Cyprus has a highly developed insurance industry which is growing alongside the banking and investment funds business. The prevailing volatile economic environment, together with the new Solvency II regulatory compliance requirements and stricter regulatory oversight is putting a strain on capital needs and increased pressure on earnings. The new regulatory framework, requires insurers not only to maintain a sufficient level of risk-based regulatory capital, but also to establish a sound risk management and corporate governance system and deal with more onerous compliance and reporting requirements on an ongoing basis. Insurers who can anticipate and plan for change can create their own future.
PwC Cyprus has a dedicated team of professionals with deep insurance sector knowledge and expertise to assist you to face these new challenges and manage the risks of doing business in a highly volatile and uncertain economic environment. Our team of insurance industry professionals can assist companies in the insurance sector in their Solvency II and IFRS-related projects, engage in M&A activity and reengineer their internal processes, by providing the whole spectrum of consulting, regulatory, auditing and taxation services. When you team up with PwC you are teaming up with people who understand the big challenges facing your industry, bringing local perspectives coupled with the international expertise only an organization of our experience can deliver.