Nicosia, Cyprus. Cyprus’ insurance sector is entering a more demanding period from a position of relative strength, according to Constantinos Rossides, Director and Head of Actuarial Services at PwC Cyprus. His comments follow PwC’s 29th Global CEO Survey and the firm’s 15th annual CEO Survey in Cyprus.
Survey findings and shifting confidence
Rossides said business leaders are increasingly being asked to balance immediate risk management with long-term strategic planning, as uncertainty reshapes global and local markets.
The global survey gathered responses from 4,454 chief executives across 95 countries, including 200 from the insurance industry. In the insurance sector, 46 per cent of CEOs globally said they were optimistic about their company’s revenue growth prospects over the next 12 months, down from 56 per cent in 2025.
Rossides said the decline reflects a more uncertain environment, with many businesses still in the early stages of leveraging Artificial Intelligence to achieve tangible financial results.
Cyprus outlook and premium growth
According to PwC’s Cyprus CEO survey, local business leaders remain more positive about their companies’ revenue growth prospects, despite geopolitical, technological and economic pressures.
Rossides cited market data showing that in 2025, total premium production in Cyprus rose by about 9 per cent in the life sector and 8 per cent in the general insurance sectors, growth rates he said exceed those of many European markets.
He also said the survey reflects the climate before the start of the war in Iran, describing it as a clear picture of business concerns before the latest geopolitical developments.
Key risks for insurers globally and in Cyprus
The surveys point to a more complex risk environment for insurers. Globally, about 28 per cent of insurance CEOs identified cyberattacks as the main threat to their business, while technological transformation, macroeconomic instability and inflation also ranked highly.
In Cyprus, Rossides said the main concern for CEOs is a lack of talent with the right skills, cited by 43 per cent of respondents. This was followed by geopolitical instability at 30 per cent and the pace of technological change, including Artificial Intelligence and broader digital transformation, at 22 per cent.
Cyber threats were cited by 21 per cent of respondents in Cyprus. Rossides said insurers are exposed as potential targets of cyberattacks and as providers of insurance coverage for cyber-related risks.
What risks do you think will most affect Cyprus’ insurance sector over the next 12 months?
