Athena Shipilli Tsingi: Life and health insurance sector will continue its upward trajectory in 2025

Athena Shipilli Tsingi, General Manager of Eurolife, said she was confident the life and health insurance sector will continue its upward trajectory in 2025, further confirming its strong growth potential, in an interview with InBusinessNews as part of the "IN Business Forecasting 2025" series.

Shipilli Tsingi said the gradual adoption of digital transformation in the insurance industry is expected to bring significant innovative changes.

Regarding the trend of mergers and acquisitions in the insurance industry, she acknowledges that they can be attractive but stresses the need for careful moves with a focus on the sustainability of the insurance market and the protection of policyholders' interests.

Referring to Eurolife, she underlines that "we will continue in 2025 with the same values, fulfilling our customers' dreams for the future with the reliability and trust that distinguish us. This has been confirmed by our recognition as the leading Life Insurance Company in Cyprus at the Global Insurance Awards 2024, organized by the international financial magazine World Finance."

How do you think the Cypriot economy will perform in the coming year? How optimistic are you about its prospects?

The Cypriot economy has proven itself in recent years, demonstrating its ability to successfully navigate successive and diverse crises. The progress is evident and reflected in the ratings of international agencies.

I believe there are significant prospects for growth and further improvement, not only in economic indicators but also in the standard of living of the people in our country.

Therefore, I am optimistic that with hard work, dedication, and focus, we can make 2025 another successful year for our country.

What do you consider to be the biggest risks to our country’s economy? What should be monitored to ensure its growth trajectory?

Risks have always existed and will continue to do so. The important thing is to have a response plan that provides the necessary flexibility.

There is the Recovery and Resilience Plan, which can continue to support the growth trajectory, as well as the 'Vision 2035', which sets in motion a series of actions and measures in this direction.

At present, the greatest risks are primarily external, stemming from geopolitical issues.

Unfortunately, beyond the immeasurable human tragedy, the ripple effects of the recent conflicts are also toxic for economies worldwide.

The economic cost of wars is not negligible when we consider their impact on supply chain disruptions (e.g., the Suez Canal), rising prices of goods and raw materials, the energy crisis, and much more.

If we also factor in environmental risks and migration, we are faced with a spiral of challenges characterized by uncertainty.

What should Cyprus do to become an even more attractive destination for foreign investments? And how important are they to its economy, in your opinion?

Cyprus operates in an environment of heightened geopolitical risks, as previously mentioned, and must first and foremost ensure its position as a pillar of stability and security in the wider region.

At the same time, it is crucial to focus on attracting high-quality, productive foreign investments that will add value to the economy and contribute to its further growth in the future.

I believe that with the right structural reforms and changes—such as improving critical infrastructure, digitization, and the modernization of public administration—Cyprus can unlock even greater potential and strengthen its profile as an investment destination.

Regarding your company’s sector, how do you anticipate it will perform in 2025? Are there any concerns?

The life and health insurance sector has demonstrated resilience and positive growth in recent years.

We expect this upward trend to continue in 2025, reaffirming its strong momentum for yet another year.

Significant changes and innovations expected

What are the major trends/changes you expect to take place in your sector, and what are the key challenges?

Significant innovative changes are anticipated with the gradual adoption of digital transformation in the insurance industry. We are called to balance these new developments while respecting customer habits and addressing their needs.

Ensuring compliance with all necessary regulatory frameworks arising from the use of new technologies and digitization is also of paramount importance.

We are gradually leveraging new technologies such as Artificial Intelligence to enhance our services while simultaneously improving our efficiency. As technology evolves, the customer experience remains a top priority, ensuring that our services are always accessible, user-friendly, and transparent.

On a broader scale, significant shifts are expected in societal and consumer perceptions, as well as demographic changes.

The ESG criteria are becoming increasingly prominent, influencing our operational models, products, and services within the sector.

A strong trend emerging in the Cypriot business landscape is mergers and acquisitions. Will we see this happening in your sector as well?

The trend of mergers and acquisitions is present in the insurance sector, as it is in other areas of the economy.

Insurance companies face multifaceted challenges, making mergers and acquisitions potentially attractive options.

However, careful strategic moves are required, with a focus on the sustainability of the insurance market and the protection of policyholders' interests.

What should we expect regarding your organization's growth plans and strategy for 2025? What steps do you intend to take in this direction?

At Eurolife, for 35 years, we have been by our customers' side. We care for and support them, their families, and their businesses by offering protection and security when facing life's challenges and unexpected events.

The strong relationship we have built with society has established us as a leading company in the insurance sector, providing our customers with the opportunity to choose plans based on three key pillars that meet all their needs: financial security, savings, and health.

At Eurolife, we continuously invest in the training and development of our Insurance Advisors to ensure that, in critical moments, our customers have their trusted person by their side.

With professionalism, experience, expertise, and the right infrastructure, Eurolife’s human network delivers high-level service, offering solutions to our customers' problems and challenges.

We will continue in 2025 with the same values, fulfilling our customers' dreams for the future with the reliability and trust that distinguish us. This is further affirmed by our recognition as the leading Life Insurance Company in Cyprus at the Global Insurance Awards 2024, organized by the international financial magazine World Finance.