2014-08-21 00:23:01 - Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Losses in the Cypriot banking sector due to high exposure to Greek sovereign and corporate debt impacted the country´s economic growth. Cyprus became the fifth country in Europe to receive a bailout, amounting to EUR10 billion (US$13.9 billion) in 2012, and ongoing government-adopted austerity measures constrained private and public sector consumption. The country also recorded a decline in construction activity and automobile sales, which impacted the demand for non-life insurance products. Motor insurance accounted for a 52% share of the segment´s gross written premium in 2012, followed by property insurance with 34.1%. The segment is highly concentrated with the 10 leading insurers collectively accounting for a 74.3% share in 2012. Due to the government reforms, general business improvement measures will
encourage growth in the segment over the forecast period (2012â2017).
In 2012, motor insurance accounted for 52% of the segment´s written premiums, followed by property insurance with 34.1%
The segment is highly concentrated, with the 10 leading insurers collectively accounting for a market share of 74.3% in 2012
The non-life segment is populated by companies which are either subsidiaries or affiliates of major banks
Agencies accounted for 60.3% of total commission paid in 2012
From March 1, 2013, the stamp duty charge per new non-life contract increased by EUR2
The Cypriot non-life segment is competitive and contains both domestic and foreign insurers
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