Life Insurance in Cyprus, Key Trends and Opportunities to 2019

Life Insurance in Cyprus, Key Trends and Opportunities to 2019


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  • Pages: 109
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Executive Summary

Timetric's 'Life Insurance in Cyprus, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Cypriot life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cypriot economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Cyprus, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Cypriot life insurance segment, including:

The Cypriot life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Cypriot economy and demographics

The various distribution channels in the Cypriot life insurance segment

Details of the competitive landscape in the life insurance segment in Cyprus

Details of regulatory policy applicable to the Cypriot insurance industry

Scope

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 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Cypriot life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in Cyprus.

It profiles the top life insurance companies in Cyprus and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Cypriot life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Cypriot life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Cypriot insurance industry, and their impact on companies and the industry's future.

Key Highlights

The Cypriot economy was affected by the global financial crisis of 2008 and the European debt crisis of 2011.

The life segment has significant potential for growth and expansion over the forecast period, driven by favorable demographic factors such as rises in the aging population and life expectancy.

The investment income of Cypriot insurers decreased drastically as a result of the financial and sovereign debt crises.

The Cypriot life segment is concentrated, with the top five companies accounting for 82.0% of the total gross written premium in 2015.

Similar to most European countries, authorized agencies play an important role in the distribution of life products in Cyprus.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Life Insurance Growth Prospects by Category

4.5 Life Insurance Growth Prospects by Product Type

4.5.1 Total linked insurance business

4.5.2 Total non-linked insurance business

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights

6.1 Overview

6.2 Leading Companies in the Cypriot Life Insurance Segment

6.2.1 EuroLife-company overview

6.2.2 CNP Cyprialife-company overview

6.2.3 Universal Life Insurance Company-company overview

6.2.4 Allianz Life Insurance-company overview

6.2.5 Prime Insurance-company overview

6.2.6 Metlife Alico (Cyprus)-company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulations

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Social security

7.4.2 Motor third-party liability insurance

7.4.3 Air carriers and aircraft operators insurance

7.4.4 Professional indemnity insurance for alternative investment fund managers

7.4.5 Environmental liability insurance

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 European Insurance and Occupational Pensions Authority

7.5.3 Insurance Companies Control Service

7.5.4 Insurance Association of Cyprus

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Types of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution (ADR)

8 Definitions and Methodology

8.1 Definitions

8.2 Methodology

9 About Timetric

9.1 Contact Timetric

9.2 About Timetric

9.3 Timetric's Services

9.4 Disclaimer

Figure 1: Cypriot Real GDP (EUR Billion), 2010-2019

Figure 2: EUR-USD Exchange Rate, 2010-2019

Figure 3: Cypriot Consumer Price Inflation, 2010-2019

Figure 4: Cypriot Current Account Balance as Percentage of GDP (%), 2010-2014

Figure 5: Cypriot Unemployment Rate, 2010-2019

Figure 6: Cypriot Population by Age Group, 1991-2025

Figure 7: Cypriot Life Insurance-New Business Direct Written Premium (EUR Million), 2010-2014

Figure 8: Cypriot Life Insurance-New Business Direct Written Premium (EUR Million), 2014-2019

Figure 9: Cypriot Life Insurance-Net Earned Premium (EUR Million), 2010-2014

Figure 10: Cypriot Life Insurance-Net Earned Premium (EUR Million), 2014-2019

Figure 11: Cypriot Life Insurance-Sum Assured (EUR Billion), 2010-2014

Figure 12: Cypriot Life Insurance-Sum Assured (EUR Billion), 2014-2019

Figure 13: Cypriot Life Insurance-Paid Claims (EUR Million), 2010-2014

Figure 14: Cypriot Life Insurance-Paid Claims (EUR Million), 2014-2019

Figure 15: Cypriot Life Insurance-Number of Policies per Capita, 2010-2014

Figure 16: Cypriot Life Insurance-Number of Policies per Capita, 2014-2019

Figure 17: Cypriot Life Insurance-Commissions and Expenses (EUR Million), 2010-2014

Figure 18: Cypriot Life Insurance-Commissions and Expenses (EUR Million), 2014-2019

Figure 19: Cypriot Life Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014

Figure 20: Cypriot Life Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019

Figure 21: Cypriot Life Insurance-Renewal Business Direct Written Premium (EUR Million), 2010-2014

Figure 22: Cypriot Life Insurance-Renewal Business Direct Written Premium (EUR Million), 2014-2019

Figure 23: Cypriot Life Insurance-Total Assets (EUR Billion), 2010-2014

Figure 24: Cypriot Life Insurance-Total Assets (EUR Billion), 2014-2019

Figure 25: Cypriot Life Insurance-Total Investment Income (EUR Million), 2010-2014

Figure 26: Cypriot Life Insurance-Total Investment Income (EUR Million), 2014-2019

Figure 27: Cypriot Life Insurance-Net Written Premium (EUR Million), 2010-2014

Figure 28: Cypriot Life Insurance-Net Written Premium (EUR Million), 2014-2019

Figure 29: Cypriot Life Insurance-Investment Portfolio (EUR Million), 2010-2014

Figure 30: Cypriot Life Insurance-Investment Portfolio, 2010 and 2014

Figure 31: Cypriot Life Insurance-Penetration (%), 2010-2014

Figure 32: Cypriot Life Insurance-Density (Direct Premium per Capita), 2010-2014

Figure 33: Cypriot Life Insurance-Number of Active Policies (Thousand), 2010-2014

Figure 34: Cypriot Life Insurance-Number of Active Policies (Thousand), 2014-2019

Figure 35: Cypriot Life Insurance-Number of New Policies Sold (Thousand), 2010-2014

Figure 36: Cypriot Life Insurance-Number of New Policies Sold (Thousand), 2014-2019

Figure 37: Cypriot Life Insurance-Total Investments (EUR Billion), 2010-2014

Figure 38: Cypriot Linked Insurance Business-Number of Active Policies (Thousand), 2010-2014

Figure 39: Cypriot Linked Insurance Business-Number of Active Policies (Thousand), 2014-2019

Figure 40: Cypriot Linked Insurance Business-Gross Written Premium (EUR Million), 2010-2014

Figure 41: Cypriot Linked Insurance Business-Gross Written Premium (EUR Million), 2014-2019

Figure 42: Cypriot Linked Insurance Business-Direct Written Premium (EUR Million), 2010-2014

Figure 43: Cypriot Linked Insurance Business-Direct Written Premium (EUR Million), 2014-2019

Figure 44: Cypriot Non-Linked Insurance Business-Number of Active Policies (Thousand), 2010-2014

Figure 45: Cypriot Non-Linked Insurance Business-Number of Active Policies (Thousand), 2014-2019

Figure 46: Cypriot Non-Linked Insurance Business-Gross Written Premium (EUR Million), 2010-2014

Figure 47: Cypriot Non-Linked Insurance Business-Gross Written Premium (EUR Million), 2014-2019

Figure 48: Cypriot Non-Linked Insurance Business-Direct Written Premium (EUR Million), 2010-2014

Figure 49: Cypriot Non-Linked Insurance Business-Direct Written Premium (EUR Million), 2014-2019

Figure 50: Cypriot Life Insurance-Segment Shares (%), 2015

Figure 51: Cyprus-The Three Pillars of Solvency II

Figure 52: Cyprus-Insurance Supervision and Control at Various Levels

Figure 53: Cyprus-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Cypriot Life Insurance-Key Facts, 2014

Table 2: Cypriot Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Cypriot Government Credit Ratings

Table 4: Cypriot Life Insurance-New Business Direct Written Premium (EUR Million), 2010-2014

Table 5: Cypriot Life Insurance-New Business Direct Written Premium (EUR Million), 2014-2019

Table 6: Cypriot Life Insurance-Net Earned Premium (EUR Million), 2010-2014

Table 7: Cypriot Life Insurance-Net Earned Premium (EUR Million), 2014-2019

Table 8: Cypriot Life Insurance-Sum Assured (EUR Billion), 2010-2014

Table 9: Cypriot Life Insurance-Sum Assured (EUR Billion), 2014-2019

Table 10: Cypriot Life Insurance-Paid Claims (EUR Million), 2010-2014

Table 11: Cypriot Life Insurance-Paid Claims (EUR Million), 2014-2019

Table 12: Cypriot Life Insurance-Number of Policies per Capita, 2010-2014

Table 13: Cypriot Life Insurance-Number of Policies per Capita, 2014-2019

Table 14: Cypriot Life Insurance-Commissions and Expenses (EUR Million), 2010-2014

Table 15: Cypriot Life Insurance-Commissions and Expenses (EUR Million), 2014-2019

Table 16: Cypriot Life Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014

Table 17: Cypriot Life Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019

Table 18: Cypriot Life Insurance-Renewal Business Direct Written Premium (EUR Million), 2010-2014

Table 19: Cypriot Life Insurance-Renewal Business Direct Written Premium (EUR Million), 2014-2019

Table 20: Cypriot Life Insurance-Total Assets (EUR Billion), 2010-2014

Table 21: Cypriot Life Insurance-Total Assets (EUR Billion), 2014-2019

Table 22: Cypriot Life Insurance-Total Investment Income (EUR Million), 2010-2014

Table 23: Cypriot Life Insurance-Total Investment Income (EUR Million), 2014-2019

Table 24: Cypriot Life Insurance-Net Written Premium (EUR Million), 2010-2014

Table 25: Cypriot Life Insurance-Net Written Premium (EUR Million), 2014-2019

Table 26: Cypriot Linked Insurance Business-Number of Active Policies (Thousand), 2010-2014

Table 27: Cypriot Linked Insurance Business-Number of Active Policies (Thousand), 2014-2019

Table 28: Cypriot Linked Insurance Business-Gross Written Premium (EUR Million), 2010-2014

Table 29: Cypriot Linked Insurance Business-Gross Written Premium (EUR Million), 2014-2019

Table 30: Cypriot Linked Insurance Business-Direct Written Premium (EUR Million), 2010-2014

Table 31: Cypriot Linked Insurance Business-Direct Written Premium (EUR Million), 2014-2019

Table 32: Cypriot Non-Linked Insurance Business-Number of Active Policies (Thousand), 2010-2014

Table 33: Cypriot Non-Linked Insurance Business-Number of Active Policies (Thousand), 2014-2019

Table 34: Cypriot Non-Linked Insurance Business-Gross Written Premium (EUR Million), 2010-2014

Table 35: Cypriot Non-Linked Insurance Business-Gross Written Premium (EUR Million), 2014-2019

Table 36: Cypriot Non-Linked Insurance Business-Direct Written Premium (EUR Million), 2010-2014

Table 37: Cypriot Non-Linked Insurance Business-Direct Written Premium (EUR Million), 2014-2019

Table 38: Cypriot Life Insurance-Segment Shares (%), 2015

Table 39: EuroLife- Key Facts

Table 40: EuroLife- Key Financials (EUR Million), 2011-2015

Table 41: CNP Cyprialife- Key Facts

Table 42: CNP Cyprialife- Key Financials (EUR Million), 2010-2014

Table 43: Universal Life Insurance Company-Key Facts

Table 44: Universal Life Insurance Company-Key Financials (EUR Million), 2010-2014

Table 45: Allianz Life Insurance-Key Facts

Table 46: Allianz Life Insurance-Key Financials (EUR Million), 2010-2014

Table 47: Prime Insurance-Key Facts

Table 48: Prime Insurance-Key Financials (EUR Million), 2010-2014

Table 49: Metlife Alico (Cyprus)- Key Facts

Table 50: Metlife Alico (Cyprus)- Key Financials (EUR Million), 2010-2014

Table 51: Cyprus-Insurance Regulatory Framework Key Features

Table 52: Cyprus-Life Insurance Regulatory Framework

Table 53: Cyprus-Property Insurance Regulatory Framework

Table 54: Cyprus-Motor Insurance Regulatory Framework

Table 55: Cyprus-Liability Insurance Regulatory Framework

Table 56: Cyprus-Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 57: Cyprus-Capital Requirements for Insurers

Table 58: Cyprus-Corporate Tax Rates for the Financial Year 2015

Table 59: Insurance Industry Definitions

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EuroLife

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Universal Life Insurance

Allianz Life Insurance

Prime Insurance

MetLife Cyprus

Altius Insurance

Hellenic Alico Life Insurance

Ethniki Insurance (Cyprus)

Minerva Insurance Company Ltd

Life insurance

Economy and Demographics

Individual life insurance

Group life insurance

Linked insurance business

Non-linked insurance business

Distribution channels

Bancassurance

Agencies

Direct marketing

Brokers

E-commerce

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization

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