Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020

All the vital news, analysis, and commentary curated by our industry experts.

$1450

Buy Report Download FREE Resources

Published: August 04, 2017 Report Code: GD-IS1540MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Cypriot non-life insurance segment, and a comparison of the Cypriot insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Cypriot insurance industry, 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 non-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 profiles the top non-life insurance companies in Cyprus, and outlines the key regulations affecting them.

Key Highlights

• In April 2017, the European Commission (EC) approved a EUR7.3 million (US$8.1 million) fund for a natural disaster that occurred in the country during 2015–2016.

• 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.

• The European Insurance and Occupational Pensions Authority issued guidelines on the application of outwards reinsurance arrangements to the non-life catastrophe risk sub-module, effective from April 1, 2015. These guidelines are part of the Pillar One requirements of the Solvency II framework.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Cypriot non-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.

CNP Asfalistiki Insurance
General Insurance of Cyprus
Pancyprian Insurance
Trust International Insurance
AIG Insurance
Atlantic Insurance
Cosmos
Allianz Hellas Insurance
Prime
Gan Direct

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 and penetration

4.1.2 Policies sold

4.1.3 Profitability

4.1.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Profitability

6 Distribution Channel Outlook

7 Natural and Man-Made Hazards

7.1 Extreme Temperature

7.2 Drought

7.3 Storms

7.4 Coastal Floods

7.5 Earthquakes

7.6 Wildfires

7.7 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 CNP Asfalistiki Insurance – company overview

8.1.2 General Insurance of Cyprus – company overview

8.1.3 Pancyprian Insurance – company overview

8.1.4 Trust International Insurance – company overview

8.1.5 AIG Insurance – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Social security

9.4.2 Motor third-party liability insurance

9.4.3 Air carriers and aircraft operators insurance

9.4.4 Professional indemnity insurance for alternative investment fund managers

9.4.5 Professional indemnity insurance for insurance intermediaries

9.4.6 Environmental liability insurance

9.4.7 Liability insurance for ships with respect to oil pollution

9.4.8 Clinical trials liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Insurance Companies Control Service

9.5.4 Insurance Association of Cyprus

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Cypriot Non-Life Insurance – Key Facts, 2015

Table 2: Cypriot Non-Life Insurance – Segment Shares (%) of the Top Insurers, 2015

Table 3: Cypriot Government Credit Ratings

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

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

Table 6: Cypriot Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 7: Cypriot Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 8: Cypriot Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 9: Cypriot Non-Life Insurance – Profitability Ratio (%), 2015–2020

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

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

Table 12: Cypriot Property Insurance – Gross Written Premium by Sub-Category (EUR Million), 2011–2015

Table 13: Cypriot Property Insurance – Gross Written Premium by Sub-Category (EUR Million), 2015–2020

Table 14: Cypriot Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 15: Cypriot Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 16: Cypriot Property Insurance – Loss Ratio (%), 2011–2015

Table 17: Cypriot Property Insurance – Loss Ratio (%), 2015–2020

Table 18: Cyprus – Total number of registered vehicle by category, during 2015–2016

Table 19: Cypriot Motor Insurance – Gross Written Premium (EUR Million), 2011–2015

Table 20: Cypriot Motor Insurance – Gross Written Premium (EUR Million), 2015–2020

Table 21: Cypriot Motor Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 22: Cypriot Motor Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 23: Cypriot Motor Insurance – Loss Ratio (%), 2011–2015

Table 24: Cypriot Motor Insurance – Loss Ratio (%), 2015–2020

Table 25: Cypriot Liability Insurance – Gross Written Premium (EUR Million), 2011–2015

Table 26: Cypriot Liability Insurance – Gross Written Premium (EUR Million), 2015–2020

Table 27: Cypriot Liability Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 28: Cypriot Liability Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 29: Cypriot Liability Insurance – Loss Ratio (%), 2011–2015

Table 30: Cypriot Liability Insurance – Loss Ratio (%), 2015–2020

Table 31: Cypriot Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million), 2011–2015

Table 32: Cypriot Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million), 2015–2020

Table 33: Cypriot Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 34: Cypriot Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 35: Cypriot Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 36: Cypriot Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 37: Cypriot Average Annual Loss by Hazard, 1990–2014

Table 38: Cypriot Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 39: CNP Asfalistiki Insurance – Key Facts

Table 40: General Insurance of Cyprus – Key Facts

Table 41: Pancyprian Insurance – Key Facts

Table 42: Trust International Insurance – Key Facts

Table 43: Trust International Insurance – Key Financials (EUR Million), 2011–2013

Table 44: AIG Insurance – Key Facts

Table 45: Cyprus – Insurance Regulatory Framework Key Features

Table 46: Cyprus – Life Insurance Regulatory Framework

Table 47: Cyprus – Property Insurance Regulatory Framework

Table 48: Cyprus– Motor Insurance Regulatory Framework

Table 49: Cyprus – Liability Insurance Regulatory Framework

Table 50: Cyprus – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 51: Cyprus – Corporate Tax Rates for the Financial Year 2017

Table 52: Cypriot Insurance Industry – Policies and Premium, 2011–2015

Table 53: Cypriot Insurance Industry – Policies and Premium, 2015–2020

Table 54: Cypriot Non-Life Insurance – Claims and Expenses, 2011–2015

Table 55: Cypriot Non-Life Insurance – Claims and Expenses, 2015–2020

Table 56: Cypriot Non-Life Insurance – Assets and Investments, 2011–2015

Table 57: Cypriot Non-Life Insurance – Assets and Investments, 2015–2020

Table 58: Cypriot Non-Life Insurance – Property Insurance, 2011–2015

Table 59: Cypriot Non-Life Insurance – Property Insurance, 2015–2020

Table 60: Cypriot Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 61: Cypriot Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 62: Cypriot Non-Life Insurance – Motor Insurance, 2011–2015

Table 63: Cypriot Non-Life Insurance – Motor Insurance, 2015–2020

Table 64: Cypriot Non-Life Insurance – Liability Insurance, 2011–2015

Table 65: Cypriot Non-Life Insurance – Liability Insurance, 2015–2020

Table 66: Cypriot Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 67: Cypriot Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 68: 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 Non-Life Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 7: Cypriot Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 8: Cypriot Non-Life Insurance – Profitability Ratio (%), 2011–2020

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

Figure 10: Cypriot Property Insurance – Gross Written Premium by Sub-Category (EUR Million), 2011–2020

Figure 11: Cypriot Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020

Figure 12: Cypriot Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 13: Cypriot Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 14: Cypriot Motor Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 15: Cypriot Motor Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 16: Cypriot Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 17: Cypriot Liability Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 18: Cypriot Liability Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 19: Cypriot Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 20: Cypriot – Merchandise Exports and Imports(%), 2011–2015

Figure 21: Cypriot Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 22: Cypriot Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 23: Cypriot Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 24: Cypriot – Frequency of Hazards by Type, 1990–2014

Figure 25: Cypriot Mortality by Hazards Type, 1990–2014

Figure 26: Cypriot Economic Loss by Hazards Type, 1990–2014

Figure 27: Cypriot Non-Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 28: Cyprus – The Three Pillars of Solvency II

Figure 29: Cyprus – Insurance Supervision and Control at Various Levels

Figure 30: Cyprus – Insurance Regulatory Frameworks for Company Registration and Operation

Frequently asked questions

Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020 standard reports

Currency USD

Single User

$1,450

Can be used by individual purchaser only

Undecided about purchasing this report?

Enquire Before Buying Download FREE Resources

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Sample Report

Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

Assess the relevance of the report
Evaluate the quality of the report
Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Financial Services reports

Financial Services

New

Global M&A Deals in H1 2026 - Top Themes by…

Financial Services

New

NatWest Private Banking and Wealth Management: Competitor Profile, 2026

Financial Services

New

Agentic AI in Insurance: Customer Attitudes and Case Studies 2026

Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020 in real time.

Access a live Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020 dashboard for 12 months, with up-to-the-minute insights.
Fuel your decision making with real-time deal coverage and media activity.
Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.

Tell me more

Reports

Reports by Sector

Report Type

Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020

Scope

Key Highlights

Reasons to Buy

Table of Contents

Table

Figures

Frequently asked questions

Undecided about purchasing this report?

Get in touch to find out about multi-purchase discounts

Sample Report

Below is a sample report to understand what you are buying

Related reports