New International Financial Reporting Standards (IFRS), new regulations, new technology, the recent pandemic and growing expectations for the insurance industry to play a greater role in environmental, social and governance (ESG) issues, have presented challenges and opportunities for insurers. In this increasingly complex business and uncertain geopolitical landscape, companies which are agile, innovative and able to drive change at scale, will gain a significant competitive edge.
The effects of the recent pandemic and the geopolitical unrest have been felt in the Cyprus economy and the insurance sector. Although premiums have been stable over the last few years, insurers may have to consider premium increases, given recent inflation. In line with the global trend, sustainability issues are also increasingly becoming part of the insurance strategy and compliance agenda of each insurer.