Cyprus Insurances – Overview and Tips
Preparing to buy Cyprus insurance can be overwhelming. Everyone wants the stability and protections that quality insurance can provide. Whether purchasing life, home, car, or medical Cyprus insurance, residents understand that selecting the proper insurance can literally be lifesaving.
This My Kypros Home article can help you better figure out the right Cyprus insurances to fit your life on this stunning island. With its crystal skies, blue waters, and many quality insurance options, Cyprus is clearly the best place to live.
Types and Costs of Insurance in Cyprus
The Cypriot insurance industry has continued to not only grow in the number of companies operating in Cyprus but also in its wide range of services offered. Businesses and individuals looking for financial safeguards are finding policies with unique and full coverage.
Many Cyprus insurance companies, their subsidiaries, and other foreign insurance providers offer insurance policies in life, home, car, medical, and business.
1. Life Insurance
Life insurance helps families plan for the future and provide security in the event of sudden death. Life insurance in Cyprus is considerably cheaper than buying a policy in other European countries. The high life expectancy and standard of living in Cyprus contribute to low costs on life insurance plans.
Life insurance is available to any resident, permanent or temporary, with a home address in Cyprus. Coverage extends to accidental death, critical illnesses, total or permanent disabilities, as well as income protection in the event of sudden job loss.
Some companies offer discounts for bundling life and home insurance plans together. Further, life insurance is exempt from the annual taxable income. Cypriot regulations offer tax advantages for individuals ensuring solutions for their families’ future.
2. Home Insurance
Home insurance policies in Cyprus cover damages and theft. In the event that a natural disaster or a family emergency such as a fire or vehicle collision destroys property, Cyprus home insurance protects against mishaps. The house value and cost of home insurance is determined by calculating how much it would cost to reconstruct the house after total destruction.
3. Car Insurance
Car insurance in Cyprus covers various areas given the driver’s experience, car model, history, and work. Some of the most common coverage includes Third Party Liability; Third Party, Fire, and Theft; as well as Fully Comprehensive Insurance policy plans.
Each case is valued individually depending on the drivers’ age, vehicle type, and history. Car insurance normally starts at 100 Euros a year. All insurance companies in Cyprus have a deductible amount, even in plans that are fully comprehensive. Usually, the deductible amount is defined by the vehicle’s value.
4. Medical Insurance
Medical insurance, or health insurance, has both private and public options in Cyprus. 2020 will see the full release of GeSY, the new public healthcare system of Cyprus. It is overseen by the Ministry of Health. It will be funded from contributions from employees, employers, states, self-employed individuals, pensioners, income earners, government officials, and individuals responsible for the payment of remunerations to government officials. Both domiciled and non-domiciled residents qualify for the GeSY healthcare insurance program.
Beyond public healthcare, Cyprus residents can also purchase private health insurance plans. From in-patient and day-patient treatment policies to dread disease and disability, private health insurance insures individuals and equips them with more options outside public medical solutions.
5. Business Insurance
Businesses are valuable assets and the Cyprus government has worked hard to provide regulations that build a profitable and welcoming business environment. As the government has approved measures to lower corporate taxes and easy company registration and set-up programs, more companies are relocating to reap the benefits of Cyprus.
Some Cyprus insurance companies have begun offering coverage plans for risk insurance and liability insurance to cover the growing business market. All Cypriot companies are required to have employer’s liability insurance if they have employees.
6. Finding More Cyprus Insurance Companies
For a more comprehensive list of the insurance companies in Cyprus, discover the many options that are available by contacting our professional team at My Kypros Home.
The Cypriot Insurance Industry
Over the last years, the Cyprus insurance industry has demonstrated great growth. In 2018, premiums on life insurance rose by 8.8% and general insurance premiums increased by 5.8%. As the industry has strengthened through the years, it has also adapted its regulations and widened its services offered.
Globally, the insurance industry hasn’t always been seen in the best light. The domestic insurance market of Cyprus has confronted insurance challenges by implementing new regulations on insurance companies and offering cost-effective opportunities for international insurance companies to operate in Cyprus. Since Cyprus joined the European Union in 2004, international insurance companies have been drawn to Cyprus for its clear and transparent business policies and corporate benefits.
Thirty insurance companies operate in Cyprus and oversee assets worth 2.5 billion Euros. This industry is one of the largest investors in Cyprus. As new businesses across all industries are relocating their companies to Cyprus to take advantage of favorable corporate benefits, Cyprus insurance companies are evolving the types of insurance plans they offer to cover these blooming industries. In the process, they are also forging new and powerful partnerships with international corporations and institutions.
EU market access and a positive business landscape continue to attract insurance providers from both within the EU and from foreign global insurance companies. Today, businesses and individuals have more choices in insurance services than ever before.
Tips for Selecting the Perfect Cyprus Insurance Provider
Now is the time to pick the perfect Cyprus insurance provider so that stressful life moments are that much easier to handle. There are several aspects to consider when selecting suitable providers and policies.
- Pick an insurer that specializes in that field of insurance coverage.
- Compare the quality and professional service ratings of providers in the same area.
- Research customer reviews or reach out to other residents with similar insurance needs to learn more about beneficial insurance providers for your particular needs.
- Analyze how cost-effective the premiums are for the short-term as well as the long-term.
- Consider how new to the market an insurance company may be and if this could cause more risk to your financial stability in the future.
- Find out the deductibles you will need to meet and how these compare to the cost of the premiums.
- Examine the fine details of the policies, such as details on discounts for having multiple policies with the same insurer.
- Locate insurers that have a Cyprus locale near you to make personal conversations and satisfactory customer service experiences more accessible.
- Consult information from insurance commissioners to see if there are any complaints about the provider.
- Determine which insurers have a good record when it comes to claiming refusal next to their competitors.
Luckily, the team at My Kypros Home are experts at providing you all the information on Cyprus insurance companies so that you can make an informed decision.
Healthy Lifestyle Benefits of Living in Cyprus
As a member of the European Union and a picturesque location surrounded by the Mediterranean Sea, Cyprus is the ideal country for individuals desiring a healthy lifestyle. On average, Cyprus residents live to be over 80 years old as a result of their high standard of living. The climate is sunny and balmy on most days of the year. Improved environmental factors, as well as varied options in healthcare services, make Cyprus a healthy lifestyle choice. Cyprus health insurance, both private and public, covers the rest.
Cyprus is also one of the safest countries in Europe with an incredibly low crime rate of less than 1%. There are no areas of Cyprus considered unsafe to buy a property.
Cypriot culture is highlighted by a community-minded population of a mere 1 million people. For non-domiciled residents of Cyprus, there is a large welcoming expat community that accounts for 18% of the population. Quality home and business insurance provide an additional level of security for whatever life throws at you.
As English is spoken by the majority of Cypriots, Cyprus insurance is easy to obtain and accessible to any resident of the Mediterranean island. This multilingual country contributes to quality customer service and personalized service plans in the insurance industry.
Cyprus also has great citizenship by investment and permanent residency programs. Foreigners moving to Cyprus only need a few weeks to become residents with access to healthcare benefits and the national healthcare system. These straightforward immigration policies reduce stress for foreigners hoping to make quick lifestyle changes or to retire in a relaxing environment.
Further, Cyprus residents score the ability to travel within the EU as well as in Schengen with no hassle. Although Cyprus is not part of Schengen, residents are easily able to obtain a visa for travel, broadening travel options. All the wonderful qualities of culture and lifestyle in Cyprus make living in the island country a breeze!
Cyprus people are full of hospitality and warm culture. With authentic connections to history, family, and traditions, Cyprus is a European gem for individuals looking for a home with heart. This value extends to a healthy lifestyle and quality Cyprus insurance companies that work to make your life the best it can be.
Contact My Kypros Home to find insurance options and let us connect you to Cyprus insurance companies that fit your needs. Whether shopping for business or individual policy plans, our My Kypros Home Team wants to provide you peace of mind. We can show you how Cyprus is an island for a healthy lifestyle and Cyprus insurance is there for all the moments in-between.