Cyprus-Life Insurance-To 2017-Market Growth,Key Trends And Opportunities

After remaining largely unscathed by the global financial and eurozone debt crisis, the Cypriot banking sector succumbed to pressure in 2012 triggered by huge losses from investments in Greek sovereign and corporate bonds. The depressed economic environment led to a sharp decline in employment levels, leading to erosion in consumer confidence and spending. The recessionary economic conditions eroded demand for life insurance products with the segment’s gross written premium falling by 7.1% in 2012. The life segment accounted for the largest share with 39.7% of the written premium of the overall insurance industry in 2012.

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