Synopsis The report provides in depth market analysis, information and insights into the Cypriot reinsurance segment, including:
- The Cypriot reinsurance segment's growth prospects by reinsurance categories
- Key trends and drivers for the reinsurance segment
- The Cypriot reinsurance segment’s growth prospects by reinsurance ceded from direct insurance segments
- The competitive landscape in the Cypriot reinsurance segment
The Cypriot reinsurance segment registered a compound annual growth rate (CAGR) of 8.1% during the review period (2008–2012). The primary application of reinsurance in Cyprus is to manage exposure to weather-related events. Although not particularly vulnerable to natural disasters, Cyprus is highly exposed to floods, storms, extreme temperatures and earthquakes. The majority of reinsurance revenues are generated from the non-life segment, which ceded an average of 35.0% of its written premium during the review period, compared with 11.8% and 24.8% for the life and personal accident and health segments. A decline in economic activities has kept industrial, commercial and private insurance property rates almost flat. Motor insurance rates also came under pressure due to a sharp drop in demand in the automobile sector. The implementation of infrastructure projects such as oil and gas, and leisure-related projects will support demand for reinsurance over the forecast period.
Scope This report provides a comprehensive analysis of the reinsurance segment in Cyprus:
- It provides historical values for Cyprus’s reinsurance 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 Cyprus’s reinsurance segment, along with market forecasts until 2017.
- It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Cyprus and its growth prospects.
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- Make strategic business decisions using in-depth historic and forecast market data related to the Cypriot reinsurance segment and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Cypriot 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
- The Cypriot reinsurance segment registered a compound annual growth rate (CAGR) of 8.1% during the review period
- The primary application of reinsurance in the Cyprus is to manage exposure to weather-related events
- The Cypriot insurance and reinsurance segment is highly competitive, with numerous domestic and foreign insurers operating on the island
- The absence of any major natural disasters, coupled with stable capacity, meant that Cypriot reinsurance renewal rates remained almost flat