Life Insurance in Cyprus, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 205 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The 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 categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Cypriot life insurance segment
The detailed competitive landscape in the life insurance segment in Cyprus
Detailed regulatory framework of the Cypriot insurance industry
A description of the life reinsurance segment in Cyprus
Porter's Five Forces analysis of the life insurance segment 

Summary
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. 
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 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. 
Reason 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 within the Cypriot life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Cypriot insurance industry and its impact on companies and the market's future 
Key Highlights
 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

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Cypriot Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Trends and Drivers
3.3 Key Challenges
3.4 Recent Developments
4 Life Insurance Outlook
4.1 Consumer Segmentation
4.2 Life Insurance Growth Prospects by Category
4.2.1 Individual life insurance
4.2.2 Individual unit-linked insurance
4.2.3 Group life insurance
4.3 Life Insurance Growth Prospects by Product Type
4.3.1 Individual single-premium policies
4.3.2 Individual non-single-premium policies
4.3.3 Group non-single-premium policies
5 Alysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Alysis - Cypriot Life Insurance
6.1 Bargaining Power of Suppliers: Medium to High
6.2 Bargaining Power of Buyers: Medium
6.3 Barriers to Entry: Medium
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Low to Medium
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size by Type of Insurance, 2008-2017
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation Trends by Type of Insurance
8.2.1 Life insurance regulatory trends
8.2.2 Property insurance regulatory trends
8.2.3 Motor insurance regulatory trends
8.2.4 Liability insurance regulatory trends
8.2.5 Marine, aviation and transit insurance regulatory trends
8.2.6 Persol accident insurance regulatory trends
8.2.7 Health insurance regulatory trends
8.3 Compulsory Insurance
8.3.1 Social Insurance
8.3.2 Motor Insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors
8.4.2 European Insurance and Occupatiol Pensions Authority
8.4.3 Insurance Companies control Service
8.5 Non-Admitted Insurance Regulatory
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market Practices
8.5.4 Fines and Pelties
8.6 Company Registration and Operations
8.6.1 Types of Insurance Organisation
8.6.2 Establishing a local company
8.6.3 Foreign Ownership
8.6.4 Types of License
8.6.5 Capital Requirements
8.6.6 Solvency Margins
8.6.7 Reserve Requirements
8.6.8 Investment Regulations
8.6.9 Policy Terms and Conditions
8.7 Taxation
8.7.1 Insurance Premium or Policy Taxation
8.7.2 Corporate Tax
8.7.3 VAT
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to Court
8.8.3 Altertive Dispute Resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Cypriot Life Insurance Segment
9.3 Comparison of the Top Five Insurers
9.3.1 Gross written premium
9.3.2 Net earned premium
9.3.3 Gross claims
9.3.4 Paid claims
9.3.5 Total investment income
9.4 Euro Life Ltd - Company Overview
9.4.1 Euro Life Ltd - key facts
9.4.2 Euro Life Ltd - key fincials
9.5 Laiki CypriaLife - Company Overview
9.5.1 Laiki CypriaLife - key facts
9.5.2 Laiki CypriaLife - key fincials
9.6 Universal Life Insurance Public Company Ltd - Company Overview
9.6.1 Universal Life Insurance Public Company Ltd - key facts
9.6.2 Universal Life Insurance Public Company Ltd - key fincials
9.7 MetLife Alico - Company Overview
9.7.1 MetLife Alico - key facts
9.7.2 MetLife Alico - key fincials
9.8 Prime Insurance Company Ltd - Company Overview
9.8.1 Prime Insurance Company Ltd - key facts
9.8.2 Prime Insurance Company Ltd - key fincials
9.9 Allianz Hellas SA - Company Overview
9.9.1 Allianz Hellas SA - key facts
9.9.2 Allianz Hellas SA - key fincials
9.1 Alpha Insurance - Company Overview
9.10.1 Alpha Insurance - key facts
9.10.2 Alpha Insurance - key fincials
9.11 Hellenic Alico Life - Company Overview
9.11.1 Hellenic Alico Life - key facts
9.11.2 Hellenic Alico Life - key fincials
9.12 Ethniki Insurance (Cyprus) Ltd - Company Overview
9.12.1 Ethniki Insurance (Cyprus) Ltd - key facts
9.12.2 Ethniki Insurance (Cyprus) Ltd - key fincials
9.13 Liberty Life Insurance Public Co. Ltd - Company Overview
9.13.1 Liberty Life Insurance Public Co. Ltd - key facts
9.13.2 Liberty Life Insurance Co. Ltd - key fincials
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Cyprus Stock Exchange (CSE)
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 Inflation rate
10.2.6 Merchandise Exports as a percentage of GDP
10.2.7 Merchandise Imports as a percentage of GDP
10.2.8 Merchandise Exports Growth
10.2.9 Merchandise Imports Growth
10.3 Infrastructure
10.3.1 Commercial vehicles exports - total value
10.3.2 Commercial vehicles imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Total population
10.5.2 Urban and rural population
10.5.3 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Cypriot Insurance - Overall Written Premium by Segment (EUR Million), 2008-2012
Table 3: Cypriot Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Cypriot Insurance - Overall Written Premium by Segment (EUR Million), 2012-2017
Table 5: Cypriot Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Cypriot Insurance - Segmentation (% Share), 2008-2017
Table 7: Cypriot Life Insurance - Written Premium by Category (EUR Million), 2008-2012
Table 8: Cypriot Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Cypriot Life Insurance - Written Premium by Category (EUR Million), 2012-2017
Table 10: Cypriot Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Cypriot Life Insurance - Earned Premium (EUR Million), 2008-2012
Table 12: Cypriot Life Insurance - Earned Premium (EUR Million), 2012-2017
Table 13: Cypriot Life Insurance - Sum Assured (EUR Billion), 2008-2012
Table 14: Cypriot Life Insurance - Sum Assured (EUR Billion), 2012-2017
Table 15: Cypriot Life Insurance - Paid Claims (EUR Million), 2008-2012
Table 16: Cypriot Life Insurance - Paid Claims (EUR Million), 2012-2017
Table 17: Cypriot Life Insurance - Incurred Loss (EUR Million), 2008-2012
Table 18: Cypriot Life Insurance - Incurred Loss (EUR Million), 2012-2017
Table 19: Cypriot Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Cypriot Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2008-2012
Table 22: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2012-2017
Table 23: Cypriot Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Cypriot Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Cypriot Life Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 26: Cypriot Life Insurance - Frauds and Crimes (EUR Million), 2012-2017
Table 27: Cypriot Life Insurance - Total Assets (EUR Billion), 2008-2012
Table 28: Cypriot Life Insurance - Total Assets (EUR Billion), 2012-2017
Table 29: Cypriot Life Insurance - Total Investment Income (EUR Million), 2008-2012
Table 30: Cypriot Life Insurance - Total Investment Income (EUR Million), 2012-2017
Table 31: Cypriot Life Insurance - Retentions (EUR Million), 2008-2012
Table 32: Cypriot Life Insurance - Retentions (EUR Million), 2012-2017
Table 33: Cypriot Individual Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 34: Cypriot Individual Life Insurance - Number of Active Policies, 2012-2017
Table 35: Cypriot Individual Life Insurance - Written Premium (EUR Million), 2008-2012
Table 36: Cypriot Individual Life Insurance - Written Premium (EUR Million), 2012-2017
Table 37: Cypriot Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: Cypriot Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39: Cypriot Individual Unit-Linked Insurance - Written Premium (EUR Million), 2008-2012
Table 40: Cypriot Individual Unit-Linked Insurance - Written Premium (EUR Million), 2012-2017
Table 41: Cypriot Group Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Cypriot Group Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Cypriot Group Life Insurance - Written Premium (EUR Million), 2008-2012
Table 44: Cypriot Group Life Insurance - Written Premium (EUR Million), 2012-2017
Table 45: Cypriot Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: Cypriot Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Cypriot Individual Single-Premium Insurance - Written Premium (EUR Million), 2008-2012
Table 48: Cypriot Individual Single-Premium Insurance - Written Premium (EUR Million), 2012-2017
Table 49: Cypriot Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 50: Cypriot Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 51: Cypriot Individual Non-Single-Premium Insurance - Written Premium (EUR Million), 2008-2012
Table 52: Cypriot Individual Non-Single-Premium Insurance - Written Premium (EUR Million), 2012-2017
Table 53: Cypriot Group Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 54: Cypriot Group Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 55: Cypriot Group Non-Single-Premium Insurance - Written Premium (EUR Million), 2008-2012
Table 56: Cypriot Group Non-Single-Premium Insurance - Written Premium (EUR Million), 2012-2017
Table 57: Cypriot Life Insurance - Direct Marketing Commission Paid (EUR Million), 2008-2012
Table 58: Cypriot Life Insurance - Direct Marketing Commission Paid (EUR Million), 2012-2017
Table 59: Cypriot Life Insurance - New Business Written Premium Through Direct Marketing (EUR Million), 2008-2012
Table 60: Cypriot Life Insurance - New Business Written Premium Through Direct Marketing (EUR Million), 2012-2017
Table 61: Cypriot Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 62: Cypriot Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 63: Cypriot Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 64: Cypriot Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 65: Cypriot Life Insurance - Bancassurance Commission Paid (EUR Million), 2008-2012
Table 66: Cypriot Life Insurance - Bancassurance Commission Paid (EUR Million), 2012-2017
Table 67: Cypriot Life Insurance - New Business Written Premium Through Bancassurance (EUR Million), 2008-2012
Table 68: Cypriot Life Insurance - New Business Written Premium Through Bancassurance (EUR Million), 2012-2017
Table 69: Cypriot Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 70: Cypriot Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 71: Cypriot Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 72: Cypriot Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 73: Cypriot Life Insurance - Commission Paid to Agencies (EUR Million), 2008-2012
Table 74: Cypriot Life Insurance - Commission Paid to Agencies (EUR Million), 2012-2017
Table 75: Cypriot Life Insurance - New Business Written Premium Through Agencies (EUR Million), 2008-2012
Table 76: Cypriot Life Insurance - New Business Written Premium Through Agencies (EUR Million), 2012-2017
Table 77: Cypriot Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 78: Cypriot Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 79: Cypriot Life Insurance - Number of Agencies, 2008-2012
Table 80: Cypriot Life Insurance - Number of Agencies, 2012-2017
Table 81: Cypriot Life Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 82: Cypriot Life Insurance - E-Commerce Commission Paid (EUR Million), 2012-2017
Table 83: Cypriot Life Insurance - New Business Written Premium Through E-Commerce (EUR Million), 2008-2012
Table 84: Cypriot Life Insurance - New Business Written Premium Through E-Commerce (EUR Million), 2012-2017
Table 85: Cypriot Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 86: Cypriot Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 87: Cypriot Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 88: Cypriot Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 89: Cypriot Life Insurance - Commission Paid to Brokers (EUR Million), 2008-2012
Table 90: Cypriot Life Insurance - Commission Paid to Brokers (EUR Million), 2012-2017
Table 91: Cypriot Life Insurance - New Business Written Premium Through Brokers (EUR Million), 2008-2012
Table 92: Cypriot Life Insurance - New Business Written Premium Through Brokers (EUR Million), 2012-2017
Table 93: Cypriot Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 94: Cypriot Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 95: Cypriot Life Insurance - Number of Brokers, 2008-2012
Table 96: Cypriot Life Insurance - Number of Brokers, 2012-2017
Table 97: Cypriot Life Insurance - Commission Paid to Other Channels (EUR Million), 2008-2012
Table 98: Cypriot Life Insurance - Commission Paid to Other Channels (EUR Million), 2012-2017
Table 99: Cypriot Life Insurance - New Business Written Premium Through Other Channels (EUR Million), 2008-2012
Table 100: Cypriot Life Insurance - New Business Written Premium Through Other Channels (EUR Million), 2012-2017
Table 101: Cypriot Life Insurance - New Policies Sold Through Other Channels (Thousand), 2008-2012
Table 102: Cypriot Life Insurance - New Policies Sold Through Other Channels (Thousand), 2012-2017
Table 103: Cypriot Life Insurance - Number of Distributors in Other Channels, 2008-2012
Table 104: Cypriot Life Insurance - Number of Distributors in Other Channels, 2012-2017
Table 105: Cypriot Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2008-2012
Table 106: Cypriot Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 107: Cypriot Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2012-2017
Table 108: Cypriot Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 109: Cypriot Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 110: Cypriot Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 111: Capital Requirements for Insurers in Cyprus
Table 112: Other Corporate Tax Rates in Cyprus
Table 113: Shares of Key Insurers in the Cyprus Life Segment (%), 2012
Table 114: Euro Life Ltd, Key Facts
Table 115: Euro Life Ltd, Key Financials (EUR Million), 2008-2012
Table 116: Laiki CypriaLife, Key Facts
Table 117: Laiki CypriaLife, Key Financials (EUR million), 2008-2012
Table 118: Universal Life Insurance Public Company Ltd, Key Facts
Table 119: Universal Life Insurance Public Company Ltd, Key Financials (EUR million), 2008-2012
Table 120: MetLife Alico, Key Facts
Table 121: MetLife Alico, Key Financials (EUR million), 2008-2012
Table 122: Prime Insurance Company Ltd, Key Facts
Table 123: Prime Insurance Company Ltd, Key Financials (EUR million), 2008-2012
Table 124: Allianz Hellas SA, Key Facts
Table 125: Allianz Hellas SA, Key Financials (EUR million), 2008-2012
Table 126: Alpha Insurance, Key Facts
Table 127: Alpha Insurance, Key Financials (EUR million), 2008-2012
Table 128: Hellenic Alico Life, Key Facts
Table 129: Hellenic Alico Life, Key Financials (EUR million), 2008-2012
Table 130: Ethniki Insurance (Cyprus) Ltd, Key Facts
Table 131: Ethniki Insurance (Cyprus) Ltd, Key Financials (EUR million), 2008-2012
Table 132: Liberty Life Insurance Public Co. Ltd, Key Facts
Table 133: Liberty Life Insurance Public Co. Ltd, Key Financials (EUR million), 2008-2012