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 Insurance Europe (ex 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.
Our Vission & Mission
There are three strains to our vision:
● To help bring about a potent, profitable and rapidly growing insurance industry which enjoys full public trust
● To ensure that the insurance industry offers the highest standards of protection while making a marked contribution to both the economy and society
● To maintain the insurance industry on a consistently upward course, registering an active presence in the European Union of which Cyprus is an integral member.
IAC’s mission is the attainment, through guidance and unified action, of a range of goals:
● The fostering and development of insurance
● Helping to bring to a satisfactory resolution any industry-specific problems
● Bringing about an appropriate institutional set up for the industry’s operations
● Upholding consumer protection and ensuring that the highest standards of client service are observed
● Promoting our members’ interests
● The establishment of transparent and reliable channels of insurance information for the benefit of individuals
● Maximising the association’s contribution in the fields of work, investment and social welfare
● Market expansion and the enhancement of insurance-company competitiveness
● The promotion of close collaboration with corresponding associations abroad, and principally those in European Union member states, as well as with Insurance Europe (ex CEA)
● Working closely with the executive and legislative branches of government to advance and resolve any major insurance issues
● Giving increased and more accurate exposure to the industry’s public image