Boston, MA -- (SBWIRE) -- 04/18/2014 -- After remaining largely unscathed by the global financial and eurozone debt crisis, the Cypriot banking sector succumbed to pressure in 2012 triggered by huge losses from investments in Greek sovereign and corporate bonds. The depressed economic environment led to a sharp decline in employment levels, leading to erosion in consumer confidence and spending. The recessionary economic conditions eroded demand for life insurance products with the segment's gross written premium falling by 7.1% in 2012. The life segment accounted for the largest share with 39.7% of the written premium of the overall insurance industry in 2012. The segment is highly competitive with 11 insurers - six domestic, three composite and four foreign - operating at the end of 2012. Over the forecast period, reforms in the financial sector, an aging population and declining government benefits due to austerity measures will encourage investment in long-term saving products.
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- The Cypriot life segment was one of the smallest in Europe in terms of gross written premium
- The segment's written premium fell by 7.1% in 2012 due to the crisis in the banking sector, depressed economic conditions and rising unemployment
- The number of new policies sold fell by 3.1% in 2012 over 2011, as consumers chose not to invest in life products due to economic uncertainty and the crisis in the financial sector
- The Cypriot life insurance segment is highly competitive, with 11 insurers - six domestic, three composite and four foreign - operating at end of 2012
- Over the forecast period, Cypriot life insurers are expected to face challenges due to sluggish economic growth and falling disposable incomes due to government austerity measures"
This report provides a comprehensive analysis of the life insurance segment in Cyprus:
- It provides historical values for the Cypriot 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 the Cypriot 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 life insurance products in Cyprus.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Cyprus for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Cyprus and its growth prospects.
- It profiles the top life insurance companies in Cyprus and outlines the key regulations affecting them."
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Companies Mentioned in this Report: Euro Life Ltd, Laiki CypriaLife, Universal Life Insurance, MetLife Alico, Prime Insurance Company Ltd, Allianz Hellas SA, Alpha Insurance, Hellenic Alico Life, Ethniki Insurance, Liberty Life Insurance Co. Ltd
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