Cyprus could be the base for international insurance operations, says House President

Cyprus has the potential to become a destination for companies to setup their base for their international insurance operations, relating to activities of insurance companies, House Presiden Demetris Syllouris said addressing the 3rd Conference of Cyprus Association of Actuaries.

This, he noted, is due to the harmonisation with Solvency 2, the ability to operate in other EU countries through Passporting, the attractive tax framework, as well as the high quality of professionals and the services that they offer, such as actuaries.

“The prospects of an upcoming insurance market are clearly important, and it must be done in the best possible manner. Therefore, Cyprus should be quick to seize the opportunities that are presented”, he added.

The rapid and disruptive changes and the new challenges in the fields of economy, politics, society, and the ongoing technological developments, he said, indicates that “we must be constantly vigilant and that we must keep up with European and international standards.”

“I believe that nations which adapt by seeking to find new ways of operation have successful growth rates. Therefore, it is necessary to have a new developmental growth strategy so that we may promote Cyprus as a leading example”, he noted.

Given the challenging times we live in, Syllouris said, “we need to lay down the foundations of a new economic framework and utilise all comparative advantages that Cyprus has to offer in areas that will bestow prestige and credibility to the Cypriot economy. It is natural that there will be risks within this framework of economic development – risks that must be overcome through targeted strategy.”

“The contribution given by actuaries as a whole will greatly speed up this process. In general, the role of the actuarial profession in a country’s economic and social life is crucial. Globally, the application of actuarial science plays a very important role on a private, corporate and governmental level; especially regarding economic and financial issues that focus on preventing and managing risk. Projections and calculations that are based on scientific studies are essential in protecting companies and nations from financial loss, but most importantly, they help the correct implementation – in particular to those regarding insurance plans and pension schemes”, he concluded.

Source: Cyprus News Agency