Best Insurance Companies in Cyprus
The Cyprus insurance industry has demonstrated tremendous growth in recent years. According to IAC (Insurance Association of Cyprus) 2022 report, life insurance premiums increased by 15.7% year on year in nominal terms. This lucrative profit margin has brought many players into the insurance field, making it difficult to choose a suitable insurance company. While the lesser known insurers may offer more benefits on paper, their claim settlement percentage is lower. So, only the larger more established companies are trusted. Today, we will discuss the 6 best insurance companies in Cyprus that stand out in terms of credibility, execution, and overall level of service.
Top 6 Insurance Companies in Cyprus
After looking at hundreds of potential company profiles, we have selected the 6 best in terms of transparency, flexibility, claims settled, and execution time).
1. Pitsas Insurance
Pitsas insurance products are sold in two broad categories: individual and Business. Available services are,
Individual Insurance
• Motor
• House
• Medical
• Life
• Immigration
• Personal accident
• Electrical equipment
• Aviation
• Travel
• Life & critical illness
• Life & riders
• Surgical crash
• Critical illness
• Income protection
• Yacht
• Investment
Business Insurance
• Professional indemnity
• Directors&Officers
• Cyber insurance
• Marine cargo
• Property insurance
• Group Health
• Public liability insurance
• Employer’s liability
• Contractors All Risk
• Communal area
• Keyman
Insurance Pricing: Pitsas offers competitive insurance plans to customers. Their pensioner’s scheme starts at €120p.m. and expat car insurance start from €180p.m. To get a quote on any of their plans, you must contact Pitsas online, by phone or visiting them in person.
Claim Management: The amount of insurance cover in Pitsas depends on the packages you sign up for. For example, for car insurance, you can be insured for up to approximately €20.000, and health insurance has annual limit of up to €1.000.000. In most cases, the company seeks advice from an insurance consultant to settle the payable amount you. To make an insurance claim, you must talk directly to a Pitsas agent.
The advantages of using Pitsas insurance are:
• They have been in the business for 35 years and have the expertise.
• Pitsas Insurance operates online and offline, making the consultancy and services more convenient.
• Competitive insurance rates and tailor-made insurance packages should work in the your favour.
2. Atlantic Insurance Co. Public Ltd
Atlantic Insurance has An impressive number of insurance products. They are listed below,
Individual Insurance
• Motor
• Household
• Property
• Health
• Jointly-owned building
• Yacht
• Marine cargo
• Travel
• Personal accident
• Pet insurance
• Golf insurance
Business Insurance
• Professional indemnity
• Public liability
• Product liability
• Director&Officers
• Contractors All Risk
• Goods in transit
• Cyber insurance
• Marine cargo
• Property insurance
• Group Health
• Group personal accident
• Public liability insurance
• Employer’s liability
• Motor
• Travel
• Money insurance
• Fidelity guarantee
Insurance Pricing: Atlantic Insurance offers customized plans according to the your needs. Hence, you must contact the company to get a personalised quote on your intended insurance plan.
Claim Management: The agent will inform you about how much insurance cover you will have when you purchase a plan and will tell you how to claim. Subsequently, you can submit a claim settlement request via an online form, and the company will handle the rest.
The advantages of using Atlantic insurance are:
• The company has 28 products available and experience catering to more than 50k customers.
• Till 2022, the solvency ratio of Atlantic Insurance Co. is 261%. so their potential claims are well covered
• Insurance claim support in Atlantic Insurance is more convenient because it is done online.
3. Aetna International
Specializing in only health insurance, Aetna International is a worldwide name and the first medical option for millions. They offer individual and commercial groups medical, dental, vision, and pharmacy coverage. More details on their services are as follows,
Plan Type & Key Features
Individuals and Families – Health coverage in Cyprus and abroad.
Employers – Flexible, comprehensive, and convenient plans catering to employees of diverse needs.
Government – Basic health care for diplomatic personnel and their families.
Insurance Pricing: Individual health insurance plans in Cyprus can be as low as €150/ month. You can contact Aetna International to ask about the available insurance plans.
Claim Management: Once you sign up with Aetna, you will receive an SBC (summary of benefits and coverages). The document mentions the amount to pay every month and what the insurance covers. Aetna encourages you to file an electronic claim for convenience and faster settlement. The company utilizes electronic media and tools to make claim management efficient and effective.
The advantages of having Aetna International insurance are:
• You have access to a 24/7 telemedicine service and can visit a listed clinic at low cost.
• Employees and customer support are on duty 24/7 in more than 240 languages.
• Aetna International provides you with top-notch health care that is available locally and internationally.
4. EuroLife
Eurolife is often the first choice for getting a life insurance plan. All the available products are listed below,
Plan and Additional Information
Life Cover – EuroLife offers 5 different life cover plans, each with unique benefits. The coverage amount and service depends on the package you choose.
Health Plan – The company has 4 health insurance plans , from basic to premium. While Medica Basic provides the bare minimum of medical services, Medica Comfort and Medica Plus cover critical illnesses, doctor’s fees, and diagnostic costs. The premium Lifecare package covers 42 critical diseases and offers medical coverage of €10.000 to €100.000.
Child Security – You can choose between Student Horizon and Investment Plan to secure your children’s future. The Student package covers the educational journey, while the investment plan protects the family in the insured’s absence. The coverage amount varies on the insurance plane you take out.
Retirement – Each of EuroLife’s 3 retirement plans secures the your future retirement. The company allows retirees to modify their plans, invest money, and add benefits to the existing packages if necessary. You can get a quote on the plan and coverage by contacting EuroLife directly.
Claim Management: EuroLife asks the you to fill out basic forms and submit relevant documents for claim settlement. You can contact an agent to walk them through the step-by-step procedure.
The advantages of having EuroLife insurance are:
• They are transparent about their policies and plans.
• The company has a solvency ratio beyond 220%, meaning that the company is well funded and can cover all potential insurance claims.
• EuroLife allows you to design a package according to your priorities and necessities.
5. Minerva Insurance
For motor insurance, Minerva is unbeatable in Cyprus. However, Minerva is not limited to vehicle insurance only. The company caters to personal and commercial clients with a variety of other types of insurance. A summary is given below,
|
Individual Insurance |
No. of Policies Available |
Coverage Range |
|
3 |
€300.000 to €750.000. |
|
|
7 |
€300 to €11.000. |
|
|
Customizable |
Call to get a quote |
|
|
3 |
€25.000, €100.000, and €2.000.000, respectively. |
|
|
Customizable |
Call to get a quote |
|
Commercial Insurance |
No. of Policies Available |
Coverage Range |
|
6 |
Up to €10.000 |
|
|
1 |
Up to €160.000 |
|
|
Customizable |
Call to get a quote |
|
|
Customizable |
Call to get a quote |
|
|
Customizable |
Call to get a quote |
|
|
Customizable |
Call to get a quote |
|
|
Customizable |
Call to get a quote |
Claim Management: To file a claim you need to contact a Minerva agent. Once the papers are submitted, a dedicated team reviews the documents and resolves the claim as soon as possible.
The advantages of having Minerva insurance are:
• The company allows online payment and documentation.
• They offer you premium and tailor-made insurance plans with substantial coverage at a competitive market rate.
• Minerva provides top-class customer service. You can fill out the complaint form and expect to get your complaint dealt with, within 15 working days.
6. AIG
AIG Cyprus caters to both individuals and commercial groups. The products are,
Individual Insurance
Commercial Insurance
• Personal accident and health insurance (Individual personal accident, student travel, and global travel)
• Private auto insurance
• House owners & householders insurance
• Expat home insurance
• Accident & travel
• Business Auto
• Energy
• Financial loss
• Insured abroad
• Liability
• Marine
• Property
Claim Management: AIG’s claim settlement department is quick and easy to access. They aim to confirm any claim within one working day, and pay the amount within 48 hours after confirmation.
The advantages of using AIG insurance are:
◦ AIG has a claim management team of 3500 people. This department is dedicated only to resolving any claim raised by the you.
• It is possible to submit the claim settlement form online, which makes the entire procedure quicker.
• Their travel insurance offers coverage to individual, students, and professionals.
Conclusion
Insurance in Cyprus is not a luxury but a necessity. Residents are now more interested about purchasing insurance plans for health, life, car, and the home. Hopefully this article will help you remove the confusion in selecting an insurance company. But before you go ahead and take out insurance we suggest researching and checking the company’s background first.