The life and non life insurance premiums show stabilization according to new data released by the Insurance Association of Cyprus (IAC) for 2015.
According to the latest figures, total gross premiums in life insurance recorded an annual increase of 1% reaching €307 mil compared with €304 mil in 2014. The figures include data for accident and health insurance.
In 2014 a reduction of 4.7% on gross premiums was recorded.
The new premiums of life insurance amounted to €50.6 mil in 2015 versus €43.4 mil in 2014.
The general director of the Insurance Association of Cyprus Stefie Drakou says at StockWatch that the data confirm the estimates for a gradual recovery of the sector.
In 2016, she says, the results will be much better and growth rates even higher.
Eurolife has the biggest market share (27.20%) with €83,5 mil premiums versus 27.47% in 2014 followed by the CNP Cyprialife with premiums of €73.4 mil and a share of 23.91%. In 2014 the CNP share stood at 23.93%.
The remaining positions in the top five are holding by the Universal Life (14.65% from 15.22%), Allianz Hellas to 8.69% from 7.50% and Prime with 7.54% versus 7.47%.
Non life sector
Regarding the general sector, total premiums (including accident and health insurance premiums from life companies) increased by 0.4% to €424,9 mil from €423 mil in 2014.
In 2014 a decrease of 1.9% was recorded.
The motor vehicle insurance sector rose by 0.3% against a decline of 2.8% in 2014. Premiums of motor insurance amounted to €160,6 mil from €160.2 mil in 2014.
The vehicle insurance sector is the largest industry in general, while the second largest is that of accidents and health. Premiums for accident and health rose by 5.8% to €105.9 mil from €100,1 mil. In 2014 the increase was 2.5%.
The fire insurance premiums fell by 2.2% to €105 mil from €107.4 mil. In 2014, the decrease stood at 5.1%.
CNP Insurance has the biggest market share and amounts to 11.56% from 11.89% in 2014, followed by General Insurance with 11.23% against 12.51%. Universal Life market share is 7.39% against 7.45% in 2014, while the share of Pancyprian rose to 6.94% from 6.86%. Shares 5.48% and 5.22% respectively have the Trust and Atlantic while 4.87% is the share of AIG.
According to the latest figures, total gross premiums in life insurance recorded an annual increase of 1% reaching €307 mil compared with €304 mil in 2014. The figures include data for accident and health insurance.
In 2014 a reduction of 4.7% on gross premiums was recorded.
The new premiums of life insurance amounted to €50.6 mil in 2015 versus €43.4 mil in 2014.The general director of the Insurance Association of Cyprus Stefie Drakou says at StockWatch that the data confirm the estimates for a gradual recovery of the sector.
In 2016, she says, the results will be much better and growth rates even higher.
Eurolife has the biggest market share (27.20%) with €83,5 mil premiums versus 27.47% in 2014 followed by the CNP Cyprialife with premiums of €73.4 mil and a share of 23.91%. In 2014 the CNP share stood at 23.93%.
The remaining positions in the top five are holding by the Universal Life (14.65% from 15.22%), Allianz Hellas to 8.69% from 7.50% and Prime with 7.54% versus 7.47%.
Non life sector
Regarding the general sector, total premiums (including accident and health insurance premiums from life companies) increased by 0.4% to €424,9 mil from €423 mil in 2014.
In 2014 a decrease of 1.9% was recorded.
The motor vehicle insurance sector rose by 0.3% against a decline of 2.8% in 2014. Premiums of motor insurance amounted to €160,6 mil from €160.2 mil in 2014.
The vehicle insurance sector is the largest industry in general, while the second largest is that of accidents and health. Premiums for accident and health rose by 5.8% to €105.9 mil from €100,1 mil. In 2014 the increase was 2.5%.
The fire insurance premiums fell by 2.2% to €105 mil from €107.4 mil. In 2014, the decrease stood at 5.1%.
CNP Insurance has the biggest market share and amounts to 11.56% from 11.89% in 2014, followed by General Insurance with 11.23% against 12.51%. Universal Life market share is 7.39% against 7.45% in 2014, while the share of Pancyprian rose to 6.94% from 6.86%. Shares 5.48% and 5.22% respectively have the Trust and Atlantic while 4.87% is the share of AIG.
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