Cyprus Mail

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.

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