The insurance sector on the island is currently experiencing dynamic growth and has fully adapted to the European and OECD regulatory frameworks.
Cyprus offers a business-friendly environment, which is a cost-effective base for International insurance firms to manage products and operations in both domestic and international markets. The continuous rise of the sector is due to the increasing specialised demands and needs from private and corporate clients which use the country as a gateway to develop and expand their businesses in the region.
Currently the Insurance sector in Cyprus manages assets worth over 2.5 billion euros, with responsible parties looking for ways to upgrade their offerings, as demand for more sophisticated products is rising. The latest introductions of products and services include directors’ and officer liability, cyber and drone insurance.