The Cypriot insurance sector sustained its growth trajectory through the first nine months of 2023, witnessing increases in both the General and Life Insurance divisions compared to the previous year.

Data from the Insurance Association of Cyprus (IAC), detailed by Brief, shows total premiums (encompassing both General and Life Insurance) reached 850 million euros (869,972,665 euros), a significant rise from 2022’s 766 million euros (765,526,997 euros), marking a 13.6% increase.

The Life Insurance sector alone saw its gross premiums climb to 444 million euros (443,528,478 euros) in the first nine months, up from last year's 374 million euros (374,423,293 euros), an 18.5% increase.

Market shares, as illustrated in the report, place Eurolife at the forefront with 30.5%, followed by CNP Asfalistiki at 23%, and Universal Life at 11.1%. Concurrently, General Insurance gross premiums rose to 426 million euros (426,444,187 euros) from January to September, compared to 391 million euros (391,103,704 euros) in the same period last year, a 9% increase.

In terms of market shares, General Insurances of Cyprus leads with 11.4%, trailed by CNP Asfalistiki at 11.2%, and Trust Insurance at 8.4%. The report also notes an increase in claims.

Furthermore, the IAC data reveals that insurance companies paid out claims totaling 186 million euros for the Life Insurance sector in the first nine months, a 14% increase from last year's 163 million euros. The General Insurance sector also saw a rise, with claims reaching 412 million euros, up from 385 million euros last year (a 6.8% increase).

Andreas Athanasiades, General Director of the IAC, commented on the nine-month results, highlighting a general market increase reflecting the public’s growing trust in insurance. He pointed out that the rise in premiums, partly due to inflation, contributed to this growth.

Yet, Athanasiades warned that underinsurance remains a pressing issue in Cyprus, even as the gap begins to close.