Under the framework of our professional transparency and our policy of open communication with our customers, we would like to inform you that according to the official figures of the Cyprus Statistics Department, there is an increase in the price of construction materials and services.
For this particular reason, we would advise you to review the sums insured in the respective insurance policies, ensuring that they reflect the current values of the rebuilding cost.
This increase was as a consequence of the pandemic which significantly affected the supply chain of raw materials and services as well as the war in Ukraine, since the affected countries are major suppliers of construction materials which are no longer easily accessible in the global market.
You may find herebelow a table prepared based on the Cyprus Statistics Department data, of the construction material indexes and how these have substantially increased since 2019, up until August 2022.
According to the above figures since the beginning of pandemic in 2019 up until January 2022, there has been an average increase of 19.5%. Comparing the prices of 2019 and August 2022, also reflecting the impact of the War in Ukraine there has been an average increase of 32.49%.
It is also worth mentioning that the labour cost has increased by 10%, between 2015 and 2021.
Considering these price increases, both in the construction and labour costs, it is of vital importance to ensure that the Sums Insured of your Property insurance policies reflect this new set of parameters.
The insurance intermediaries as well as the Customer Service Officers of CNP ASFALISTIKI are at your disposal to resolve any inquiries you may have and advise you on achieving the best possible insurance of your property.
Thank you for the cooperation.
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