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Insurance industry in Cyprus continued its growth in 2024

Insurance industry in Cyprus continued its growth in 2024

The insurance industry in Cyprus continued its growth in the first half of 2024, with total gross written premiums (GWP) reaching €631.8mn, marking a 7.8% year-on-year (y-o-y) increase, according to Xprimm and data from the Insurance Association of Cyprus (IAC).

Both the life and non-life insurance sectors contributed to this trend. Life insurance, excluding Accident & Health premiums, grew 10% y-o-y to €322.91mn.

Of this, life insurance collections reached €283.4mn, while group pension plans contributed €39.5mn. Non-life insurance also saw a rise, with a 5.58% increase to €308.9mn.

Accident and Health premiums totaled €71.32mn in the first half of 2024, compared to €69.76mn in the same period in 2023.

The motor insurance segment experienced strong growth, rising 11.84% to €120.80mn in 1H2024, up from €108mn in 2023. In contrast, transport (MAT) premiums dropped 1.7% to €2.26mn.

Fire insurance remained largely unchanged, with a slight decrease of 0.06% and premiums of just over €71mn. Liability insurance grew by 5%, reaching €39mn, while credit insurance remained stable, dipping 0.2% to €65.7 thousand. Miscellaneous (MISC) insurance increased by 5.3%, generating €4.4mn.

Yana Keller by Yana Keller