Insurance & Re-Insurance

Being an EU member state, Cyprus is a beneficiary of a legally sound and regulatory framework set by the Insurance Superintendent. The insurance superintendent aims at maintaining and protecting the quality of insurance and reinsurance operations with the help of efficient supervisory and monitoring reviews. These reviews smoothen the running of insurance as a business. However, Cyprus has a well-developed insurance industry that competes with the banking and investment businesses.

One noticeable change in the insurance industry relates to the new Solvency guidlines in Europe. Insurers will now have to adhere to new risk management and accounting methods through a harmonised international Financial Reporting Standard (IFRS).

An insurance company can be incorporated through utilising a Cyprus limited company and passing though the insurance application procedure. Benefits such as freedom of establishment and free trade/service provisions are guaranteed and coupled with Cyprus attractive tax regime has promoted Cyprus as an ideal destination.