American Hellenic Hull was the leader of growth (+100.3%), generating EUR 10.6 million from EUR 5.3 million the previous year, exclusively in the marine insurance segment.
Ancoria also recorded a remarkable increase of 46.9%, with its premiums reaching EUR 3.5 million from EUR 2.4 million, having its focus on the life segment.
Medlife demonstrated a rather moderate but steady increase of 3.9%, with its premiums reaching EUR 27.9 million, exclusively in the life segment, being the largest company in terms of international business volume.
It is noted that Prime was the only company to show a marginal decrease (-0.6%) in its international business with premiums amounting to EUR 500,922.
Segment-wise, life insurance had the largest share in premiums with EUR 31.4 million, recording an increase of 7.5%. At the same time marine insurance recorded the highest increase (+100.3%), with premiums of EUR 10.6 million.
The overall 21.1% increase in the international operations of Cypriot insurance companies reflects enhanced extroversion and competitiveness of the insurance market, despite global economic challenges.
The above figures relate exclusively to the international operations of IAC member companies and do not include their domestic activity in the Cypriot market, the source added.
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