Forecast: Employment in Non-Life Insurance Sector in Cyprus

The employment in the non-life insurance sector in Cyprus demonstrated fluctuating trends between 2013 and 2023. In 2023, the sector sustained 1.52 thousand full-time equivalent jobs. The years 2020 to 2023 showed marginal year-on-year stability with a slight increase observed, from 1.55 thousand jobs in 2020 to a steady 1.52 thousand jobs by 2023. Over the last five years, the compounded annual growth rate (CAGR) reflected a very moderate growth of 0.21%.

The forecast up to 2028 suggests a gradual increase in employment, maintaining stability around 1.53 to 1.54 thousand jobs, delineating a stable yet minimal growth trend. The anticipated five-year CAGR until 2028 is projected at 0.21%, with an overall growth rate estimated at 1.05%.

Future trends to watch for include potential technological advancements within the insurance sector, regulatory changes, and economic conditions impacting employment stability and growth. Additionally, attention should be given to digital transformation, which may alter the workforce's composition rather than its size.