Insurance Association of Cyprus (IAC) figures show an increase of EUR 17.8 million (+12.6%) in the local market Health insurance business line; the segment reached EUR 159.2 million in 2018.
The number of health insurance contracts increased as well, Cyprus signing 119,738 new contracts, an increase of 9,346 units (+8.5%). In 2018, more than 267,000 individuals chose a private health insurance solution, the number increasing by 6.3%.
In 2018, the local market increased by 7% in total GWP volume. The weight of health insurance GWP in the overall market was 17%, while in the non-life sector, health insurance alone represented almost 31% of total non-life GWP.
It is worth mentioning that while GWP increased by more than EUR 17 million, health insurance claims decreased by EUR 0.5 million (-0.5%), totaling EUR 104.9 million (65.9% of the corresponding written premiums)…