Insurance firms under liquidity, capital adequacy, pressure resort to figure cooking

By Stelios Orphanides

Cypriot insurance companies saw their premiums in both life and non-life business follow a downward path as claims remained comparatively high, official data showed.

The gloomy picture was compounded by a circular forwarded by the Insurance Companies Control Service (ICCS), an independent body supervising insurance companies in Cyprus, which indicated that some companies resorted to practices aiming at inflating figures in order to meet regulatory requirements.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.