Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2017

Date: 2015-09

“Losses in the Cypriot banking sector due to high exposure to Greek sovereign and corporate debt impacted the countryโ€™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 segmentโ€™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 (2012โˆ’2017).

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