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.
by Yana Keller