Cyprus Business Now: insurance sector, Laiki sells shares, construction growth

The Bank of Cyprus on Wednesday announced the complete disposal of the remaining shares held by Cyprus Popular Bank (Laiki) Public Co Ltd, which has been in liquidation.

Following the sale, the now-defunct Laiki bank no longer retains any ownership in the Bank of Cyprus.

According to the regulatory notification, the final tranche of 5,900,000 shares—representing 1.335 per cent of voting rights in the Bank of Cyprus—was sold on November 18, 2024.

The Cypriot insurance sector recorded a notable increase in premiums during 2023, surpassing €1 billion in turnover for another consecutive year, it emerged this week.

Specifically, total premiums for 2023 reached €1.204 billion, marking a 14.3 per cent rise from €1.053 billion in 2022, according to data presented at the 46th annual general meeting of the Insurance Association of Cyprus (IAC).

Speaking at the event, IAC chairperson Evangelos Anastasiades highlighted the sector’s resilience, adaptability, and commitment to innovation during challenging economic and social conditions.

The construction sector in Cyprus recorded a 4.7 per cent increase in production during the first half of 2024 compared to the same period in 2023, according to a report released on Wednesday from the Cyprus Statistical Service (Cystat).

The report added that, during the same period of time, producer prices in the construction sector rose by 4.6 per cent year-on-year.

In the second quarter of 2024, the Production Index in Construction reached 119.80 points, with 2021 acting as the base year set at 100 points.

This reflects a 4.8 per cent increase when compared to the second quarter of 2023.

For the January-June 2024 period, the index recorded an overall rise of 4.7 per cent compared to the corresponding period of 2023.

PwC Cyprus, in collaboration with Multimarine Services Ltd, SignalGeneriX Ltd, and Theophrastus Research Institute, has been awarded Project Symbiosis by the European Defence Agency (EDA).

Announced this week, the initiative will explore how offshore renewable energy can coexist with defence operations across Europe’s maritime zones, addressing challenges and opportunities in sustainable energy integration.

Project Symbiosis, the announcement explained, seeks to align Europe’s ambitious decarbonisation targets with its strategic defence priorities.

Sim4Flow, a Cypriot MedTech startup focused on intracranial aneurysm management, will present its groundbreaking AI-driven platform, IRIS, at Slush 2024 in Helsinki.

The event, one of the world’s largest startup gatherings, runs from November 21-22 and provides a platform for showcasing cutting-edge technologies.

Sim4Flow’s IRIS platform uses explainable AI and big data to improve clinical decision-making and patient outcomes.

The IRIS platform offers real-time, patient-specific risk assessments for intracranial aneurysm rupture, setting it apart from traditional methods.

The labour crisis in the construction industry deepens with the second mediation proposal put forward by the labour ministry thrown out on Wednesday by the trade unions, while repercussions are expected across the whole sector and the economy in general.

Labour Minister Yiannis Panayiotou said he would be meeting with the employers and trade unions on Wednesday afternoon to gauge the stance of the two sides on his ministry’s proposal.

The workers in the ready-mix cement sector dismissed the proposal for the renewal of the sectoral collective agreement in local meetings on Tuesday and Wednesday, meaning that they will be pushing on with their strike which began on November 5.

The Cyprus Stock Exchange (CSE) ended Wednesday, November 20 with losses.

The general Cyprus Stock Market Index stood at 200.74 points at 12:20, reflecting a decrease of 0.55 per cent.

The FTSE / CySE 20 Index was at 122.20 points, reflecting a drop of 0.57 per cent.

The total value of transactions amounted to €1.21 million at the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative, investment firm and hotel indexes fell by 0.61 per cent, 0.64 per cent, 1.81 per cent and 1.53 per cent respectively.

The biggest investment interest was attracted by the Bank of Cyprus (+0.91 per cent), Hellenic Bank (-0.23 per cent), Demetra (-1.84 per cent), Salamis Tours (no change), and Vassiliko Cement Works Public Company (-2.44 per cent).