Cyprus Best Companies

The Insurance Association of Cyprus (IAC) is the accredited and representative body of the Cypriot insurance industry. In line with its status as the authorised representative of Cypriot insurance companies it strives to promote the industry’s collective positions and recommendations vis-à-vis the executive and legislative branches of government. The IAC takes a leading role in influencing government insurance policies so that they serve best the real needs of the industry and the economy. The promotion of best practices in the industry’s dealings with the public at large is also high on the IAC agenda. An implicit aspect of the association’s strategy relates to the insurance industry’s upgrading and the market’s further development.

Historically the IAC has come a long way since the 1925 establishment of the insurance industry in Cyprus. In those days the association had a three-branch representation, one for fire, one for marine and another one for accidents. Those three agencies came together in 1976 to form the unified representative body of the insurance industry. Since then the IAC is a limited liability registered company operating as a non-profit-making organization.

The industry’s representative body currently has 30 insurance-company members which account for about 95% of the annual gross premiums written in the domestic market. The IAC is also the accredited representative of the local insurance industry at European and global level, enjoying member status of both CEA, (the European insurance and reinsurance federation), and IUMI (the International Union of Marine Insurance). It also participates in the deliberations of many other international professional bodies and committees. In addition, IAC is the industry representative with both local business and employers organisations, namely the Cyprus Chamber of Commerce and Industry and the Employers and Industrialists Federation.