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Cyprus

Life Report

Product Insurance Market Reports Life Rev Cyprus

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Cyprus' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Cyprus' economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Cyprus

The Cyprus life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Cyprus.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Cyprus and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Cyprus’ demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Cyprus is available.

Axco’s report describes the regulatory framework that applies to the Cyprus domestic life insurance sector, including whether non-admitted insurance is permitted in Cyprus; as well as the legislation necessary to know regarding Cyprus’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Cyprus with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Cypriot market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Cyprus, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Cypriot pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Cyprus report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Cyprus Life and Benefits Report Extract

Below are brief extracts of information from the Cyprus Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

The insurance market in Cyprus is well developed and penetration in the life sector is good. Awareness of the benefits of insurance is generally high; a wide range of covers is available from some sophisticated insurers.

A wide range of risk products is available including unit-linked, which is the most popular, term life, disability and critical illness. Private medical insurance (PMI) cover is available as an additional benefit with some contracts although some insurers insist on this being a ....

Pensions

Healthcare

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