Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2020

Published: Aug, 2017 | Pages: 88 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides a detailed analysis of the trends, drivers, challenges in the Cypriot personal accident and health insurance segment.

It provides 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, 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 'Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Cypriot personal accident and health insurance segment, including:

• The segment's growth prospects by insurance category

• Key trends, drivers and challenges for the segment 

• A comprehensive overview of the Cypriot economy and demographics

• The various distribution channels in the segment

• 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 personal accident and health 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 personal accident and health insurance companies in Cypriot 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 personal accident and health 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

• On June 16, 2017, the House Plenum approved the establishment of the National Health Scheme (NHS), a single payer health financing system that will unify both public and private healthcare facilities for availing health related services.

• 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.

 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 Distribution Channel Outlook
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Universal Life Insurance - company overview
6.1.2 Metlife Insurance - company overview
6.1.3 Eurolife Insurance - company overview
6.1.4 CNP CypriaLife Insurance - company overview
6.1.5 Ethniki General Insurance - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
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 Professional indemnity insurance for insurance intermediaries
7.4.6 Environmental liability insurance
7.4.7 Liability insurance for ships with respect to oil pollution
7.4.8 Clinical trials 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 Type 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 margin
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
8 Databook
8.1 Policies and Premium
8.2 Claims and Expenses
9 Definitions and Methodology
9.1 Definitions
9.2 Methodology
10 About Timetric
10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric's Services
10.4 Disclaimer

List of Tables
Table 1: Cypriot Personal Accident and Health Insurance - Key Facts, 2015
Table 2: Cypriot Personal Accident and Health Insurance - Segment Shares (%) of the Top Insurers, 2015
Table 3: Cypriot Government Credit Ratings
Table 4: Cypriot Personal Accident and Health Insurance - Gross Written Premium (EUR Million and US$ Million), 2011-2015
Table 5: Cypriot Personal Accident and Health Insurance - Gross Written Premium (EUR Million and US$ Million), 2015-2020
Table 6: Cypriot Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 7: Cypriot Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 8: Cypriot Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 9: Cypriot Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 10: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million and US$ Million), 2011-2015
Table 11: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million and US$ Million), 2015-2020
Table 12: Cypriot Personal Accident and Health Insurance - Market Shares of Leading Insurers (%), 2015
Table 13: Universal Life Insurance - Key Facts
Table 14: Metlife Insurance - Key Facts
Table 15: Eurolife Insurance - Key Facts
Table 16: CNP Cyprialife Insurance - Key Facts
Table 17: Ethniki General Insurance - Key Facts
Table 18: Cyprus - Insurance Regulatory Framework Key Features
Table 19: Cyprus - Life Insurance Regulatory Framework
Table 20: Cyprus - Property Insurance Regulatory Framework
Table 21: Cyprus- Motor Insurance Regulatory Framework
Table 22: Cyprus - Liability Insurance Regulatory Framework
Table 23: Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 24: Cyprus - Corporate Tax Rates for the Financial Year 2017
Table 25: Cypriot Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 26: Cypriot Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 27: Cypriot Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 28: Cypriot Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 29: Insurance Industry Definitions