Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 123 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Cypriot non-life insurance segment, and a comparison of the Cypriot insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Cypriot economy and demographics, explains the various types of natural hazard and their impact on the Cypriot insurance industry, 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 'Non-Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Cypriot non-life insurance segment, including:

• The segment's detailed outlook by product category

• A comprehensive overview of the Cypriot economy and demographics

• A comparison of the Cypriot insurance industry with its regional counterparts

• The various distribution channels in the segment

• Detailed analysis of natural hazards and their impact on the Cypriot insurance industry

• Details of the competitive landscape in the segment 

• Details of regulatory policy applicable to the Cypriot insurance industry
Scope

This report provides a comprehensive analysis of the non-life insurance segment in Cyprus:

• It provides historical values for the segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key categories in the segment, and market forecasts to 2020.

• It profiles the top non-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 non-life insurance segment and each category within it.

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

• Assess the competitive dynamics in the 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

• In April 2017, the European Commission (EC) approved a EUR7.3 million (US$8.1 million) fund for a natural disaster that occurred in the country during 2015-2016.

• Solvency II came into force in Cyprus on January 1, 2016. It is based on three pillars: risk-based quantitative requirements; governance and supervision; and disclosure and transparency.

• The European Insurance and Occupational Pensions Authority issued guidelines on the application of outwards reinsurance arrangements to the non-life catastrophe risk sub-module, effective from April 1, 2015. These guidelines are part of the Pillar One requirements of the Solvency II framework.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Segment Indicators
4.1.1 Gross written premium and penetration
4.1.2 Policies sold
4.1.3 Profitability
4.1.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Profitability
6 Distribution Channel Outlook
7 Natural and Man-Made Hazards
7.1 Extreme Temperature
7.2 Drought
7.3 Storms
7.4 Coastal Floods
7.5 Earthquakes
7.6 Wildfires
7.7 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 CNP Asfalistiki Insurance - company overview
8.1.2 General Insurance of Cyprus - company overview
8.1.3 Pancyprian Insurance - company overview
8.1.4 Trust International Insurance - company overview
8.1.5 AIG Insurance - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Social security
9.4.2 Motor third-party liability insurance
9.4.3 Air carriers and aircraft operators insurance
9.4.4 Professional indemnity insurance for alternative investment fund managers
9.4.5 Professional indemnity insurance for insurance intermediaries
9.4.6 Environmental liability insurance
9.4.7 Liability insurance for ships with respect to oil pollution
9.4.8 Clinical trials liability insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Insurance Companies Control Service
9.5.4 Insurance Association of Cyprus
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Liability Insurance
10.8 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Cypriot Non-Life Insurance - Key Facts, 2015
Table 2: Cypriot Non-Life Insurance - Segment Shares (%) of the Top Insurers, 2015
Table 3: Cypriot Government Credit Ratings
Table 4: Cypriot Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2011-2015
Table 5: Cypriot Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2015-2020
Table 6: Cypriot Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 7: Cypriot Non-Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 8: Cypriot Non-Life Insurance - Profitability Ratio (%), 2011-2015
Table 9: Cypriot Non-Life Insurance - Profitability Ratio (%), 2015-2020
Table 10: Cypriot Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2011-2015
Table 11: Cypriot Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2015-2020
Table 12: Cypriot Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2011-2015
Table 13: Cypriot Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2015-2020
Table 14: Cypriot Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 15: Cypriot Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 16: Cypriot Property Insurance - Loss Ratio (%), 2011-2015
Table 17: Cypriot Property Insurance - Loss Ratio (%), 2015-2020
Table 18: Cyprus - Total number of registered vehicle by category, during 2015-2016
Table 19: Cypriot Motor Insurance - Gross Written Premium (EUR Million), 2011-2015
Table 20: Cypriot Motor Insurance - Gross Written Premium (EUR Million), 2015-2020
Table 21: Cypriot Motor Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 22: Cypriot Motor Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 23: Cypriot Motor Insurance - Loss Ratio (%), 2011-2015
Table 24: Cypriot Motor Insurance - Loss Ratio (%), 2015-2020
Table 25: Cypriot Liability Insurance - Gross Written Premium (EUR Million), 2011-2015
Table 26: Cypriot Liability Insurance - Gross Written Premium (EUR Million), 2015-2020
Table 27: Cypriot Liability Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 28: Cypriot Liability Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 29: Cypriot Liability Insurance - Loss Ratio (%), 2011-2015
Table 30: Cypriot Liability Insurance - Loss Ratio (%), 2015-2020
Table 31: Cypriot Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2011-2015
Table 32: Cypriot Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2015-2020
Table 33: Cypriot Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 34: Cypriot Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 35: Cypriot Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 36: Cypriot Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 37: Cypriot Average Annual Loss by Hazard, 1990-2014
Table 38: Cypriot Non-Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 39: CNP Asfalistiki Insurance - Key Facts
Table 40: General Insurance of Cyprus - Key Facts
Table 41: Pancyprian Insurance - Key Facts
Table 42: Trust International Insurance - Key Facts
Table 43: Trust International Insurance - Key Financials (EUR Million), 2011-2013
Table 44: AIG Insurance - Key Facts
Table 45: Cyprus - Insurance Regulatory Framework Key Features
Table 46: Cyprus - Life Insurance Regulatory Framework
Table 47: Cyprus - Property Insurance Regulatory Framework
Table 48: Cyprus- Motor Insurance Regulatory Framework
Table 49: Cyprus - Liability Insurance Regulatory Framework
Table 50: Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 51: Cyprus - Corporate Tax Rates for the Financial Year 2017
Table 52: Cypriot Insurance Industry - Policies and Premium, 2011-2015
Table 53: Cypriot Insurance Industry - Policies and Premium, 2015-2020
Table 54: Cypriot Non-Life Insurance - Claims and Expenses, 2011-2015
Table 55: Cypriot Non-Life Insurance - Claims and Expenses, 2015-2020
Table 56: Cypriot Non-Life Insurance - Assets and Investments, 2011-2015
Table 57: Cypriot Non-Life Insurance - Assets and Investments, 2015-2020
Table 58: Cypriot Non-Life Insurance - Property Insurance, 2011-2015
Table 59: Cypriot Non-Life Insurance - Property Insurance, 2015-2020
Table 60: Cypriot Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 61: Cypriot Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 62: Cypriot Non-Life Insurance - Motor Insurance, 2011-2015
Table 63: Cypriot Non-Life Insurance - Motor Insurance, 2015-2020
Table 64: Cypriot Non-Life Insurance - Liability Insurance, 2011-2015
Table 65: Cypriot Non-Life Insurance - Liability Insurance, 2015-2020
Table 66: Cypriot Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 67: Cypriot Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 68: Insurance Industry Definitions