Cypriot Insurance Industry is Dominated by the Life Segment

Date: 2015-09-02

“• The Cypriot insurance industry is dominated by the life segment, which accounted for around 41.8% of the industry’s gross written premium in 2013.

• The impact of the economic crisis forced customers to surrender their life insurance policies.

• New reforms in occupational pension schemes are expected to be introduced over the forecast period, upon which private insurers can provide pension insurance.

• The Cypriot life segment is highly competitive, with 11 operational insurers in 2013, including six domestic, three composite and four foreign insurers.

• The leading insurance companies operating in Cyprus are either subsidiaries or affiliates of banks.

• A strong agency network is one of the key features of Cyprus’s insurance industry. “

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