Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2019

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Date: 02-Sep-2016
No. of pages: 87
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Synopsis

Timetric's 'Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2019' report provides detailed analysis of the market 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 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 'Personal Accident and Health Insurance in Cyprus, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Cypriot personal accident and health insurance segment, including:


  • The Cypriot personal accident and health insurance segment's growth prospects by insurance category

  • Key trends, drivers and challenges for the personal accident and health insurance segment

  • A comprehensive overview of the Cypriot economy and demographics

  • The various distribution channels in the Cypriot personal accident and health insurance segment

  • Details of the competitive landscape in the personal accident and health insurance segment in Cyprus

  • 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 Cypriot personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

  • It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

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

  • Assess the competitive dynamics in the personal accident and health 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


  • A key trend during the review period was the dominance of specialist life insurers in the personal accident and health segment, with the top four insurers primarily providing life policies.

  • Cypriot personal accident and health insurers' combined ratio was below 100% during the review period.

  • Personal accident and health insurance was the smallest segment in the Cypriot insurance industry in 2014, accounting for 15.3% of the industry's total gross written premium.

  • Solvency II, a new regulatory change across the EU region, was implemented on January 1, 2016, and will raise capital-reserve and risk-management standards.

  • The segment is expected to expand at a forecast-period CAGR of 2.1%, backed by favorable demographics, a rising demand for private healthcare insurance and increasing government initiatives to improve the economy.

Personal Accident and Health 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 Personal Accident and Health Insurance Segment Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Personal Accident and Health Insurance Growth Prospects by Category

5 Analysis by Distribution Channel

6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Cypriot Personal Accident and Health Insurance Segment
6.2.1 Universal Life Insurance Public Company Ltd - company overview
6.2.2 Metlife Alico (Cyprus) - company overview
6.2.3 Euro Life Ltd - company overview
6.2.4 CNP CypriaLife Ltd - company overview
6.2.5 Ethniki General Insurance (Cyprus) Ltd - 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 Personal Accident and Health Insurance - Key Facts, 2014
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 - Net Earned Premium (EUR Million), 2010-2014
Table 5: Cypriot Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2014-2019
Table 6: Cypriot Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 7: Cypriot Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 8: Cypriot Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2010-2014
Table 9: Cypriot Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2014-2019
Table 10: Cypriot Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 11: Cypriot Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 12: Cypriot Personal Accident and Health Insurance - Number of Policies per Capita, 2010-2014
Table 13: Cypriot Personal Accident and Health Insurance - Number of Policies per Capita, 2014-2019
Table 14: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million), 2010-2014
Table 15: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million), 2014-2019
Table 16: Cypriot Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 17: Cypriot Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 18: Cypriot Personal Accident and Health Insurance Segment - Shares of Key Insurers (%), 2015
Table 19: Universal Life Insurance Public Company Ltd - Key Facts
Table 20: Metlife Alico (Cyprus) - Key Facts
Table 21: EuroLife- Key Facts
Table 22: CNP CypriaLife - Key Facts
Table 23: Ethniki General Insurance (Cyprus) Ltd - Key Facts
Table 24: Cyprus - Insurance Regulatory Framework Key Features
Table 25: Cyprus - Life Insurance Regulatory Framework
Table 26: Cyprus - Property Insurance Regulatory Framework
Table 27: Cyprus - Motor Insurance Regulatory Framework
Table 28: Cyprus - Liability Insurance Regulatory Framework
Table 29: Cyprus - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 30: Cyprus - Capital Requirements for Insurers
Table 31: Cyprus - Corporate Tax Rates for the Financial Year 2015
Table 32: 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 Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2010-2014
Figure 8: Cypriot Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2014-2019
Figure 9: Cypriot Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 10: Cypriot Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 11: Cypriot Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2010-2014
Figure 12: Cypriot Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2014-2019
Figure 13: Cypriot Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 14: Cypriot Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 15: Cypriot Personal Accident and Health Insurance - Number of Policies per Capita, 2010-2014
Figure 16: Cypriot Personal Accident and Health Insurance - Number of Policies per Capita, 2014-2019
Figure 17: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million), 2010-2014
Figure 18: Cypriot Personal Accident and Health Insurance - Total Assets (EUR Million), 2014-2019
Figure 19: Cypriot Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 20: Cypriot Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 21: Cypriot Personal Accident and Health Insurance - Investment Portfolio (EUR Million), 2010-2014
Figure 22: Cypriot Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 23: Cypriot Personal Accident and Health Insurance Penetration (%), 2010-2014
Figure 24: Cypriot Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2010-2014
Figure 25: Cypriot Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2014-2019
Figure 26: Cypriot Personal Accident and Health Insurance - Direct Premium per Capita (EUR), 2010-2014
Figure 27: Cypriot Personal Accident and Health Insurance Segment - Shares of Key Insurers (%), 2015
Figure 28: Cyprus - The Three Pillars of Solvency II
Figure 29: Cyprus - Insurance Supervision and Control at Various Levels
Figure 30: Cyprus - Insurance Regulatory Frameworks for Company Registration and Operation

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