Specifically, the increase in health insurance premiums (including life and accident) between January 1 and  September 30, 2019 was 9% higher than in the same period last year.

The annual increase for the period of January 1 to September 30, 2018 was 12.6% compared to the corresponding period in 2017.

For the life insurance sector, total premiums for the first nine months of 2019 (including accident and health) were €383.9 million compared to €377.7 million in 2018. That is, an increase of 1.6% was marked. For the first nine months of 2018 the growth rate had reached 11.3%.

For the general sector, premiums for the nine-month period of this year stood at €394 million compared to €360.5 million (including accident and health insurance) for the same period in 2018. Non-life insurance premiums for the first nine months of 2019 were €302.3 million, compared to €278.5 million the corresponding nine-month period last year.

As for the market share of life insurance (including accident and health), Eurolife is at the top with 23.7% followed by CNP Cyprialife with 21.15% and Universal Life with 20.74%. In terms of overall revenue, Eurolife’s was €89.9 million, followed by CNP Asfalistiki’s €80.9 million and Universal Life’s €78.8 million.

In terms of increased premiums in the general industry, American Hellenic Hull posted the highest one with 163.67%, followed by Interamerican Hellenic Insurance with 113.7%.

However, the companies with the largest premium amounts in the market are Universal Life with €40 million followed by CNP Asfalistiki with €38.4 million, General Insurance with €36.4 million, Trust with € 27 million and Pancyprian with €25.7 million.

Source: In-Cyprus