Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2017

Date: 2015-09

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 segmentโ€™s written premium increased at a CAGR of 7.8% during the review period (2008โˆ’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.

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