Property Insurance - Cyprus | Statista Market Forecast

The Property Insurance market market in Cyprus is expected to reach a projected market size (gross written premium) of US$409.70m in 2024.
The average spending per capita in the Property Insurance market market in Cyprus is estimated to be US$323.00 in the same year.
With an annual growth rate (CAGR 2024-2029) of 1.89%, the gross written premium in Cyprus is expected to increase, resulting in a market volume of US$449.80m by 2029.
In comparison to other countries, the United States is projected to generate the highest gross written premium with an estimated value of US$240.4bn in 2024.
Cyprus is experiencing a surge in property insurance due to increased demand for coverage against natural disasters and property damage.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

In recent years, the Property Insurance market in Cyprus has been witnessing significant growth and development.

Customer preferences: Customers in Cyprus are increasingly looking for comprehensive property insurance coverage that not only protects their homes or businesses from traditional risks like fire and theft, but also offers additional coverage for natural disasters such as earthquakes and floods. Additionally, there is a growing demand for customizable insurance policies that can be tailored to specific needs and preferences.

Trends in the market: One of the key trends in the Property Insurance market in Cyprus is the rise of digital insurance platforms, making it easier for customers to research, compare, and purchase insurance policies online. This shift towards digitalization has not only improved the overall customer experience but has also increased market transparency and competitiveness. Moreover, there is a noticeable trend towards sustainable and eco-friendly insurance products, reflecting the growing global awareness of climate change and environmental issues.

Local special circumstances: Cyprus's geographical location makes it prone to natural disasters such as earthquakes and wildfires, which have led to an increased awareness of the importance of property insurance among local residents and businesses. The island's growing real estate market and construction industry have also contributed to the expansion of the Property Insurance market, with more properties requiring insurance coverage against various risks.

Underlying macroeconomic factors: The steady economic growth and increasing disposable income levels in Cyprus have played a significant role in driving the demand for property insurance. As the standard of living improves and property ownership rates rise, more individuals and businesses are seeking to protect their valuable assets through insurance coverage. Additionally, regulatory reforms and government initiatives aimed at strengthening the insurance sector have further boosted market growth and stability.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.