Eurobank Limited has successfully finalized the merger of its Cypriot insurance subsidiaries, a significant step in consolidating its insurance operations in the region. The merger, completed on October 10, aligns with the Insurance and Reinsurance Business and Other Related Issues Law of 2016 and the Companies Law, Cap. 113. This strategic move transfers all insurance portfolios, assets, and liabilities from Hellenic Life Insurance Company Limited and Pancyprian Insurance Limited to ERB Cyprialife Limited and ERB Asfalistiki Limited, respectively, creating two robust insurance entities under the Eurobank Group umbrella.
In other economic news, Cyprus has reported a general government fiscal surplus of €1.39 billion, equivalent to 4% of its GDP, for the period from January to August 2025. This marks a slight increase from the €1.33 billion surplus recorded during the same timeframe in 2024. The rise in total government revenue, which increased by €641.10 million or 6.80%, reached €10.10 billion compared to €9.46 billion the previous year. Notably, tax revenue from income and wealth saw a significant boost, climbing by €178.30 million or 7.10% to €2.70 billion.
Additionally, Cyprus has emerged as a leader in commercial flight recovery among EU member states, with a remarkable 24.1% increase in air traffic in September 2025 compared to the same month in 2019. While total commercial flights across the EU reached 653,072, marking a 2.6% year-on-year rise, Cyprus outpaced other nations, including Poland and Greece, which saw increases of 22.4% and 21.4%, respectively. This surge in air traffic indicates a strong rebound in tourism and travel, positioning Cyprus favorably within the European aviation landscape.
The Cyprus Shipping Chamber has voiced its support for a joint statement from seven leading international maritime organizations advocating for the adoption of the ‘Net-Zero Framework’ (NZF). This proposal will be discussed at the upcoming Extraordinary Session of the International Maritime Organisation’s Marine Environment Protection Committee, scheduled for October 14 to 17, 2025. The shipping sector, responsible for transporting approximately 90% of global trade, faces significant challenges in decarbonization due to its scale and international nature.
Moreover, the recent Cyprus–Greece Business and Investment Forum emphasized the importance of stronger collaborations between the two nations. The forum, held in Athens, attracted a diverse group of business leaders and highlighted opportunities for joint ventures in sectors such as investment, technology, and innovation. Cyprus’ Minister of Energy, Commerce and Industry, George Papanastasiou, and Greece’s Deputy Minister of Development, Stavros Kalafatis, underscored the potential for enhanced cooperation to drive mutual economic growth.
Cyprus dry bulk fleet shows mixed results this summer
In a separate initiative, a bill aimed at modernizing the legal framework for catering and entertainment venues in Cyprus has been submitted to parliament. This proposed legislation seeks to simplify outdated procedures and enhance competitiveness within the hospitality sector. The bill addresses long-standing gaps in the existing system, aiming to bolster entrepreneurship and improve public safety.
As Cyprus continues to navigate its economic landscape, these developments reflect a commitment to growth, collaboration, and modernization across various sectors.
