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Market Survey-Life Insurance In Cyprus-Market Growth, Key Trends And Opportunities To 2017

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

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Executive 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.

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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.

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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 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

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