The 45th Annual General Assembly of the Association of Insurance Companies of Cyprus, held on Tuesday, October 17, emphasized the crucial role played by the insurance sector in bolstering the Cypriot economy and society, particularly during 2022's worldwide uncertainties.

According to the Association's official statement, the insurance sector recorded a robust growth in 2022. Premium production surged by 9.5% compared to 2021, exceeding the 1 billion euros mark for the first time, and reaching a notable €1.053 billion.

This progress is even more commendable considering the significant inflationary pressures affecting consumer purchasing power last year. The sector's resilience and growth can be attributed to insurance companies adopting a customer-centric approach. This is evident in how these firms offered payment flexibilities to policyholders, similar to provisions made during the pandemic. Specifically, life insurance registered a significant 15.7% rise, moving from €450 million in 2021 to €520 million in 2022. In contrast, the Property Damage Insurance sector saw a modest 4% growth, mainly due to reductions in the accident and health sectors.

The Deputy Insurance Commissioner, Konstantinos Kalopsidiotis, provided an update on the first half of 2023, revealing that insurance premiums had already reached €800 million. He also mentioned that the assets of insurance companies are nearing the €5 billion threshold. Kalopsidiotis highlighted pending legislation aimed at resolving longstanding issues in the insurance industry. This includes a bill regarding motor vehicle insurance against third parties and employer liability insurance. Another significant initiative in the pipeline is the development of a database to counter insurance fraud, a move strongly backed by the regulatory authority.

The event also welcomed Alexandros Sarrigeorgiou, the President of the Association of Insurance Companies of Greece. His attendance holds added significance due to the recent signing of a memorandum of cooperation between the two associations.

Throughout the assembly, the Association reviewed its 2022 activities, underscoring its societal contributions. One such initiative is the establishment of a right to forget for people with a cancer history, undertaken in collaboration with Europa Donna Cyprus. The assembly also served as an electoral event, resulting in the re-election of the current board for another two years.