Boston, MA -- (SBWIRE) -- 04/21/2014 -- Losses in the Cypriot banking sector due to high exposure to Greek sovereign and corporate debt impacted the country's economic growth. Cyprus became the fifth country in Europe to receive a bailout, amounting to EUR10 billion (US$13.9 billion) in 2012, and ongoing government-adopted austerity measures constrained private and public sector consumption. The country also recorded a decline in construction activity and automobile sales, which impacted the demand for non-life insurance products. Motor insurance accounted for a 52% share of the segment's gross written premium in 2012, followed by property insurance with 34.1%. The segment is highly concentrated with the 10 leading insurers collectively accounting for a 74.3% share in 2012. Due to the government reforms, general business improvement measures will encourage growth in the segment over the forecast period (2012-2017).
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- In 2012, motor insurance accounted for 52% of the segment's written premiums, followed by property insurance with 34.1%
- The segment is highly concentrated, with the 10 leading insurers collectively accounting for a market share of 74.3% in 2012
- The non-life segment is populated by companies which are either subsidiaries or affiliates of major banks
- Agencies accounted for 60.3% of total commission paid in 2012
- From March 1, 2013, the stamp duty charge per new non-life contract increased by EUR2
- The Cypriot non-life segment is competitive and contains both domestic and foreign insurers
This report provides a comprehensive analysis of the non-life insurance segment in Cyprus:
- It provides historical values for Cyprus's non-life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in Cyprus's non-life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for non-life insurance products in Cyprus.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Cyprus for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Cyprus and its growth prospects.
- It profiles the top non-life insurance companies in Cyprus and outlines the key regulations affecting them."
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast market data related to the Cypriot non-life insurance segment and each category within it
Companies Mentioned in this Report: Laiki Insurance Ltd, General Insurance Company of Cyprus Ltd, Pancyprian Insurance Ltd, AIG Europe Ltd, Cosmos Insurance Company Public Ltd, Atlantic Insurance Company, Prime Insurance Company Ltd, Trust International Insurance Company (Cyprus) Ltd, Allianz Hellas SA, Commercial General Insurance
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