General Insurance of Cyprus was founded in 1951 by Bank of Cyprus and has since played a leading role in the development of insurance conscience and of the insurance industry. Throughout the years, it is recognized as one of the biggest and most reliable insurance companies in the country. Stands out for its credibility and reliability as well as for the professionalism of its experienced and well-trained staff. The Company offers a comprehensive range of insurance products, meeting the needs of individuals, professionals and businesses, and consistently maintains high service standards both at the point of sale and in claims handling. Socially responsible, with initiatives to support road safety.
History and Evolution
The Board of Directors of Bank of Cyprus, as a prestigious company with an interest in the local economy, decides to establish an Insurance Company, taking into account the operations of at least 55 foreign insurance companies against no local ones. As Cyprus law prohibited the establishment of insurance companies in Cyprus, the company was registered in London on 6 November 1951, after many difficulties and formalities, under the name "General Insurance of Cyprus Ltd", with a capital base of £ 150.000 and founded by Bank of Cyprus and Mortgage Bank of Cyprus.
General Insurance of Cyprus commences operations in the Fire Class on 14 January. By the end of the year, 563 Insurance Contracts had been signed, totalling "Insured Capital" of £1,588,599. The reinsurance company, covering up to 90-95% of claims, is "The Mercantile and General Reinsurance Company Ltd".
Ledra Estates Ltd, which is 50% owned by General Insurance of Cyprus and 50% by Eleni Simou Menardou, is founded to enable "the purchase by Mrs. Eleni Simou Menardou of the central building at the beginning of Ledras Street, which today houses the "Alkmini" hotel, for the purpose of building a new, modern property ...".
Ledra Estates Ltd buys the old Dianello and Vergopoulos factory.
General Insurance of Cyprus pays out compensation for damages caused by fires arising from hostilities.
Launch of the "Burglary, Theft" Insurance Policy 1975 by General Insurance of Cyprus.
General Insurance of Cyprus organises Concerts by the singer Giorgos Dalaras in aid of National Defence, hailed by the mass media as "Super concerts in the National Cause".
General Insurance of Cyprus extends its operations to Greece by obtaining approval for the operation of a branch under the name «Kyprou Asfalistiki».
General Insurance of Cyprus announces Telefthia, a service that allows vehicles to be insured via a simple phone call.
For the first time in Cyprus, General Insurance of Cyprus offers insurance online. Via www.gic.com.cy, the public can complete a proposal (motor, home, travel, hunters, and drivers), find out the cost of insurance and complete the purchase of their policy.
GIC is leading the way again! Their latest innovation, the Drive Safe mobile app, records driving behavior, helping drivers to become even better on the road and to drive more eco-friendly. With Drive Safe, the driver is given information at the end of every journey about their driving behavior and a score (0 – 100). The driver is immediately able to recognize weak areas in their driving and improve on them straight away during their next trip.