The insurance industry in Cyprus continued its upward trend in the first half of 2024, with total GWP amounting to EUR 631.8 million (+7.8% y-o-y), according to recent data from the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 330 million at the end of Q1 2024, up by 7.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.8% y-o-y to EUR 143.1 million, of which EUR 71.9 million - life indemnities (+21% y-o-y), EUR 71.2 million - non-life (up by 2.1%).

Cypriot insurers reported FY2023 aggregate GWP of EUR 1.31 billion, up by 13.3% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 870 million at the end of September 2023, increasing by 13.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Cypriot insurers posted H1 2023 aggregate GWP of EUR 585.9 million, up by EUR 57 million (or by 11.8% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC. Non-life insurance segment totaled EUR 292.5 million (up by 9.8% y-o-y), while the life insurance segment generated premiums of EUR 293.3 million, or 11.8% more y-o-y.

The insurance market of Cyprus totaled EUR 306 million at the end of Q1 2023, up by 11.83% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 12.22% y-o-y to EUR 129.16 million, of which EUR 59.40 million - life indemnities (+1% y-o-y), EUR 69.75 million - non-life (up by 23.96%).

Cypriot insurers reported FY2022 aggregate GWP of EUR 1.05 billion, up by 9.5% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 765.5 million at the end of September 2022, increasing by more than 9% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Cypriot insurers posted H1 2022 aggregate GWP of EUR 528.9 million, up by EUR 52.4 million (or by 11% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 273.6 million at the end of Q1 2022, up by 12.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.9% y-o-y to EUR 115.1 million, of which EUR 58.8 million - life indemnities (+14.3% y-o-y), EUR 56.3 million - non-life (up by 7.5%).

Cypriot insurers posted 2021 aggregate GWP of EUR 962 million, up by EUR 45 million (or by 4.9% y-o-y), according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 701.4 million at the end of September 2021, increasing by almost 5% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Cypriot insurers posted H1 2021 aggregate GWP of EUR 476.5 million, up by EUR 19.2 million (or by 4.2% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 243 million at the end of Q1 2021, up by 0.5% y-o-y, according to Insurance Association of Cyprus - IAC's data. GWP from non-life insurance lines totaled EUR 131.8 million (down by -3% y-o-y), while the life insurance segment generated premiums of EUR 110.9 million, or 5% more y-o-y.

Last year, the insurance industry of Cyprus totaled EUR 917 million, up by almost 3% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.

Non-life GWP reported subunit decrease (-0.7% y-o-y) to EUR 507 million, while the life segment accelerated by 7.5%% y-o-y, totaling ~EUR 410 million.

In terms of profitability, the life insurance market reported a gross underwriting profit of EUR 27.43 million vs. EUR 42.82 million in 2019, while the net underwriting profit was EUR 21.66 million. The underwriting result in non-life insurance increased to EUR 44.65 million vs. EUR 24.42 million in 2019.

SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.

The Cyprus insurance market increased by 0.74% y-o-y at the end of 3Q2020 according to the data published by The Insurance Association of Cyprus - IAC, amounting EUR 66823 million.

Cypriot insurers reported aggregate GWP of EUR 457 million in the first six months of 2020, up by 1.8% y-o-y, according to the quarterly market figures report published by the Insurance Association of Cyprus - IAC.

With the UK leaving the European Union, Steamship Mutual chose to set up a new insurance company in Cyprus to service its clients all over Europe and started writing business in February 2020.

The insurance market of Cyprus totaled EUR 255.63 million at the end of Q1 2020, up by 4.46% y-o-y, according to the most recent market figures published by the Insurance Association of Cyprus - IAC.