Insider Business Cost of insurance in Cyprus on the rise  

Cost of insurance in Cyprus on the rise  

The per capita insurance premium paid by a Cypriot in 2018 was over €1,000, according to the recently-released Annual Report 2018 of the Insurance Association of Cyprus.

Specifically, €440 went to health insurance and €605 to general insurance and this marks the highest per capita amount paid since 2008.

As for the average premium paid by a Cypriot last year, this was €1,045 and is the highest since 2010 when it was €1,022. For life insurance, the average premium in 2018 was €440 marking a significant increase from 2017 when it was €409 and €381 in 2016.

Retrospective data shows that the lowest average insurance cost stood at €875 in 2014. And that the insurance industry’s investment in the economy in relation to GDP is steadily going up.

The industry’s investment in the economy in 2018 stood at €2.54 billion compared to €2.52 billion and was the highest since 2010 when it had reached €2.65 billion. The industry’s investment in the economy in 2014 was €1.84 billion.

As a percentage of GDP, the industry’s investment accounted for 12.5% ​​in 2018 and 12.9% in 2017. The insurance industry’s lowest annual GDP Gross Domestic Product was recorded in 2011 when it went down to 9.6%. And the highest one was in 2009 with 13.7% of GDP.

The data also shows that the amount of premiums paid for deaths in 2018 was €45.74 million and concerned 714 contracts.

The highest premium, €21.45 million, was paid by Universal Life, the second highest – 6.82 million – by Eurolife, followed by CNP Cyprialife’s €5.96 million and Allianz’s €4.01 million.

A total of 2,388 contracts matured in 2018 and the total amount paid by insurance companies was €37.98 million. Universal Life paid the highest amount which was €13.04 million for 754 matured contracts. CNP Cyprialife had 866 matured contracts with their overall amount standing at €9.70 million.

Metlife paid €8.93m at the maturity of 347 contracts and Eurolife €4.26m for 294 matured ones. Contracts redeemed before their maturity in 2018 stood at 10,189 and the amount paid was €104 million.

Read more:

Top Stories

Research vessel Oruc Reis re-enters Greek waters

The Turkish research ship Oruc Reis with its two auxiliary vessels Ataman and Cengizhan accompanied by a naval force of Turkish warships is moving...

Police report 11 premises and 21 individuals for noncompliance with measures

Cyprus police conducted 1,030 checks reporting 11 premises and 21 individuals in various Districts of Cyprus for not complying with measures aiming to contain...

Research vessel Oruc Reis back in Turkey’s continental shelf

Turkish research vessel Oruc Reis left on Wednesday evening an area that falls within the Greek continental shelf and entered the Turkish continental shelf,...

France to bolster Mediterranean military presence over Turkish prospecting

France will increase its military presence in the eastern Mediterranean, President Emmanuel Macron said on Wednesday, calling on Turkey to halt oil and gas...

People enjoy hot weather in London

People enjoy the hot weather amongst summer themed sculptures, amid the coronavirus disease (COVID-19) outbreak, in London, Britain August 12, 2020.


Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...