The insurance sector in Cyprus has surpassed €1.3 billion in premiums for 2024, contributing 4% to the country’s GDP and providing income to 3,500 families working in the industry, stated the President of the Insurance Association of Cyprus (IAC), Evangelos Anastasiades. His remarks were made during the traditional Vasilopita cutting ceremony held on Wednesday in Nicosia.

According to a statement by IAC, the event was attended by the Minister of Finance, Makis Keravnos, as a guest of honor.

Anastasiades highlighted that one of the biggest challenges facing the insurance industry in Cyprus and other countries is the regulatory framework. He urged the government to strengthen the supervision of the Insurance Companies Control Service by providing additional personnel to meet increasing demands.

The IAC president also marked the milestone of 100 years of the insurance industry in Cyprus, announcing that the association will organize a series of events and activities to commemorate the occasion.

Additionally, he revealed that Cyprus will host the General Assembly and the 16th International Conference of Insurance Europe in 2026.

Addressing the issue of regulatory oversight, Finance Minister Makis Keravnos acknowledged the existing challenges and stated that steps have already been taken to address them. According to IAC’s statement, the government is implementing specific measures to resolve these issues.

Keravnos also touched on the ongoing tax reform, emphasizing the government’s objective to ease financial pressures on the middle class, which represents a key customer base for the insurance sector.