Insurance companies in Cyprus have marked increased turnover for the first nine months of 2019, according to Insurance Association of Cyprus updated figures.
Specifically, the increase in health insurance premiums (including life and accident) between January 1 and September 30, 2019 was 9% higher than in the same period last year.
The annual increase for the period of January 1 to September 30, 2018 was 12.6% compared to the corresponding period in 2017.
For the life insurance sector, total premiums for the first nine months of 2019 (including accident and health) were €383.9 million compared to €377.7 million in 2018. That is, an increase of 1.6% was marked. For the first nine months of 2018 the growth rate had reached 11.3%.
For the general sector, premiums for the nine-month period of this year stood at €394 million compared to €360.5 million (including accident and health insurance) for the same period in 2018. Non-life insurance premiums for the first nine months of 2019 were €302.3 million, compared to €278.5 million the corresponding nine-month period last year.
As for the market share of life insurance (including accident and health), Eurolife is at the top with 23.7% followed by CNP Cyprialife with 21.15% and Universal Life with 20.74%. In terms of overall revenue, Eurolife’s was €89.9 million, followed by CNP Asfalistiki’s €80.9 million and Universal Life’s €78.8 million.
In terms of increased premiums in the general industry, American Hellenic Hull posted the highest one with 163.67%, followed by Interamerican Hellenic Insurance with 113.7%.
However, the companies with the largest premium amounts in the market are Universal Life with €40 million followed by CNP Asfalistiki with €38.4 million, General Insurance with €36.4 million, Trust with € 27 million and Pancyprian with €25.7 million.