Insurance premiums up 9% in 2005

The General Insurance industry saw premium income during 2005 rising by 8.9% year on year to CYP 180.5 mln from CYP 165.7 mln in 2004 according to the Cyprus Insurance Association.

Motor vehicle premium income was up 8% to CYP 84.2 mln from 78 mln in 2004, followed by premium income for Fire, up 7.2% at CYP 43.2 mln. Accident & Medical premiums increased by 8.5% to CYP 30.1 mln and Employer Liability premiums were up 18% at CYP 14.3 mln.

The Association revealed that the net claims ratio of the industry declined from 59% to 55% while the gross claims ratio for 2005 increased to 56% from 53% a year earlier.

Laiki Insurance maintained its lead as the largest general insurance company with total premium income of CYP 28.3 mln in 2005, followed in second place by General Insurance (member of BOC) with total premiums of CYP 22.9 mln.

In third place is Pancyprian (member of Hellenic Bank) with total premiums of CYP 13.8 mln, followed by Kosmos with premiums of CYP 11.4 mln, Atlantic in fifth place with premiums of CYP 10.9 mln, Minerva with CYP 8.9 mln, Universal Life with CYP 8.3 mln, Commercial Union with CYP 7.7 mln, American Home with CYP 7.3 mln and Alpha in tenth place with CYP 6.2 mln premium income during 2005.

The Association reported that the total life insurance sector premiums increased by 2.5% in 2005 with new business up at CYP 19 mln from CYP 17.9 mln in 2004.