Forecast: Production in Non-Life Insurance Sector in Cyprus

The production in the non-life insurance sector in Cyprus experienced significant fluctuations from 2013 to 2023. Beginning at 325 million Euros in 2013, the sector saw a sharp decline to 234.9 million Euros by 2016. A period of recovery followed, with consistent growth, peaking at 386.8 million Euros in 2023. Notably, the years 2021 and 2022 recorded year-on-year variations of 5.03% and 6.4% respectively, with an average CAGR of 8.29% over the last five years.

Future trends to watch for:

• Forecasts indicate continued growth, with a predicted value of 434.4 million Euros by 2028.
• The forecasted 5-year CAGR stands at 1.62%, suggesting a steady but moderate increase.
• Potential impacts of regulatory changes and economic shifts on the sector's growth trajectory.