The Insurance Association of Cyprus (IAC) is inextricably linked with the establishment of the Insurance Industry in Cyprus. With a history spanning almost a century as the official representative of the insurance companies in Cyprus, IAC has maintained a critical role in the establishment and strengthening of the insurance institution in the country. Today it represents 29 insurance companies accounting for almost 98% of the annual insurance premiums written in the domestic market.
The IAC plays a significant and multilevel day-to-day role in the Cypriot insurance industry. With a strong sense of responsibility, it represents the industry by promoting the collective positions and proposals of its members to the executive and legislative branches of the government. At the same time, it is constantly working towards the industry’s modernization in line with the international developments, while promoting to its members the best practice standards for improving the quality of customer service.
The IAC is globally active as well, since it is a member of both the European Insurance and Reinsurance Federation (Insurance Europe – ex CEA), and the International Union of Marine Insurance (IUMI), actively participating in their decision-making processes. In addition, it participates in important international professional bodies and committees.
Historically, the IAC has come a long way since 1925, when the Cypriot Insurance Industry was first established. In its early stages, the association had a three-dimensional identity, in line with the industry’s three bodies: fire, marine and accidents. Those three bodies came together in 1976 to form the unified representative body of the Insurance Industry. Since then, the IAC has been registered as a limited liability by guarantee company operating as a nonprofit organization. In addition, the IAC is the industry’s representative with the local business and employers’ associations, the Cyprus Chamber of Commerce and Industry, and the Employers and Industrialists Federation, respectively.