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Published: Sep, 2016 | Pages:
109 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
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.
Table of Contents
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
List of Tables
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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