The Cypriote insurance market

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Crédit photo: US Gov / CIA World Factbook

Insurance market features

  • Regulatory authority: Insurance Company Control Service (ICCS)
  • Premiums (2006): 846 million USD
  • Insurance density (2006): 846 USD
  • Penetration rate (2006): 4.43%

Market structure in 2006

  • Insurance companies: 34

Identity

  • Area: 9 251 Km2
  • Population (2006):  1 000 000  inhabitants
  • GDP (2006): 19.1 billion USD
  • GDP per capita (2006): 19 100 USD
  • GDP growth rate (2008): 3.7%
  • Inflation rate (2006): 2.5%
  • Main economic sectors: fishing, agriculture, brewery, fabric industry, marine, tourism and bank

Main cities

(in number of inhabitants)
  • Nicosia (capital): 200 000
  • Limassol: 158 000
  • Larnaca: 70 000
 

Turnover evolution: 2002-2006

in millions USD
Gross written premiums200220032004200520062005/2006
growth rate
Non life
500329386380464+20.9%
Life
268332361320382
Total
568661747700846


Premiums split by class of business: 2003-2006

in millions USD
Classes2003200420052006
Non life
Motor
141182179213
Fire
769492115
Accident & health
49656380
Other risks
63464656
Non life total
329 386 380 464
Life
Life
332 361 320 382
Grand Total
661747700846

Premiums split by class of business in 2006


Premiums split by company: 2003-2006

in thousands USD
Companies2003200420052006
LAIKI CYPRIALIFE
92 28497 54388 313106 291
EUROLIFE
89 14298 05687 753105 608
UNIVERSAL LIFE INSURANCE
80 42785 21773 41987 684
LAIKI INSURANCE
50 15960 68857 32069 704
GENERAL INSURANCE OF CYPRUS
38 54847 91146 43555 064
AMERICAN LIFE INSURANCE
38 79242 64337 53744 075
PANCYPRIAN INSURANCE
24 74030 87928 11936 146
INTERLIFE INSURANCE
23 44128 76926 57932 094
COSMOS INSURANCE
13 46022 20723 74629 804
MINERVA INSURANCE
22 72625 62723 47027 794
ALPHA INSURANCE
18 07222 48020 26026 555
ATLANTIC INSURANCE
17 12822 06522 20525 091
COMMERCIAL GENERAL INSURANCE
15 10919 92516 55818 610
AMERICAN HOME ASSURANCE
15 78715 12814 73917 279
ALLIANZ LIFE
3 44911 48511 14415 375
ROYAL CROWN INSURANCE
10 19912 51711 64613 412
EUROSURE INSURANCE
10 58312 76710 45211 887
ETHNIKI GENERAL INSURANCE (CYPRUS)
6 9638 0428 62411 609
HYDRA INSURANCE
4 3148 6819 14411 438
LIBERTY LIFE INSURANCE
10 96311 6719 91010 763
HELLENIC ALICO LIFE INSURANCE
2 8275 2456 5359 112
ALLIANZ GENERAL INSURANCE
5 3328 7276 7828 343
CYPRUS HIRE RISKS POOL
6 1457 4556 9858 142
ETHNIKI INSURANCE (CYPRUS)
4 6225 0916 0278 104
YDROGIOS INSURANCE
1 0835 2335 5267 799
KENTRIKI INSURANCE
5 7016 6605 6656 375
BUPA
3 6444 1073 7855 651
GAN DIRECT INSURANCE
2 2653 4874 1495 550
PROGRESSIVE INSURANCE
5 0114 5484 4434 997
ASPIS PRONIA INSURANCE
5 0715 4174 5804 253
OLYMPIC INSURANCE
1 7072 3732 6372 820
LLOYD’S UNDERWRITERS
26 7631 1828201 451
LEDRA INSURANCE
309-10959
HERMES INSURANCE
21443616
ECCLESIASTICAL INSURANCE
4 1633 4501 977-
Total
660 950747 320687 429828 955
Policy fees
NANA12 36116 949
Grand total
660 950747 320699 790845 904
NA: Not available

Premiums split by company and by class of business in 2006

in thousands USD
CompaniesMotorFireAccident & healthOther risksLifeTotal
LAIKI CYPRIALIFE
--6 387-99 905106 291
EUROLIFE
--6 125-99 483105 608
UNIVERSAL LIFE INSURANCE
--20 421-67 26387 684
LAIKI INSURANCE
34 61421 8041 96511 321-69 704
GENERAL INSURANCE OF CYPRUS
13 40524 9063 78812 965-55 064
AMERICAN LIFE INSURANCE
--9 620-34 45644 075
PANCYPRIAN INSURANCE
16 83013 7034835 130-36 146
INTERLIFE INSURANCE
6 1991 2955751 08522 93932 094
COSMOS INSURANCE
25 3661 8391 5701 029-29 804
MINERVA INSURANCE
17 0351 3471 7011 4216 29027 794
ALPHA INSURANCE
4 3474 0205 4281 73311 02726 555
ATLANTIC INSURANCE
13 1104 5735 3312 078-25 091
COMMERCIAL GENERAL INSURANCE
12 2284 3591651 859-18 610
AMERICAN HOME ASSURANCE
4 9387 4903884 462-17 279
ALLIANZ LIFE
----15 37515 375
ROYAL CROWN INSURANCE
6 0914 492922 737-13 412
EUROSURE INSURANCE
4 9384 1047422 103-11 887
ETHNIKI GENERAL INSURANCE (CYPRUS)
6 8182 946591 787-11 609
HYDRA INSURANCE
8 9451 017972503-11 438
LIBERTY LIFE INSURANCE
--4 530-6 23310 763
HELLENIC ALICO LIFE INSURANCE
--293-8 8199 112
ALLIANZ GENERAL INSURANCE
1 1126 157217857-8 343
CYPRUS HIRE RISKS POOL
8 142----8 142
ETHNIKI INSURANCE (CYPRUS)
--2 152-5 9518 104
YDROGIOS INSURANCE
4 7871 3083741 329-7 799
KENTRIKI INSURANCE
3 6571 1462771 295-6 375
BUPA
--5 651--5 651
GAN DIRECT INSURANCE
4 914528999-5 550
PROGRESSIVE INSURANCE
3 1251 17134668-4 997
ASPIS PRONIA INSURANCE
--293-3 9594 253
OLYMPIC INSURANCE
1 96327377508-2 820
LLOYD’S UNDERWRITERS
-1 157-293-1 451
LEDRA INSURANCE
59----59
HERMES INSURANCE
---16-16
Total
202 623109 63579 72055 277381 699828 954
Policy fees
10 2385 096715900NA16 949
Grand total
212 860114 73180 43556 177381 699845 903
NA: Not available
Exchange rate
CYP/USD as at 31/12
2002
2003
2004
2005
2006
1.791
2.145
2.331
2.024
2.256
0
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Thu, 16/05/2013 - 14:56
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