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). The event was held on Tuesday afternoon in Nicosia.
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 general insurance sector achieved a total of €581 million in 2023, with motor insurance accounting for 38 per cent, or approximately €220 million,” he said.
“Life insurance maintained its dominant position, representing 52 per cent of the total market share,” Anastasiades added.
According to the association, the life insurance sector experienced a robust 19.8 per cent growth, rising from €520 million in 2022 to €623 million in 2023.
Meanwhile, the non-life insurance sector increased by 9.0 per cent, from €533 million to €581 million.
Addressing the audience, Anastasiades said that “we find ourselves in an era full of challenges but also significant opportunities, so the need for innovation, flexibility, and adherence to our principles is more pressing than ever”.
“The insurance sector in Cyprus,” he continued, “has repeatedly demonstrated its resilience and capacity for growth, even under adverse economic and social conditions”.
He added that “this is a legacy we must continue to uphold”.
He also highlighted key industry challenges, calling on the government to address long-standing issues.
These include filling the vacant insurance superintendent position, which has remained unoccupied for over five years, and strengthening the insurance companies control service with adequate staffing to meet increasing supervisory demands.
Looking ahead, Anastasiades outlined two significant milestones for the sector. In 2025, the associate will celebrate 100 years of operation, while in 2026, the association aims to host the Annual General Assembly of Insurance Europe in Cyprus.
Deputy Insurance Superintendent Constantinos Kalopsidiotis also addressed the gathering, recognising the sector’s pivotal role in the economy despite ongoing challenges.
“In a period of uncertainty, the insurance sector continues to act as a stabilising factor, strengthening the protection of both the consumer and the business,” he said.
“The insurance sector in Cyprus continues to deliver strong performance, contributing significantly to the country’s economic activity,” he added.
The meeting also included a comprehensive review of the associations’ activities for 2023, highlighting the association’s social impact.
Following the formal proceedings, industry executives exchanged views on the challenges and opportunities facing the sector.
