• In January 2017, the new EU Pensions Directive (2341/2016/EC) on the activities and supervision of institutions for occupational retirement provisions (IORP II) became effective; EU members are required to implement the stipulated changes by January 13, 2019. The changes will mainly impact the governance of class VII pension products in Cyprus.

• Solvency II came into force in Cyprus on January 1, 2016. It is based on three pillars: risk-based quantitative requirements, governance and supervision, and disclosure and transparency.

• On January 1, 2016, American Life Insurance Co. converted its operations into a branch of Metlife Europe Ltd in Cyprus after transferring its portfolio to the company.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Cypriot life insurance segment and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the segment.

• Assess the competitive dynamics in the segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Cypriot insurance industry, and their impact on companies and the industry's future.

Eurolife Insurance
CNP Cyprialife Insurance
Universal Life Insurance
Allianz Hellas Insurance
Prime Insurance
Metlife Insurance
Altius Insurance
Hellenic Alico
Ancoria Insurance
Ethniki Insurance
Minerva Insurance

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Segment Indicators

4.1.1 Gross written premium

4.1.2 Policies sold

4.1.3 Assets and investments

5 Outlook by Sub-Segment

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 EuroLife Insurance – company overview

7.1.2 CNP Cyprialife Insurance– company overview

7.1.3 Universal Life Insurance – company overview

7.1.4 Allianz Hellas Insurance Company – company overview

7.1.5 Prime Insurance – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Social security

8.4.2 Motor third-party liability insurance

8.4.3 Air carriers and aircraft operators insurance

8.4.4 Professional indemnity insurance for alternative investment fund managers

8.4.5 Professional indemnity insurance for insurance intermediaries

8.4.6 Environmental liability insurance

8.4.7 Liability insurance for ships with respect to oil pollution

8.4.8 Clinical trials liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Insurance Companies Control Service

8.5.4 Insurance Association of Cyprus

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Group Life Insurance

9.6 Linked vs Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Cypriot Life Insurance – Key Facts, 2015

Table 2: Cypriot Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Cypriot Government Credit Ratings

Table 4: Cypriot Life Insurance – Gross Written Premium (EUR Million and US$ Million), 2011–2015

Table 5: Cypriot Life Insurance – Gross Written Premium (EUR Million and US$ Million), 2015–2020

Table 6: Cypriot Life Insurance – New Business Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 7: Cypriot Life Insurance – New Business Direct Written Premium (EUR Million and US$ Million), 2015–2020

Table 8: Cypriot Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 9: Cypriot Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 10: Cypriot Life Insurance – Total Assets (EUR Million and US$ Million), 2011–2015

Table 11: Cypriot Life Insurance – Total Assets (EUR Million and US$ Million), 2015–2020

Table 12: Cypriot Life Insurance – Total Investment Income (EUR Million and US$ Million), 2011–2015

Table 13: Cypriot Life Insurance – Total Investment Income (EUR Million and US$ Million), 2015–2020

Table 14: Cypriot Life Insurance – Investment Portfolio (EUR Million), 2011–2015

Table 15: Cypriot Life Insurance – Investment Portfolio (EUR Million), 2015–2020

Table 16: Cypriot Life Insurance – Gross Written Premium by Sub-Segment (EUR Million), 2011–2015

Table 17: Cypriot Life Insurance – Gross Written Premium by Sub-Segment (EUR Million), 2015–2020

Table 18: Cypriot Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 19: EuroLife Insurance – Key Facts

Table 20: EuroLife Insurance – Key Financials (EUR Million), 2011–2015

Table 21: CNP Cyprialife Insurance – Key Facts

Table 22: CNP Cyprialife Insurance Company – Key Financials (EUR Million), 2011–2015

Table 23: Universal Life Insurance – Key Facts

Table 24: Universal Life Insurance – Key Financials (EUR Million), 2011–2015

Table 25: Allianz Hellas Insurance Company– Key Facts

Table 26: Prime Insurance – Key Facts

Table 27: Prime Insurance – Key Financials (EUR Million), 2011–2015

Table 28: Cyprus – Insurance Regulatory Framework Key Features

Table 29: Cyprus – Life Insurance Regulatory Framework

Table 30: Cyprus – Property Insurance Regulatory Framework

Table 31: Cyprus– Motor Insurance Regulatory Framework

Table 32: Cyprus – Liability Insurance Regulatory Framework

Table 33: Romania – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 34: Cyprus – Corporate Tax Rates for the Financial Year 2017

Table 35: Cypriot Life Insurance – Policies and Premium, 2011–2015

Table 36: Cypriot Life Insurance – Policies and Premium, 2015–2020

Table 37: Cypriot Life Insurance – Claims and Expenses, 2011–2015

Table 38: Cypriot Life Insurance – Claims and Expenses, 2015–2020

Table 39: Cypriot Life Insurance – Assets and Investments, 2011–2015

Table 40: Cypriot Life Insurance – Assets and Investments, 2015–2020

Table 41: Cypriot Life Insurance – Individual Life Insurance, 2011–2015

Table 42: Cypriot Life Insurance – Individual Life Insurance, 2015–2020

Table 43: Cypriot Life Insurance – Group Life Insurance, 2011–2015

Table 44: Cypriot Life Insurance – Group Life Insurance, 2015–2020

Table 45: Cypriot Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 46: Cypriot Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 47: Insurance Industry Definitions

Figures

Figure 1: Cypriot Real GDP (EUR Billion), 2011–2020

Figure 2: Cypriot Consumer Price Inflation (%),2011–2020

Figure 3: Cypriot Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: Cypriot Unemployment Rate, 2011–2020

Figure 5: Cypriot Population by Age Group, 1990–2025

Figure 6: Cypriot Life Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 7: Cypriot Life Insurance – New Business Direct Written Premium (EUR Million), 2011–2020

Figure 8: Cypriot Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 9: Cypriot Life Insurance – Total Assets (EUR Million), 2011–2020

Figure 10: Cypriot Life Insurance – Total Investment Income (EUR Million), 2011–2020

Figure 11: Cypriot Life Insurance – Investment Portfolio (EUR Million), 2011–2020

Figure 12: Cypriot Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 13: Cypriot Life Insurance – Gross Written Premium by Sub-Segment (EUR Million), 2011–2020

Figure 14: Cypriot Life Insurance – Gross Written Premium Share by Sub-Segment, 2011–2020

Figure 15: Cypriot Life Insurance – Gross Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 16: Cypriot Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 17: Cyprus – The Three Pillars of Solvency II

Figure 18: Cyprus – Insurance Supervision and Control at Various Levels

Figure 19: Cyprus – Insurance Regulatory Frameworks for Company Registration and Operation

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