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Cyprus reinsurance market increased by 8.1% CAGR during 2008 to 2012

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PR-Inside.com: 2014-08-21 00:25:02
The Cypriot reinsurance segment registered a compound annual growth rate (CAGR) of 8.1% during the review period (2008–2012). The primary application of reinsurance in Cyprus is to manage exposure to weather-related events. Although not particularly vulnerable to natural disasters, Cyprus is highly exposed to floods, storms, extreme temperatures and earthquakes. The majority of reinsurance revenues are generated from the non-life segment, which ceded an average of 35.0% of its written premium during the review period, compared with 11.8% and 24.8% for the life and personal accident and health segments. A decline in economic activities has kept industrial, commercial and private insurance property rates almost flat. Motor insurance rates also came under pressure due to a sharp drop in demand in the automobile sector. The implementation of infrastructure projects such as oil and gas, and leisure-related projects will support demand for reinsurance over the forecast period.

The Cypriot reinsurance segment registered a compound annual growth rate (CAGR) of 8.1% during the review period

The primary application of reinsurance in the Cyprus is to manage exposure to weather-related events

The Cypriot insurance and reinsurance segment is highly competitive, with numerous domestic and foreign insurers operating on the island

The absence of any major natural disasters, coupled with stable capacity, meant that Cypriot reinsurance renewal rates remained almost flat

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