Cyprus Insurance, Companies & Insurance Quote

Insurance in Cyprus is well-developed and this industry is growing along the banking as well as investment funds business.

Cyprus has a major sector for insurance and has amended to incorporate insurance regulations. Cyprus insurance is beneficial from legal as well as regulatory framework.

Insurance status

There are 26 local companies and 24 non-local companies operating and transacting insurance in Cyprus. At present 35 offshore and captive insurance companies also exist. The development is rapid.

The annual premium growth during the period 1992-1997 was 18.09 in comparison to the estimated annual economic growth as 9.2%. Cyprus stands 18th among the 29 European countries.

The total income from premiums in 1997 reached CP185.8million and this showed growth compared to 1996 that was CP167.6million. It represents 10.8% increase.

The insurance industry in Cyprus is estimated to increase in 1997 showing a 4.3% ratio of GDP. The corresponding ratio shows favorable results in the forthcoming years to come.

Insurance Providers

Insurance providers in Cyprus include Intasure Property Insurance Specialists. They are global insurance providers offering comprehensive benefits such as flood, leaks, fire, storm and theft.

Andrew Copeland Insurance is also one of the companies handling insurance in Cyprus and covers theft, fire, malicious damage, broken pipes, flood, storms, landslide and earthquakes. They also offer legal advice to customers free of charge.

Cyprus insurance includes various companies namely, Property Prime that offers insurance to customers to buy home as a part of customer services.

The other insurance providers in Cyprus include Devon Direct Insurance Services Ltd that offers coverage for wet and dry damage, earthquake damage coverage, accidental damage, underground pipes and emergency travel costs.

Insurance for holiday homes are also available such that they cover flexible buildings, legal liability, public liability, gas pipes and underground water supply.

Insurance in Cyprus can be set up by an EU member state under the freedom of establishment. As new home owners are expected to have property insurance in Cyprus, it has become essential to insure property at minimum costs.

The top ten property insurance companies in this island are The Bank of Cyprus that offers free property insurance and comprehensive coverage for storm, fire and theft, provided the property loan is through the bank.