Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 192 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Cypriot personal accident and health insurance segment, including:
The Cypriot personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Cypriot personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Cyprus
Detailed regulatory framework of the Cypriot insurance industry
A description of the personal accident and health reinsurance segment in Cyprus
Porter's Five Forces analysis of the personal accident and health insurance segment 

Summary
The Cypriot healthcare system is characterized by absence of universal coverage. Although designed to provide comprehensive coverage, the general health insurance system (GHIS) has not been implemented due to cost overruns and pressure on government finances from the financial crisis. In terms of total healthcare expenditure, the share of the private sector stood at 57%, higher than public expenditure which stood at 43% in 2011. The current public system lacks efficiency and technological capability and has resulted in an increased dependence on private sector insurance. The personal accident and health segment's written premium increased at a CAGR of 7.8% during the review period (2008?2012). The troubled state of the economy, rising unemployment figures and a decline in disposable income is impacting demand for personal accident and health products. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Cyprus:
It provides historical values for the Cypriot personal accident and health 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 sub-segments in Cypriot personal accident and health 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 personal accident and health insurance products in Cyprus.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Cyprus for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Cyprus and its growth prospects.
It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Cypriot personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health 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
 Changing lifestyle patterns and improving health awareness among the Cypriot population resulted in an increase in per capita healthcare expenditure during the review period
The personal accident and health segment's written premium increased at a CAGR of 7.8% during the review period (2008?2012)
The personal accident insurance category is the largest in the segment, accounting for an industry share of 51.5% in 2012
Over the forecast period, rising health expenditure, an aging population and increased co-ordination between the public and private sector will underline growth
The segment is highly concentrated with the 10 leading companies accounting for 83.2% of the total personal accident and health gross written premium in 2012

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Cypriot Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Trends and Drivers
3.3 Key Challenges
3.4 Recent Market Developments
4 Persol Accident and Health Insurance Outlook
4.1 Consumer Segmentation
4.2 Persol Accident and Health Insurance Growth Prospects by Category
4.2.1 Persol accident insurance
4.2.2 Travel insurance
4.2.3 Health insurance
5 Alysis by Distribution Channels
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 - The Cypriot Persol Accident and Health Insurance
6.1 Bargaining Power of Suppliers: Low to Medium
6.2 Bargaining Power of Buyers: Low to Medium
6.3 Barriers to Entry: Low to Medium
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Low
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size, 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 Comparison of the Five Leading Insurers
9.2.1 Gross written premium
9.3 Universal Life Insurance Public Company Ltd - Company Overview
9.3.1 Universal Life Insurance Public Company Ltd - key facts
9.3.2 Universal Life Insurance Public Company Ltd - key fincials
9.4 MetLife Alico - Company Overview
9.4.1 MetLife Alico - key facts
9.4.2 MetLife Alico - key fincials
9.5 Euro Life Ltd - Company Overview
9.5.1 Euro Life Ltd - key facts
9.5.2 Euro Life Ltd - key fincials
9.6 Laiki CypriaLife - Company Overview
9.6.1 Laiki CypriaLife - key facts
9.6.2 Laiki CypriaLife - key fincials
9.7 Laiki Insurance Ltd - Company Overview
9.7.1 Laiki Insurance Ltd - key facts
1.8.2 Laiki Insurance Ltd - key fincials
9.8 General Insurance Company of Cyprus Ltd - Company Overview
9.8.1 General Insurance Company of Cyprus Ltd - key facts
9.8.2 General Insurance Company of Cyprus Ltd - key fincials
9.9 Cosmos Insurance Company Public Ltd - Company Overview
9.9.1 Cosmos Insurance Company Public Ltd - key facts
9.9.2 Cosmos Insurance Company Public Ltd - key fincials
9.1 Alpha Insurance - Company Overview
9.10.1 Alpha Insurance - key facts
1.11.2 Alpha Insurance - key fincials
9.11 AIG Europe Ltd - Company Overview
9.11.1 AIG Europe Ltd - key facts
1.12.2 AIG Europe Ltd - key fincials
9.12 Ethniki Insurance (Cyprus) Ltd - Company Overview
9.12.1 Ethniki Insurance (Cyprus) Ltd - key facts
1.13.2 Ethniki Insurance (Cyprus) 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 populations
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 Persol Accident and Health Insurance - Written Premium by Category (EUR Million), 2008-2012
Table 8: Cypriot Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Cypriot Persol Accident and Health Insurance - Written Premium by Category (EUR Million), 2012-2017
Table 10: Cypriot Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Cypriot Persol Accident and Health Insurance - Earned Premium (EUR Million), 2008-2012
Table 12: Cypriot Persol Accident and Health Insurance - Earned Premium (EUR Million), 2012-2017
Table 13: Cypriot Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2008-2012
Table 14: Cypriot Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 15: Cypriot Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2012-2017
Table 16: Cypriot Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 17: Cypriot Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2008-2012
Table 18: Cypriot Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 19: Cypriot Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2012-2017
Table 20: Cypriot Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 21: Cypriot Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Cypriot Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Cypriot Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2008-2012
Table 24: Cypriot Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2012-2017
Table 25: Cypriot Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Cypriot Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Cypriot Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 28: Cypriot Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2012-2017
Table 29: Cypriot Persol Accident and Health Insurance - Total Assets (EUR Million), 2008-2012
Table 30: Cypriot Persol Accident and Health Insurance - Total Assets (EUR Million), 2012-2017
Table 31: Cypriot Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2008-2012
Table 32: Cypriot Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2012-2017
Table 33: Cypriot Persol Accident and Health Insurance - Retentions (EUR Million), 2008-2012
Table 34: Cypriot Persol Accident and Health Insurance - Retentions (EUR Million), 2012-2017
Table 35: Cypriot Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Cypriot Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Cypriot Persol Accident Insurance - Written Premium (EUR Million), 2008-2012
Table 38: Cypriot Persol Accident Insurance - Written Premium (EUR Million), 2012-2017
Table 39: Cypriot Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Cypriot Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Cypriot Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Cypriot Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Cypriot Travel Insurance - Written Premium (EUR Million), 2008-2012
Table 44: Cypriot Travel Insurance - Written Premium (EUR Million), 2012-2017
Table 45: Cypriot Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Cypriot Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Cypriot Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 48: Cypriot Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 49: Cypriot Health Insurance - Written Premium (EUR Million), 2008-2012
Table 50: Cypriot Health Insurance - Written Premium (EUR Million), 2012-2017
Table 51: Cypriot Health Insurance - Loss Ratio (%), 2008-2012
Table 52: Cypriot Health Insurance - Loss Ratio (%), 2012-2017
Table 53: Cypriot Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2008-2012
Table 54: Cypriot Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2012-2017
Table 55: Cypriot Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Million), 2008-2012
Table 56: Cypriot Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Million), 2012-2017
Table 57: Cypriot Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 58: Cypriot Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 59: Cypriot Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 60: Cypriot Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 61: Cypriot Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2008-2012
Table 62: Cypriot Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2012-2017
Table 63: Cypriot Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Million), 2008-2012
Table 64: Cypriot Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Million), 2012-2017
Table 65: Cypriot Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 66: Cypriot Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 67: Cypriot Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 68: Cypriot Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 69: Cypriot Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2008-2012
Table 70: Cypriot Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2012-2017
Table 71: Cypriot Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Million), 2008-2012
Table 72: Cypriot Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Million), 2012-2017
Table 73: Cypriot Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 74: Cypriot Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 75: Cypriot Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 76: Cypriot Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 77: Cypriot Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 78: Cypriot Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2012-2017
Table 79: Cypriot Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2008-2012
Table 80: Cypriot Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2012-2017
Table 81: Cypriot Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 82: Cypriot Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 83: Cypriot Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 84: Cypriot Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 85: Cypriot Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2008-2012
Table 86: Cypriot Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2012-2017
Table 87: Cypriot Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Million), 2008-2012
Table 88: Cypriot Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Million), 2012-2017
Table 89: Cypriot Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 90: Cypriot Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 91: Cypriot Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 92: Cypriot Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 93: Cypriot Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2008-2012
Table 94: Cypriot Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2012-2017
Table 95: Cypriot Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Million), 2008-2012
Table 96: Cypriot Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Million), 2012-2017
Table 97: Cypriot Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 98: Cypriot Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 99: Cypriot Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 100: Cypriot Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 101: Cypriot Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2008-2012
Table 102: Cypriot Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 103: Cypriot Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2012-2017
Table 104: Cypriot Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 105: Cypriot Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 106: Cypriot Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 107: Capital Requirements for Insurers in Cyprus
Table 108: Other Corporate Tax Rates in Cyprus
Table 109: Shares of Key Insurers in the Cyprus Persol Accident and Health Insurance Segment (%), 2012
Table 110: Universal Life Insurance Public Company Ltd - Key Facts
Table 111: Universal Life Insurance Public Company Ltd (EUR Million), 2008-2012
Table 112: MetLife Alico - Key Facts
Table 113: MetLife Alico, Key Fincials (EUR Million), 2008-2012
Table 114: Euro Life Ltd - Key Facts
Table 115: Euro Life Ltd, Key Fincials (EUR Million), 2008-2012
Table 116: Laiki CypriaLife - Key Facts
Table 117: Laiki CypriaLife, Key Fincials (EUR Million), 2008-2012
Table 118: Laiki Insurance Ltd - Key Facts
Table 119: Laiki Insurance Ltd, Key Fincials (EUR Million), 2008-2012
Table 120: General Insurance Company of Cyprus Ltd - Key Facts
Table 121: General Insurance Company of Cyprus Ltd, Key Fincials (EUR Million), 2008-2012
Table 122: Cosmos Insurance Company Public Ltd - Key Facts
Table 123: Cosmos Insurance Company Public Ltd, Key Fincials (EUR Million), 2008-2012
Table 124: Alpha Insurance - Key Facts
Table 125: Alpha Insurance, Key Fincials (EUR Million), 2008-2012
Table 126: AIG Europe Ltd - Key Facts
Table 127: AIG Europe Ltd, Key Fincials (EUR Million), 2008-2012
Table 128: Ethniki Insurance (Cyprus) Ltd - Key Facts
Table 129: Ethniki Insurance (Cyprus) Ltd, Key Fincials (EUR Million), 2008-2012