Reinsurance in Cyprus, Key Trends and Opportunities to 2017

Date: 2015-09
Pages:57
Price:

“The Cypriot reinsurance segment registered a compound annual growth rate (CAGR) of 8.1% during the review period (2008โ€“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.

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