Insurance in Cyprus in 2024. How to save money on insurance in Cyprus.

A complete guide to insurance in Cyprus

In this comprehensive insurance guide, we will cover the whole range of individual and business contracts provided in Cyprus.

We will also present the price range of insurance products, including the average and minimum cost of most insurance contracts.

We will also give you tips on how to decrease the cost of your insurance contracts without compromising the quality of your coverage.

Table of contents

Types of insurance policies
How much is insurance in Cyprus in 2024?
How to save money on insurance
Affordable insurance in Cyprus
Online insurance in Cyprus
Insurance in Cyprus quotes
Compare insurance in Cyprus
Best insurance in Cyprus

Types of insurance policies in Cyprus

The types of insurance policies available in Cyprus are classified under two main umbrella terms:

Personal insurance policies
Business insurance policies

We will introduce these two types of insurance policies in this section of our guide.

Personal insurance policies

Life Insurance
Home Insurance
Car Insurance
Health Insurance
Critical Illness Insurance
Income Protection Insurance
Personal Accident Insurance
Immigration Health Insurance
Saving Insurance - Private Pensions
Travel Insurance
Boat Insurance

Business insurance policies

Cyber Insurance
D&O Insurance
Keyman Insurance
Business Insurance
Group Health Insurance
Employers Liability Insurance
General Public Liability Insurance
Professional Indemnity Insurance
Marine Insurance

Personal insurance in Cyprus

Life Insurance

Life insurance is made to protect your loved ones from the possibility of unexpectedly losing you and the subsequent financial losses they may face.

You will be provided with peace of mind, while your loved ones will be backed by financial security to pay off debts, their living expenses, medical bills or your final expenses.

Life insurance policies in Cyprus

To learn more about life insurance in Cyprus, see our complete guide here.

Home Insurance

Various types of home insurance products are available in Cyprus, all designed to protect your property, including the following:

Content insurance
Homeowners insurance
Holiday home insurance
Landlords insurance

Content insurance

Home and contents insurance (or personal property insurance) is designed to protect your home or belongings from any damages.

Most contents insurance in Cyprus protects most common household items, including electrical items, furniture, and personal belongings.

Homeowners insurance

Standard home insurance is designed to protect homeowners who live in their houses permanently, and it covers specific damages and losses.

Most standard home policies have limits. Separate policies are designed to cover exclusions, such as all-risk and professional equipment insurance.

Holiday home insurance

Holiday home insurance (or second home insurance) provides similar coverage to standard home insurance but only covers secondary residence places.

This insurance is ideal for those with holiday homes in Cyprus who temporarily live there for part of the year.

Third party liability insurance is obligatory for holiday home owners in Cyprus.

Landlords insurance

This insurance product is designed to protect a landlord’s property which is being rented out, and it contains personal liability coverage.

Liability coverage will help you with legal expenses as a landlord if you face a lawsuit for damages or injuries.

Third party liability insurance is obligatory for landlords in Cyprus.

Home insurance policies in Cyprus

Read our complete guide to property insurance in Cyprus here.

Car Insurance

There are three categories of car insurance in Cyprus.

Third-party liability
Third-party, fire, and theft
Comprehensive insurance

Third-party liability car insurance in Cyprus

This car insurance product is a legal requirement in Cyprus.

Third-party liability exclusively covers the other driver’s expenses resulting from a car accident and third-party property damage, injury and death.

Others who are in your vehicle at the time of an accident are also covered.

Third-party, fire, and theft car insurance in Cyprus

Third-party, fire and theft coverage protects you against everything that standard third-party liability insurance does with some additional protection.

As its title suggests, this coverage can pay for damage expenses if your vehicle is stolen or damaged in a fire.

Comprehensive car insurance in Cyprus

Comprehensive car insurance in Cyprus offers the same coverage as the previous policies, while it also covers natural disasters.

Regardless of who was responsible, this coverage will pay for vehicle damages if you are involved in a car accident.

Car insurance in Cyprus

To read our complete guide about car insurance in Cyprus, see here.

Health Insurance

Health insurance is designed to cover your healthcare expenses for cases of bodily injury, accidents or disease.

Healthcare expenses are sometimes paid for upfront by an insurance company, while in other cases, the insured needs to pay and be compensated by the insurance company afterwards.

Health insurance in Cyprus

To read more about the health insurance options in Cyprus, see here.

Critical Illness Insurance

Critical illness coverage is invaluable to have during an unexpected circumstance that calls for urgent healthcare.

This coverage will help to pay for healthcare costs if you are diagnosed with an illness that requires urgent medical attention and costly treatment.

Critical illness insurance in Cyprus

To read more about critical illness insurance options in Cyprus, see here.

Income Protection Insurance

Income protection insurance is designed for self-employed people and businessmen.

This indispensable coverage can provide a stable source of income if you temporarily cannot work or are permanently incapacitated to do so.

Income protection insurance in Cyprus

To learn more about income protection insurance in Cyprus, see here.

Personal Accident Insurance

Personal accident insurance is another invaluable insurance product for those who are self-employed and for businessmen.

This coverage can make up for earnings that could be lost if you become unable to work, whether that’s temporarily or permanently.

Personal accident insurance in Cyprus

Read our complete guide to personal accident insurance in Cyprus here.

Immigration Medical Insurance

Anyone planning on moving to Cyprus will need to buy immigration insurance.

Immigration medical insurance is compulsory for all non-EU citizens who are applying for any type of residency status and for most EU citizens who intend to live or work in Cyprus.

Immigration medical insurance in Cyprus

Read our complete guide to immigration medical insurance policies in Cyprus here.

Saving Insurance - Private Pensions

This insurance contract is a must for everyone who is a tax resident of Cyprus, regardless of whether they are domiciled in the country.

Savings insurance and private pensions in Cyprus are the only independent saving plans that the tax authorities accept as valid tax exemptions.

Saving Insurance in Cyprus - Private Pensions

Read our complete guide about this insurance option here.

Travel Insurance

Travel insurance is designed to help pay for certain losses and damages that could arise while travelling.

The covered losses and damages range from minor issues, including luggage delays and missed connections, to more serious ones, such as critical illnesses and injuries.

Travel insurance in Cyprus

To read our complete guide to travel insurance in Cyprus, see here.

Boat Insurance

Boat insurance works to protect you against liability and damages if you experience a boating accident, which includes third-party injury or damage to another’s property.

Many types of watercraft are covered by boat insurance, such as motorboats, sailboats, jet boats, and inflatable boats, regardless of how they’re used (i.e. if they’re private or commercial).

Boat insurance in Cyprus

To read our complete guide to boat insurance in Cyprus, see here.

Business insurance in Cyprus

Cyber Insurance

Cyber insurance is highly recommended for companies that carry out work online and handle their clients’ or customers’ sensitive data (i.e. credit card data, tax records, or medical records).

It’s also an indispensable product for companies providing technology services to third parties.

Cyber insurance in Cyprus

To learn more about cyber insurance in Cyprus, see our complete guide here.

D&O Insurance

Directors and officers insurance works to protect you or your company from actual or alleged wrongful acts in the management of your company. It’s an invaluable insurance product in Cyprus.

D&O insurance is made to protect companies and their executives and covers legal costs, settlements, and more fees associated with D&O claims.

D&O insurance in Cyprus

To learn more about D&O insurance in Cyprus, see our complete guide here.

Keyman Insurance

Keyman insurance is designed to cover the cost of employees who are difficult to replace. The term “key man” refers to the key men of a company, i.e. the most valuable employees.

When businesses lose core employees, they face interruptions to their services. Key man coverage aims to mitigate any financial setbacks as a result of losing key team members.

Keyman insurance in Cyprus

To read our complete guide to keyman insurance in Cyprus, see here.

Business Insurance

Business insurance, otherwise known as commercial insurance, is invaluable for businesses to financially protect themselves against unexpected events and financial losses.

Business insurance is designed to cover risks such as accidents, theft, property damage, professional errors, cyber-attacks and lawsuits.

Business insurance in Cyprus

To read more about business insurance in Cyprus, see our complete guide here.

Group Health Insurance

Group health insurance is a health insurance option that is provided by an employer to its employees. Healthcare expenses are covered by group health insurance in case of disease or accidental bodily injury.

Healthcare expenses that require hospitalisation (i.e. inpatient expenses) are included as part of group plans. They also typically include an outpatient option.

Group health insurance in Cyprus

To read our complete guide to group health insurance in Cyprus, see here.

Employers Liability Insurance

Employers liability insurance protects business owners in Cyprus against employee work-related illness or injury claims and lawsuits.

Your business could be responsible for covering legal costs, such as attorney fees, lawsuits, and settlements, in the event of claims without this insurance.

Employers liability insurance in Cyprus

To read our complete guide to employers liability insurance, see here.

General Public Liability Insurance

General public liability insurance will financially protect you against claims made by the general public, whether that’s your customers, suppliers or partners.

This business insurance helps to cover medical costs and other expenses arising from injuries, or even death, and property damage that involves your business.

General public liability insurance in Cyprus

To read our complete general public liability insurance guide, visit our website here.

Professional Indemnity Insurance

If your company faces a lawsuit for professional mistakes, professional indemnity insurance can protect you from paying legal costs and potential compensation fees on your own.

Regardless if these are actual or alleged professional mistakes, legal defence protection can be a lifeline for your business in any case.

Professional indemnity insurance in Cyprus

See here to read our complete guide to professional indemnity insurance in Cyprus.

Marine Insurance

Marine insurance is designed to cover the damage or loss of various covered goods and property that are being transported from one place to another.

The name of this insurance is slightly misleading as these goods can be transported in various ways, such as by air, land, as well as sea.

Marine insurance in Cyprus

To learn more about marine insurance in Cyprus, see our complete guide here.

How much is insurance in Cyprus in 2023?

Here are the ranges of premium costs in Cyprus for each type of insurance.

Our statistics exclude outliers (i.e. costly premiums resulting from abnormal conditions).

The cost of personal insurance policies in Cyprus

Life insurance in Cyprus cost

Average: €450
Range: €145 - €7000
Minimum: €145

To receive a tailored quote with an accurate cost of your life insurance, complete our questionnaire.

Home insurance in Cyprus cost

Average: €235
Range: €100 - €1750
Minimum: €100

To receive a tailored quote with an accurate cost of your home insurance, complete our questionnaire.

Car insurance in Cyprus cost

Average:

Third-party: €265
Comprehensive: €475

Range:

Third-party: €170 - €450
Comprehensive: €250 - €2500

Minimum:

Third-party: €170
Comprehensive: €250

To receive a tailored quote with an accurate cost of your car insurance, complete our questionnaire.

Health insurance in Cyprus cost

Average (annually): €1450
Range (annually): €780 - €3950
Minimum (annually): €780

To receive a tailored quote with an accurate cost of your health insurance, complete our questionnaire.

Critical illness insurance in Cyprus cost

Average (annually): €520
Range (annually): €150 - €2000
Minimum (annually): €150

To receive a tailored quote with an accurate cost of your critical illness insurance, complete our questionnaire.

Income protection insurance in Cyprus cost

Average (annually): €450
Range (annually): €120 - €1600
Minimum (annually): €120

To receive a tailored quote with an accurate cost of your income protection insurance, complete our questionnaire.

Personal accident insurance in Cyprus cost

Average (annually): €450
Range (annually): €120 - €1600
Minimum (annually): €120

To receive a tailored quote with an accurate cost of your personal accident insurance, complete our questionnaire.

Immigration medical insurance in Cyprus cost

Average: €150
Range: €80 - €275

Minimum immigration medical insurance in Cyprus cost

With outpatient expenses: €80
Without outpatient expenses: €120

To receive a tailored quote with an accurate cost of your immigration medical insurance, complete our questionnaire.

Travel insurance in Cyprus cost

Average (7-day single trip): €45
Range (7-day single trip): from €20 - €250
Minimum (7-day single trip): €20

To receive a tailored quote with an accurate cost of your travel insurance, complete our questionnaire.

Boat insurance in Cyprus cost

Average: €950
Range: €550 - €7000
Minimum: €550

To receive a tailored quote with an accurate cost of your boat insurance, complete our questionnaire.

The cost of business insurance policies in Cyprus

Cyber insurance in Cyprus cost

Average: €900
Range: €400 - €45,000
Minimum: €400

To receive a tailored quote with an accurate cost of your cyber insurance, complete our questionnaire.

D&O insurance in Cyprus cost

Average: €1200
Range: €600 - €20,000
Minimum: €600

To receive a tailored quote with an accurate cost of your D&O insurance, complete our questionnaire.

Keyman insurance in Cyprus cost

Average: €450
Range: €145 - €7000
Minimum: €145

To receive a tailored quote with an accurate cost of your keyman insurance, complete our questionnaire.

Business insurance in Cyprus cost

Average: €350
Range: €90 - €2,500
Minimum: €90

To receive a tailored quote with an accurate cost of your business insurance, complete our questionnaire.

Group health insurance in Cyprus cost

Average (per employee/monthly): €125
Range (per employee/monthly): €35 - €450
Minimum: €35

To receive a tailored quote with an accurate cost of your group health insurance, complete our questionnaire.

Employers liability insurance in Cyprus cost

Average: €250
Range: €90 - €1,750
Minimum: €90

To receive a tailored quote with an accurate cost of your employers liability insurance, complete our questionnaire.

General public liability insurance in Cyprus cost

Average: €450
Range: €200 - €1,500
Minimum: €200

To receive a tailored quote with an accurate cost of your general public liability insurance, complete our questionnaire.

Professional indemnity insurance in Cyprus cost

Average: €550
Range: €200 - €12,000
Minimum: €200

To receive a tailored quote with an accurate cost of your professional indemnity insurance, complete our questionnaire.

How to save money on insurance in Cyprus

How to save on insurance in Cyprus

Here are some tips to save on various insurance contracts in Cyprus.

Bundle insurance policies for a multiple policies discount. You can receive discounts when you purchase numerous insurances with only one insurance company.
Know your professional and personal insurance needs. If possible, remove redundant coverages that you don’t need.
Use the deductible option as part of your contract. By raising your deductible in Cyprus, you can save money on your insurance.
If you are an expat, work with a specialised expatriate insurance provider since they have tailored contracts for expatriates.
Do not purchase insurance from intermediaries, such as lawyers or accountants, as you will be charged an intermediary fee.
Buy a family contract instead of an individual plan if possible. You will make your insurance purchase cheaper by not having to pay the contract issuance fee for each contract. Family contracts also carry significant discounts.
Licensed insurance consultants can analyse your needs for free and advise you on ways to save money on your insurance ([email protected], Tel. 70070500 (RU/EN).

How to reduce your life insurance cost in Cyprus

Acquiring a life insurance policy when you are healthy and young ensures you will pay less for your contract.
Term life is substantially cheaper than whole life insurance, so opt for that type, especially if you don’t need a savings and cash value component as part of your policy.
If you are paying off a mortgage, choose term life insurance over decreasing term life insurance.

How to reduce your house insurance cost in Cyprus

Install alarm systems to instantly decrease your insurance premiums by 5% - 10%.
Opt for an all-risk insurance policy. While an all-risk policy is slightly more expensive, it does cover 25% more claims.
Keep your expensive belongings in a safe to protect them against theft and to reduce your house insurance cost.
If you employ a maid, your housemaid’s employer’s liability policy can be covered under your house insurance at a lower cost than normal.
Ask for a holiday home or landlord insurance if you have a holiday home or are renting your house. These contracts have tailored terms designed for those who are renting their properties. They are beneficially much cheaper than standard homeowners insurance policies in Cyprus (around 20% cheaper, on average).
For your home’s content insurance, create an itemised list detailing all your belongings to send with your insurance application. This list will decrease your insurance cost. Plus, you will be prepared in the case of a claim, and your belongings will be protected.
Declare expensive items separately, such as jewellery, fine art and carpets, with invoices presenting your insurance provider with the item’s market value. This insurance option might be more expensive, but it ensures you will get paid in the case of a claim.
For insurance purposes, you must declare the reconstruction value of your property, which is always lower than the property’s market value. Many insurance agents insure a property using the market and plot values. For more information about how to declare the reinsurance value of your house, see here.

How to reduce your car insurance cost in Cyprus

Bundle your car insurance with a home insurance contract at the time of purchase to receive a discount.
Purchase a Cyprus driving licence. You will receive a lower price for car insurance as with all owners of Cyprus driving licences.
Insure all of your vehicles with one insurance provider to receive an “additional car discount”.
Provide evidence of a clean driving record to receive a car insurance discount. Request your non-claim history document from the insurer that previously insured your car.
Remove the term enabling all drivers from 25 to 70 years old to drive your car. Declare the driving experience and the age of the drivers using your car instead. You can add an additional driver with a cover note.

How to reduce your health insurance cost in Cyprus

Choose an insurance provider that can provide health coverage even if you suffered from past conditions five years ago.
Choose your employer’s group health insurance program if you get the opportunity, as they are always cheaper than an individual plan.
Choose a local insurance company instead of an international one if you have lived in Cyprus for over six months - within one year.
Pick an insurance plan without outpatient expenses if you are registered in GESY (the general healthcare system of Cyprus).
Choose an insurance provider that cooperates with a wide network of clinics in Cyprus. This is especially helpful in the case of expensive operations. You could be expected to pay for your expenses in advance and receive compensation from the insurance company afterwards.

How to reduce your immigration health insurance cost in Cyprus

To save on costs, opt for a family policy, if possible, instead of an individual one.
Immigration insurance is a standardised government policy in Cyprus, and all insurance companies have identical terms. Choose the provider with the lowest price.
Ask your insurance provider to start your insurance on the same day you have an appointment with the Cyprus immigration authorities to save on costs.

How to reduce your travel insurance costs in Cyprus

Don’t buy insurance directly from travel agents as it will be more costly.
If you travel regularly, save money by purchasing an annual travel policy.

How to reduce your boat insurance cost in Cyprus

Provide your insurance company with an updated surveillance report proving that your boat abides by all security rules and is in good shape.
Drop unnecessary coverage. For example, you might have purchased a policy when you predicted you would use the boat throughout the year. If you only use the boat in the spring, ask about a layup discount.
Your premium might decrease if you do not use your boat for the winter, so ensure your boat will remain covered for the rest of the year to avoid unnecessary risks.
Limit the navigable waters in your contract. If you use your boat only in specific countries, for example, Cyprus and Greece, then declare those countries on your policy instead of buying coverage for the whole of the Mediterranean Sea.

How to reduce your cyber insurance cost in Cyprus

Use the assistance of data protection officers.
Schedule cybersecurity training programs for your employees.
Limit your cyber insurance territorial limits to the countries where you operate/provide services.
Increase your security online, such as multi-factor authentication and passwords.
Drop additional cybersecurity coverage you won’t need, such as ransomware and multimedia coverage.

How to reduce your directors & officers insurance cost in Cyprus

Make sure to select Cyprus for the contract’s jurisdiction.
Don’t choose additional coverage options you might not use.
Analytically answer all of the questions on the application form.
You can decrease the cost of D&O insurance significantly by specifying the territorial limits of your contract to the countries you provide your services.
If you already have professional indemnity coverage, ask your insurance provider to add directors & officers insurance on the contract.

How to reduce your business insurance cost in Cyprus

Pick the minimum amount of coverage required for employers liability insurance (€170,000).
Pick a home insurance plan that doubles up to also insure your professional equipment if you work from home.
Ask for a tailored small business contract as a small business owner, as they are much cheaper than standard contracts.
Choose to bundle all your coverages under one policy instead of separate ones to make your insurance cheaper. Standard business contracts in Cyprus include premises public liability, employers liability insurance, product liability and content insurance.

How to reduce your professional indemnity insurance cost in Cyprus

Choose Cyprus as a jurisdiction for your professional indemnity contract.
Ask freelancers or subcontractors you work with to acquire their own professional indemnity insurance.
You can reduce the cost of insurance significantly if you specify the territorial limits to the countries you provide your business services.
The more you describe the breadth of your activities in your insurance application form, the easier underwriters will be able to comprehend any risks, thus offering you tailored coverage that is more suited to your particular needs instead of a more generalised and more expensive cover.

Affordable insurance in Cyprus

Pitsas Insurances is one of the largest insurance providers in Cyprus and a leading choice for expatriates and international companies in the country.

We work with the most prestigious underwriters internationally and all underwriters locally based in Cyprus.

Due to the number of contracts we handle alongside our expert team members, we can acquire the most affordable insurance deals for our clients.

We make affordable insurance even cheaper by giving generous discounts to our customers on our underwriter’s predetermined premiums.

Pitsas Insurances can find you the most affordable and cheap insurance in Cyprus, and the whole process can take place online if preferred.

Online insurance in Cyprus

Pitsas Insurances is a key player in the online insurance market in Cyprus. We sell the most affordable insurance contracts with the most attractive deals.

We have moved more of our services online since 2004, allowing us to provide our clients with the option of buying our insurance products easily from home.

Moreover, we can provide you with an outstanding customer service experience online. We look forward to hearing from you if you need our assistance.

We use the highest quality security measures to guarantee your personal data is safe and intend to keep it that way.

Through the use of video calls and video conferencing, we provide free online consulting for ease of communication.

We also keep certain traditions going here, and we are more than an online provider since we are a “phygital” company. Our clients are welcome to the office for face-to-face consultations.

We ensure our clients don’t interact with bots handling their accounts at any step of the insurance buying process, especially during claims.

You are guaranteed that a real insurance consultant will guide you through and uncomplicate the process of receiving any compensation you are owed.

At Pitsas Insurances, strong interpersonal relationships are our company’s foundation, and we consider our customers as friends.

We invest a significant amount of time to help you achieve your financial aims.

Insurance in Cyprus quotes

Pitsas Insurances was established in 1985 and has become a prominent insurance provider in Cyprus since it first opened its doors.

We cooperate with the best local and international underwriters to prepare quotes for our clients and can easily present quotes for any type of coverage that interests you.

To read more about our insurance offerings and for more Cyprus insurance policies, visit our website.

Compare insurance in Cyprus

Why choose Pitsas Insurances to compare insurance products in Cyprus?

We sign insurance contracts with our clients both online and physically in our offices.

As a benefit of our low operating costs, we can insure you at lower premium prices than other insurance providers in the country.

Our experienced insurance professionals can help you save money while finding you the correct contract without unnecessary coverage, which can also help to lower costs.

In addition, we offer various offers and discounts for our customers.

Best insurance in Cyprus

Pitsas Insurances can help you find your ideal contract. Our insurance consultants analyse your needs and budget with the details you provide to find you the best insurance option in Cyprus.

We use a systematic approach, starting with gauging the minimum number of terms that would be best for your policy.

We then analyse the requirements of those you do business with to ensure you are adequately covered for your needs.

To create the best insurance package, we also find optional terms to suggest for your needs that can help increase your protection.

We can help you acquire the most affordable contract in Cyprus, and ours have fewer exceptions than our competitor’s comparable ones.

With the cooperation of more international underwriters than any other insurance company in Cyprus, Pitsas Insurances are equipped to find you the best insurance deals.

Pitsas Insurances Team