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Cyprus Insurance Association Discusses European Challenges and Market Stability

Published January 27, 2026, 05:11
Cyprus Insurance Association Discusses European Challenges and Market Stability

The Annual General Assembly of the Cyprus Insurance Companies Association (CIAC) concluded with a focus on European challenges and Cyprus's role during its Presidency of the Council of the EU. During the assembly, the CIAC's work for the past year was presented, marking 100 years of the insurance market in Cyprus. Key regulatory issues such as Solvency II and the DORA regulation were also discussed. CIAC President Evangelos Anastasiades emphasized that the Cypriot Presidency provides the Association with the opportunity to act as an institutional interlocutor at the European level, promoting policies that affect the economy and consumers. The discussion centered on the need to adapt to new European regulatory requirements. Deputy Insurance Supervisor Konstantinos Kalopsidiotis addressed the concentration of the insurance market, noting that mergers can enhance stability, provided they are subject to strict supervision. He stressed the need for independent and transparent corporate governance, even for companies within banking groups. Furthermore, it was announced that Cyprus will host the General Assembly and the 16th International Conference of Insurance Europe in 2026, which is expected to strengthen the outward orientation of the sector. The assembly concluded in a spirit of cooperation with the traditional cutting of the Vasilopita (New Year's cake).