Life Insurance in Cyprus, Key Trends and Opportunities to 2020

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Date: 14-Aug-2017
No. of pages: 100
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Synopsis

Timetric's 'Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides a 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 (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 'Life Insurance in Cyprus, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Cypriot life insurance segment, including:

• The segment's growth prospects by life 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 life 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 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 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

• In January 2017, the new EU Pensions Directive (2341/2016/EC) on the activities and supervision of institutions for occupational retirement provisions (IORP II) became effective; EU members are required to implement the stipulated changes by January 13, 2019. The changes will mainly impact the governance of class VII pension products in Cyprus.

• 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.

• On January 1, 2016, American Life Insurance Co. converted its operations into a branch of Metlife Europe Ltd in Cyprus after transferring its portfolio to the company.

Life Insurance in Cyprus, Key Trends and Opportunities to 2020

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
4.1.2 Policies sold
4.1.3 Assets and investments
5 Outlook by Sub-Segment
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 EuroLife Insurance - company overview
7.1.2 CNP Cyprialife Insurance- company overview
7.1.3 Universal Life Insurance - company overview
7.1.4 Allianz Hellas Insurance Company - company overview
7.1.5 Prime Insurance - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Social security
8.4.2 Motor third-party liability insurance
8.4.3 Air carriers and aircraft operators insurance
8.4.4 Professional indemnity insurance for alternative investment fund managers
8.4.5 Professional indemnity insurance for insurance intermediaries
8.4.6 Environmental liability insurance
8.4.7 Liability insurance for ships with respect to oil pollution
8.4.8 Clinical trials liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 Insurance Companies Control Service
8.5.4 Insurance Association of Cyprus
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Group Life Insurance
9.6 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables
Table 1: Cypriot Life Insurance - Key Facts, 2015
Table 2: Cypriot Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Cypriot Government Credit Ratings
Table 4: Cypriot Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2011-2015
Table 5: Cypriot Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2015-2020
Table 6: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2011-2015
Table 7: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2015-2020
Table 8: Cypriot Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 9: Cypriot Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 10: Cypriot Life Insurance - Total Assets (EUR Million and US$ Million), 2011-2015
Table 11: Cypriot Life Insurance - Total Assets (EUR Million and US$ Million), 2015-2020
Table 12: Cypriot Life Insurance - Total Investment Income (EUR Million and US$ Million), 2011-2015
Table 13: Cypriot Life Insurance - Total Investment Income (EUR Million and US$ Million), 2015-2020
Table 14: Cypriot Life Insurance - Investment Portfolio (EUR Million), 2011-2015
Table 15: Cypriot Life Insurance - Investment Portfolio (EUR Million), 2015-2020
Table 16: Cypriot Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2011-2015
Table 17: Cypriot Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2015-2020
Table 18: Cypriot Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 19: EuroLife Insurance - Key Facts
Table 20: EuroLife Insurance - Key Financials (EUR Million), 2011-2015
Table 21: CNP Cyprialife Insurance - Key Facts
Table 22: CNP Cyprialife Insurance Company - Key Financials (EUR Million), 2011-2015
Table 23: Universal Life Insurance - Key Facts
Table 24: Universal Life Insurance - Key Financials (EUR Million), 2011-2015
Table 25: Allianz Hellas Insurance Company- Key Facts
Table 26: Prime Insurance - Key Facts
Table 27: Prime Insurance - Key Financials (EUR Million), 2011-2015
Table 28: Cyprus - Insurance Regulatory Framework Key Features
Table 29: Cyprus - Life Insurance Regulatory Framework
Table 30: Cyprus - Property Insurance Regulatory Framework
Table 31: Cyprus- Motor Insurance Regulatory Framework
Table 32: Cyprus - Liability Insurance Regulatory Framework
Table 33: Romania - Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft
Table 34: Cyprus - Corporate Tax Rates for the Financial Year 2017
Table 35: Cypriot Life Insurance - Policies and Premium, 2011-2015
Table 36: Cypriot Life Insurance - Policies and Premium, 2015-2020
Table 37: Cypriot Life Insurance - Claims and Expenses, 2011-2015
Table 38: Cypriot Life Insurance - Claims and Expenses, 2015-2020
Table 39: Cypriot Life Insurance - Assets and Investments, 2011-2015
Table 40: Cypriot Life Insurance - Assets and Investments, 2015-2020
Table 41: Cypriot Life Insurance - Individual Life Insurance, 2011-2015
Table 42: Cypriot Life Insurance - Individual Life Insurance, 2015-2020
Table 43: Cypriot Life Insurance - Group Life Insurance, 2011-2015
Table 44: Cypriot Life Insurance - Group Life Insurance, 2015-2020
Table 45: Cypriot Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 46: Cypriot Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 47: Insurance Industry Definitions

List of Figures
Figure 1: Cypriot Real GDP (EUR Billion), 2011-2020
Figure 2: Cypriot Consumer Price Inflation (%),2011-2020
Figure 3: Cypriot Current Account Balance as Percentage of GDP (%), 2011-2015
Figure 4: Cypriot Unemployment Rate, 2011-2020
Figure 5: Cypriot Population by Age Group, 1990-2025
Figure 6: Cypriot Life Insurance - Gross Written Premium (EUR Billion), 2011-2020
Figure 7: Cypriot Life Insurance - New Business Direct Written Premium (EUR Million), 2011-2020
Figure 8: Cypriot Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 9: Cypriot Life Insurance - Total Assets (EUR Million), 2011-2020
Figure 10: Cypriot Life Insurance - Total Investment Income (EUR Million), 2011-2020
Figure 11: Cypriot Life Insurance - Investment Portfolio (EUR Million), 2011-2020
Figure 12: Cypriot Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 13: Cypriot Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2011-2020
Figure 14: Cypriot Life Insurance - Gross Written Premium Share by Sub-Segment, 2011-2020
Figure 15: Cypriot Life Insurance - Gross Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 16: Cypriot Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Figure 17: Cyprus - The Three Pillars of Solvency II
Figure 18: Cyprus - Insurance Supervision and Control at Various Levels
Figure 19: Cyprus - Insurance Regulatory Frameworks for Company Registration and Operation
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