2014-08-21 00:22:02 - Life Insurance in Cyprus, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
After remaining largely unscathed by the global financial and eurozone debt crisis, the Cypriot banking sector succumbed to pressure in 2012 triggered by huge losses from investments in Greek sovereign and corporate bonds. The depressed economic environment led to a sharp decline in employment levels, leading to erosion in consumer confidence and spending. The recessionary economic conditions eroded demand for life insurance products with the segment´s gross written premium falling by 7.1% in 2012. The life segment accounted for the largest share with 39.7% of the written premium of the overall insurance industry in 2012. The segment is highly competitive with 11 insurers â six domestic, three composite and four foreign â operating at the end of 2012. Over the
forecast period, reforms in the financial sector, an aging population and declining government benefits due to austerity measures will encourage investment in long-term saving products.
The Cypriot life segment was one of the smallest in Europe in terms of gross written premium
The segment´s written premium fell by 7.1% in 2012 due to the crisis in the banking sector, depressed economic conditions and rising unemployment
The number of new policies sold fell by 3.1% in 2012 over 2011, as consumers chose not to invest in life products due to economic uncertainty and the crisis in the financial sector
The Cypriot life insurance segment is highly competitive, with 11 insurers â six domestic, three composite and four foreign â operating at end of 2012
Over the forecast period, Cypriot life insurers are expected to face challenges due to sluggish economic growth and falling disposable incomes due to government austerity measures
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