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Cyprus personal accident and health insurance market increased by 7.8% CAGR during 2008 to 2012

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Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-08-21 00:24:01
The Cypriot healthcare system is characterized by absence of universal coverage. Although designed to provide comprehensive coverage, the general health insurance system (GHIS) has not been implemented due to cost overruns and pressure on government finances from the financial crisis. In terms of total healthcare expenditure, the share of the private sector stood at 57%, higher than public expenditure which stood at 43% in 2011. The current public system lacks efficiency and technological capability and has resulted in an increased dependence on private sector insurance. The personal accident and health segment´s written premium increased at a CAGR of 7.8% during the review period (2008−2012). The troubled state of the economy, rising unemployment figures and a decline in disposable income is impacting demand for personal accident and health products.

Changing lifestyle patterns and improving health awareness among the Cypriot population resulted in an increase in per capita healthcare expenditure during the review period

The personal accident and health segment´s written premium increased at a CAGR of 7.8% during the review period (2008−2012)

The personal accident insurance category is the largest in the segment, accounting for an industry share of 51.5% in 2012

Over the forecast period, rising health expenditure, an aging population and increased co-ordination between the public and private sector will underline growth

The segment is highly concentrated with the 10 leading companies accounting for 83.2% of the total personal accident and health gross written premium in 2012

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