The life sector insurance companies managed to achieve double growth rates than those of the general sector in 2010.

In total, the insurance companies’ revenues recorded a significant increase of 4.7%.

According to latest figures of the Insurance Companies Association of Cyprus, the total premiums in the life and general sector stood at €825.8 million in 2010 against €789 million in 2009.

The life sector premiums recorded a higher increase. Its total gross premiums recorded an annual increase of 6.2% to €375.2 million against €353.2 million last year.

The biggest market share is held by Laiki Cyprialife (28.47%) with premiums of €106.8 million, followed by Eurolife (28.18%) with premiums of €105.7 million, Universal Life (€54.5 million or 14.52%), Metlife Alico (€26.5 million or 7.07%) and Interlife (€24.7 million or 6.58%).

General sector

The total premiums of the general sector (cars, fire, and accidents/health) rose 3.4% to €450.6 million from €435.8 million.

The premiums in the car insurance sector inched up 0.7%, reflecting the general problems of the car market. They stood at €184.5 million against €183.3 million in 2009.

The car insurance sector is the biggest in the general sector, while the second biggest is the fire insurance.

The premiums for the fire insurance surged 5% to €114 million from €108.6 million in 2009.

The accidents and health sector soared 6.5% to €95.2 million from €89.4 million in 2009.