Over the past few years, the Insurances market in Cyprus has been experiencing notable growth and development. Customer preferences in the insurance market in Cyprus are shifting towards more personalized and digital services, reflecting a global trend in the industry. Customers are increasingly looking for tailored insurance products that meet their specific needs and offer flexibility in coverage. Moreover, there is a growing demand for online insurance services, with customers preferring the convenience of purchasing and managing their policies digitally. Trends in the market indicate a rise in the adoption of innovative insurance solutions such as usage-based insurance and peer-to-peer insurance. These trends are driven by advancements in technology and data analytics, allowing insurance companies in Cyprus to offer more customized products and pricing models. Additionally, there is a noticeable shift towards sustainable and environmentally friendly insurance products, aligning with growing awareness of climate change and sustainability issues. Local special circumstances in Cyprus, such as its geographical location and economic ties to Europe, play a significant role in shaping the insurance market. The country's strategic position as a business hub and tourist destination influences the types of insurance products in demand, with a focus on travel insurance, commercial insurance for businesses, and property insurance. Furthermore, Cyprus's regulatory environment and legal framework impact the insurance market, shaping product offerings and market competition. Underlying macroeconomic factors, including economic growth, inflation rates, and regulatory changes, also influence the insurance market in Cyprus. As the economy continues to recover and expand, there is a growing middle class with increased purchasing power, driving demand for various insurance products such as life insurance and health insurance. Moreover, regulatory reforms aimed at enhancing consumer protection and market transparency are reshaping the insurance landscape in Cyprus, fostering competition and innovation in the industry.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
