Life Insurance in Cyprus, Key Trends and Opportunities to 2019

Publisher Name :
Date: 04-Sep-2016
No. of pages: 109
Inquire Before Buying

Synopsis

Timetric's 'Life Insurance in Cyprus, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Cypriot life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

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 'Life Insurance in Cyprus, Key Trends and Opportunities to 2019' 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 category

  • Key trends, drivers and challenges for the life insurance segment

  • A comprehensive overview of the Cypriot economy and demographics

  • The various distribution channels in the Cypriot life insurance segment

  • Details of the competitive landscape in the life insurance segment in Cyprus

  • Details of regulatory policy applicable to the Cypriot insurance industry


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 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

  • It offers a detailed analysis of the key categories in the Cypriot life insurance segment, and market forecasts to 2019.

  • It analyzes the various distribution channels for life insurance products in Cyprus.

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

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

  • Assess the competitive dynamics in the life insurance 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


  • The Cypriot economy was affected by the global financial crisis of 2008 and the European debt crisis of 2011.

  • The life segment has significant potential for growth and expansion over the forecast period, driven by favorable demographic factors such as rises in the aging population and life expectancy.

  • The investment income of Cypriot insurers decreased drastically as a result of the financial and sovereign debt crises.

  • The Cypriot life segment is concentrated, with the top five companies accounting for 82.0% of the total gross written premium in 2015.

  • Similar to most European countries, authorized agencies play an important role in the distribution of life products in Cyprus.

Life Insurance in Cyprus, Key Trends and Opportunities to 2019

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Life Insurance Growth Prospects by Product Type
4.5.1 Total linked insurance business
4.5.2 Total non-linked insurance business

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Cypriot Life Insurance Segment
6.2.1 EuroLife - company overview
6.2.2 CNP Cyprialife - company overview
6.2.3 Universal Life Insurance Company - company overview
6.2.4 Allianz Life Insurance - company overview
6.2.5 Prime Insurance - company overview
6.2.6 Metlife Alico (Cyprus) - company overview

7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
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 Environmental 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 Types 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 margins
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 (ADR)

8 Definitions and Methodology
8.1 Definitions
8.2 Methodology

9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Cypriot Life Insurance - Key Facts, 2014
Table 2: Cypriot Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Cypriot Government Credit Ratings
Table 4: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million), 2010-2014
Table 5: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million), 2014-2019
Table 6: Cypriot Life Insurance - Net Earned Premium (EUR Million), 2010-2014
Table 7: Cypriot Life Insurance - Net Earned Premium (EUR Million), 2014-2019
Table 8: Cypriot Life Insurance - Sum Assured (EUR Billion), 2010-2014
Table 9: Cypriot Life Insurance - Sum Assured (EUR Billion), 2014-2019
Table 10: Cypriot Life Insurance - Paid Claims (EUR Million), 2010-2014
Table 11: Cypriot Life Insurance - Paid Claims (EUR Million), 2014-2019
Table 12: Cypriot Life Insurance - Number of Policies per Capita, 2010-2014
Table 13: Cypriot Life Insurance - Number of Policies per Capita, 2014-2019
Table 14: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2010-2014
Table 15: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2014-2019
Table 16: Cypriot Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 17: Cypriot Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 18: Cypriot Life Insurance - Renewal Business Direct Written Premium (EUR Million), 2010-2014
Table 19: Cypriot Life Insurance - Renewal Business Direct Written Premium (EUR Million), 2014-2019
Table 20: Cypriot Life Insurance - Total Assets (EUR Billion), 2010-2014
Table 21: Cypriot Life Insurance - Total Assets (EUR Billion), 2014-2019
Table 22: Cypriot Life Insurance - Total Investment Income (EUR Million), 2010-2014
Table 23: Cypriot Life Insurance - Total Investment Income (EUR Million), 2014-2019
Table 24: Cypriot Life Insurance - Net Written Premium (EUR Million), 2010-2014
Table 25: Cypriot Life Insurance - Net Written Premium (EUR Million), 2014-2019
Table 26: Cypriot Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 27: Cypriot Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 28: Cypriot Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Table 29: Cypriot Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Table 30: Cypriot Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Table 31: Cypriot Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Table 32: Cypriot Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 33: Cypriot Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 34: Cypriot Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Table 35: Cypriot Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Table 36: Cypriot Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Table 37: Cypriot Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Table 38: Cypriot Life Insurance - Segment Shares (%), 2015
Table 39: EuroLife- Key Facts
Table 40: EuroLife- Key Financials (EUR Million), 2011-2015
Table 41: CNP Cyprialife- Key Facts
Table 42: CNP Cyprialife- Key Financials (EUR Million), 2010-2014
Table 43: Universal Life Insurance Company - Key Facts
Table 44: Universal Life Insurance Company - Key Financials (EUR Million), 2010-2014
Table 45: Allianz Life Insurance - Key Facts
Table 46: Allianz Life Insurance - Key Financials (EUR Million), 2010-2014
Table 47: Prime Insurance - Key Facts
Table 48: Prime Insurance - Key Financials (EUR Million), 2010-2014
Table 49: Metlife Alico (Cyprus)- Key Facts
Table 50: Metlife Alico (Cyprus)- Key Financials (EUR Million), 2010-2014
Table 51: Cyprus - Insurance Regulatory Framework Key Features
Table 52: Cyprus - Life Insurance Regulatory Framework
Table 53: Cyprus - Property Insurance Regulatory Framework
Table 54: Cyprus - Motor Insurance Regulatory Framework
Table 55: Cyprus - Liability Insurance Regulatory Framework
Table 56: Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 57: Cyprus - Capital Requirements for Insurers
Table 58: Cyprus - Corporate Tax Rates for the Financial Year 2015
Table 59: Insurance Industry Definitions

List of Figures

Figure 1: Cypriot Real GDP (EUR Billion), 2010-2019
Figure 2: EUR-US$ Exchange Rate, 2010-2019
Figure 3: Cypriot Consumer Price Inflation, 2010-2019
Figure 4: Cypriot Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Cypriot Unemployment Rate, 2010-2019
Figure 6: Cypriot Population by Age Group, 1991-2025
Figure 7: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million), 2010-2014
Figure 8: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million), 2014-2019
Figure 9: Cypriot Life Insurance - Net Earned Premium (EUR Million), 2010-2014
Figure 10: Cypriot Life Insurance - Net Earned Premium (EUR Million), 2014-2019
Figure 11: Cypriot Life Insurance - Sum Assured (EUR Billion), 2010-2014
Figure 12: Cypriot Life Insurance - Sum Assured (EUR Billion), 2014-2019
Figure 13: Cypriot Life Insurance - Paid Claims (EUR Million), 2010-2014
Figure 14: Cypriot Life Insurance - Paid Claims (EUR Million), 2014-2019
Figure 15: Cypriot Life Insurance - Number of Policies per Capita, 2010-2014
Figure 16: Cypriot Life Insurance - Number of Policies per Capita, 2014-2019
Figure 17: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2010-2014
Figure 18: Cypriot Life Insurance - Commissions and Expenses (EUR Million), 2014-2019
Figure 19: Cypriot Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 20: Cypriot Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 21: Cypriot Life Insurance - Renewal Business Direct Written Premium (EUR Million), 2010-2014
Figure 22: Cypriot Life Insurance - Renewal Business Direct Written Premium (EUR Million), 2014-2019
Figure 23: Cypriot Life Insurance - Total Assets (EUR Billion), 2010-2014
Figure 24: Cypriot Life Insurance - Total Assets (EUR Billion), 2014-2019
Figure 25: Cypriot Life Insurance - Total Investment Income (EUR Million), 2010-2014
Figure 26: Cypriot Life Insurance - Total Investment Income (EUR Million), 2014-2019
Figure 27: Cypriot Life Insurance - Net Written Premium (EUR Million), 2010-2014
Figure 28: Cypriot Life Insurance - Net Written Premium (EUR Million), 2014-2019
Figure 29: Cypriot Life Insurance - Investment Portfolio (EUR Million), 2010-2014
Figure 30: Cypriot Life Insurance - Investment Portfolio, 2010 and 2014
Figure 31: Cypriot Life Insurance - Penetration (%), 2010-2014
Figure 32: Cypriot Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 33: Cypriot Life Insurance - Number of Active Policies (Thousand), 2010-2014
Figure 34: Cypriot Life Insurance - Number of Active Policies (Thousand), 2014-2019
Figure 35: Cypriot Life Insurance - Number of New Policies Sold (Thousand), 2010-2014
Figure 36: Cypriot Life Insurance - Number of New Policies Sold (Thousand), 2014-2019
Figure 37: Cypriot Life Insurance - Total Investments (EUR Billion), 2010-2014
Figure 38: Cypriot Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Figure 39: Cypriot Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Figure 40: Cypriot Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Figure 41: Cypriot Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Figure 42: Cypriot Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Figure 43: Cypriot Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Figure 44: Cypriot Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014
Figure 45: Cypriot Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019
Figure 46: Cypriot Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2010-2014
Figure 47: Cypriot Non-Linked Insurance Business - Gross Written Premium (EUR Million), 2014-2019
Figure 48: Cypriot Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2010-2014
Figure 49: Cypriot Non-Linked Insurance Business - Direct Written Premium (EUR Million), 2014-2019
Figure 50: Cypriot Life Insurance - Segment Shares (%), 2015
Figure 51: Cyprus - The Three Pillars of Solvency II
Figure 52: Cyprus - Insurance Supervision and Control at Various Levels
Figure 53: Cyprus - Insurance Regulatory Frameworks for Company Registration and Operation

  • Packaging Sector Driven By Innovation
    The financial development in numerous emerging nations has significantly influenced the progress of quite a lot of sectors, the packaging industry being one of them. The swell in transport undertakings outfitting to a substantial number of industries such as manufacturing, consumer goods, food and beverages, and others rest essentially on sturdy and resilient packaging solutions [...]
  • Global Eyewear Market To Gain From Increased Demand For Disposable Contact Lenses
    The global eyewear market was worth US$ 102.66 billion in 2015 and is predictable to reach US$ 184.03 billion by 2024. The rising population and upsurge in the number of optical disorders are likely to propel the industry in the near future. Moreover, the increasing cognizance amongst people as regards to the prominence of eye [...]
  • Global mHealth Market To Become A Multi-Billion Dollar Industry By 2020
    The mHealth market is in its embryonic stage and is projected to produce substantial profits with amassed awareness level and encouraging regulatory guidelines particular to the quality and practicality of mobile-based medical devices. The global mHealth market is projected to touch US$ 49.12 billion by 2020 rising at a CAGR of 47.6% from 2013 to 2020. Monitoring services [...]
  • Efficacy of Stand-alone Power Sources Drive The Global Distributed Energy Generation Market
    The global market for distributed energy generation is expected to magnify at a momentous CAGR of 11.4% between 2016 and 2020. The small-scale generation of electricity, oscillating from a few kilowatts to multitudes of megawatts, is denoted as distributed energy generation. In this process, power is usually produced using renewable resources or by generators during consumption. [...]
  • Global Organic Food Market Makes A Mark in Developed Economies
    Buyers throughout the world are becoming more and more health cognizant, which has occasioned in an alteration in their palates and inclinations. The global organic food market was worth US$88.1 billion in 2015 is anticipated to record a CAGR of over 16% between 2015 and 2020. Amongst the various different food products available, the fruits [...]
  • Life Insurance in Malaysia, Key Trends and Opportunities to 2020
    Published: 09-Jan-2017        Price: US 1450 Onwards        Pages: 125
    Synopsis Timetric's 'Life Insurance in Malaysia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Malaysian life insurance segment, including: An overview of the Malaysian life insurance segment The Malaysian life insurance segment's growth prospects by category A comprehensive overview of the Malaysian economy and demographics A comparison of the Malaysian lif......
  • Life Insurance in Peru, Key Trends and Opportunities to 2020
    Published: 31-Dec-2016        Price: US 1450 Onwards        Pages: 100
    Synopsis Timetric's 'Life Insurance in Peru Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Peruvian life insurance segment, including: An overview of the Peruvian life insurance segment The Peruvian life insurance segment's growth prospects by category A comprehensive overview of the Peruvian economy and demographics A comparison of the Peruvian life insuran......
  • Life Insurance in Canada, Key Trends and Opportunities to 2020
    Published: 27-Dec-2016        Price: US 1450 Onwards        Pages: 133
    Synopsis Timetric's 'Life Insurance in Canada Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Canadian life insurance segment, and a comparison of the Canadian insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011......
  • Life Insurance in Italy, Key Trends and Opportunities to 2020
    Published: 27-Dec-2016        Price: US 1450 Onwards        Pages: 113
    Synopsis Timetric's 'Life Insurance in Italy Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Italian life insurance segment, and a comparison of the Italian insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-20......
  • Life Insurance in Singapore, Key Trends and Opportunities to 2020
    Published: 26-Dec-2016        Price: US 1450 Onwards        Pages: 131
    Synopsis Timetric's 'Life Insurance in Singapore Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Singaporean life insurance segment, and a comparison of the Singaporean insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review per......
  • Life Insurance in Taiwan, Key Trends and Opportunities to 2020
    Published: 15-Dec-2016        Price: US 1450 Onwards        Pages: 121
    Synopsis Timetric's 'Life Insurance in Taiwan Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Taiwanese life insurance segment, and a comparison of the Taiwanese insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (20......
  • Life & Health Insurance Global Market Briefing 2017 Including: Life Insurance and Health Insurance Covering:AXA, Japan Post Holdings and Ping An Insurance
    Published: 07-Dec-2016        Price: US 1000 Onwards        Pages: 35
    Life Insurance Providers are entities engaged in direct underwriting annuities and life insurance policies, disability income insurance policies and accidental death and dismemberment insurance policies. This includes both government and private owned Insurance Providers that underwrite both linked policies which act as insurance as well as investment policy and non-linked polices or annuities against uneventful events such as death, permanent disability and temporary disability. Heal......
  • Life & Health Reinsurance Global Market Briefing 2017 Including: Life Reinsurance and Health Reinsurance Covering:Munich Re, Swiss Re and Hannover Re
    Published: 07-Dec-2016        Price: US 1000 Onwards        Pages: 35
    Life Reinsurance Providers are entities engaged in assuming all or part of the risk associated with existing life insurance policies, disability income insurance policies and accidental death and dismemberment insurance policies originally underwritten by other insurance providers. This includes both government and private owned reinsurance providers. Clients of these reinsurance providers are the direct insurance providers who sell life insurance policies to the public and fellow reinsurance......
  • Life Insurance in Russia, Key Trends and Opportunities to 2020
    Published: 05-Dec-2016        Price: US 1450 Onwards        Pages: 121
    Synopsis Timetric's 'Life Insurance in Russia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Russian life insurance segment, and a comparison of the Russian insurance industry with its regional counterparts. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2......
  • SERVICES
    Value for Money
    We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
    Ever Growing Inventory
    Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
    One Stop Solution
    Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
    Dedicated Client Engagement
    Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
    Saving Time and Efforts
    Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
    Payment Flexibility
    Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
    Post-Purchase Research Support
    Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements. Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )
    • Ad Hoc
    • Pay - as - you - go / Bucket Subscriptions
    • Fixed Cost for #of reports
    • Customize / Personalize as per your needs