General Liability Insurance - Cyprus

The General Liability Insurance market market in Cyprus is projected to reach a market size (gross written premium) of US$175.70m in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$138.50 in 2024.
It is anticipated that the gross written premium will show an annual growth rate (CAGR 2024-2029) of 5.54%, resulting in a market volume of US$230.10m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$178.4bn in 2024.
Cyprus is experiencing a surge in demand for General Liability Insurance due to increased litigation risks faced by businesses.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Cyprus has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Cyprus are increasingly looking for comprehensive General Liability Insurance coverage to protect their businesses from potential risks and liabilities. They prefer customizable insurance plans that cater to their specific needs and provide adequate financial protection in case of any claims or lawsuits.

Trends in the market: One notable trend in the General Liability Insurance market in Cyprus is the increasing demand from small and medium-sized enterprises (SMEs). As the economy grows and businesses expand, there is a greater awareness of the need for liability insurance among SMEs to safeguard their operations. Additionally, there is a growing trend of businesses opting for specialized liability insurance coverage to address unique risks in their industries, such as product liability or professional indemnity.

Local special circumstances: Cyprus, being a popular destination for international businesses, has a unique market environment that influences the General Liability Insurance sector. The country's strategic location as a bridge between Europe, the Middle East, and Africa has attracted a diverse range of businesses, leading to a higher demand for liability insurance products. Moreover, the regulatory environment in Cyprus plays a crucial role in shaping the General Liability Insurance market, with insurers adapting their offerings to comply with local laws and regulations.

Underlying macroeconomic factors: The overall economic stability and growth in Cyprus have contributed to the development of the General Liability Insurance market. As businesses thrive and expand in a favorable economic climate, the need for comprehensive insurance coverage becomes more pronounced. Additionally, the increasing awareness of risk management practices among businesses, coupled with regulatory requirements, has driven the growth of the General Liability Insurance market in Cyprus.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.