The insurance industry in Cyprus achieved a €1.2 billion turnover in 2023, reflecting a 14.3% increase compared to 2022, according to data presented at the 46th Annual General Assembly of the Insurance Association of Cyprus (IAC), held in Nicosia on Tuesday.

In 2023, general insurance contributed €581 million, with motor insurance representing 38% of this figure, totaling nearly €220 million. Life insurance accounted for 52% of the industry’s total turnover, showing significant growth of 19.8%, from €520 million in 2022 to €623 million in 2023. Meanwhile, non-life insurance grew by 9.0%, rising from €533 million to €581 million.

Speaking at the assembly, IAC President Evangelos Anastasiades emphasized the importance of innovation, flexibility, and adherence to core principles in navigating current challenges and opportunities.

“The insurance sector in Cyprus has repeatedly demonstrated resilience and adaptability, even under adverse economic and social conditions. It continues to grow and provide added value to policyholders. This commitment must remain steadfast in the coming period,” he stated.

Anastasiades also highlighted critical issues facing the industry, calling on the government to take action. These include:

• Filling the vacant position of the Insurance Commissioner, which has been unoccupied for over five years.

• Enhancing the staffing of the Insurance Companies Control Service to meet increasing supervisory demands.

Looking ahead, IAC plans to celebrate its 100th anniversary in 2025 and aims to host the Annual General Assembly of Insurance Europe in Cyprus in 2026, positioning the country as a hub for international insurance dialogue.

Deputy Insurance Commissioner Konstantinos Kalopsidiotis praised the industry’s crucial role in the economy, particularly during uncertain times. “Insurance continues to act as a stabilizing factor, protecting both consumers and businesses,” he said, adding that the sector’s strong performance significantly contributes to Cyprus’s economic activity.

The assembly also reviewed IAC’s 2023 initiatives, highlighting its social impact and efforts to address industry challenges. Following the formal proceedings, insurance executives engaged in discussions on sector-specific issues and future strategies.