Cyprus insurance sector reaches milestone with global affiliation

The Insurance Association of Cyprus (Saek) has officially joined the Global Federation of Insurance Associations (GFIA), the world’s pre-eminent federation for insurance trade bodies, in a move designed to strengthen the international standing and influence of the Cypriot insurance market.

Established in 2012, the GFIA serves as a central institutional interlocutor for international organisations and regulatory authorities, enhancing the effectiveness of the insurance industry in providing evidence-based recommendations and shaping policies on a global scale.

The federation currently represents 42 national and regional insurance associations from 68 countries, which together account for approximately 89 per cent of global insurance premiums.

Membership of the federation is restricted to representative, non-profit national associations that act as the official voice of the insurance sector in their respective countries and align fully with the objectives of the GFIA.

“The integration of Saek into the GFIA catalytically strengthens the international image of the Cypriot insurance sector, providing institutional recognition and active access to critical international processes, initiatives, and discussions,” the association said in its official announcement regarding the affiliation.

“The inclusion of Saek in the GFIA represents a significant recognition for the Cypriot insurance industry”, said association president Evangelos Anastasiades.

“It gives us the opportunity to participate more actively in international dialogue and to closely monitor the developments that shape the future of the insurance industry,” Anastasiades further explained.

“The association intends to utilise this new position to further strengthen its contribution to the stability and development of the market,” Anastasiades added.

The association highlighted that the global body is one of the most recognised representative organisations for the international insurance industry, providing a platform for local interests to be heard by global regulators.

By joining this federation, the Cyprus insurance sector is now connected to a network that influences the regulatory frameworks and strategic directions of the global insurance landscape.

This membership follows a period of growth for the local sector and aligns with broader efforts to modernise the financial services framework on the island.

The association expects that the exchange of expertise and data within the GFIA will provide valuable insights into emerging risks and technological advancements affecting insurers worldwide.