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Non-Life Insurance in Malta, Key Trends and Opportunities to 2019

Non-Life Insurance in Malta, Key Trends and Opportunities to 2019


  • Products Id :- IS1236MR
  • |
  • Pages: 122
  • |
  • June 2016
  • |
  • |
  Request for Sample Report

Executive Summary

Timetric's 'Non-Life Insurance in Malta, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Maltese non-life insurance segment, and a comparison of the Maltese insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Maltese economy and demographics, explains the various types of natural hazard and their impact on the Maltese insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Non-Life Insurance in Malta, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Maltese non-life insurance segment, including:

The Maltese non-life insurance segment's detailed outlook by product category

A comprehensive overview of the Maltese economy and demographics

A comparison of the Maltese insurance industry with its regional counterparts

The various distribution channels in the Maltese non-life insurance segment

Detailed analysis of natural hazards and their impact on the Maltese insurance industry

Details of the competitive landscape in the non-life insurance segment in Malta

Details of regulatory policy applicable to the Maltese insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Malta:

It provides historical values for the Maltese non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Maltese non-life insurance segment, and market forecasts to 2019.

It profiles the top non-life insurance companies in Malta, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Maltese non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Maltese non-life insurance segment.

Assess the competitive dynamics in the non-life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Maltese insurance industry, and their impact on companies and the industry's future.

Key Highlights

A unique feature of the Maltese insurance industry is its emergence as a captive insurance and reinsurance domicile. As of 2014, 45 companies were licensed to conduct non-life insurance in the country.

The non-life segment accounted for 63.8% of the industry's gross written premium in 2014. Property insurance was the largest category, and accounted for 65.3% of the non-life gross written premium in 2014.

Motor third-party liability insurance is mandatory. Insurers are rapidly adapting usage-based telematics motor insurance. Motor insurance products for different vehicles such as private, commercial, electric and hybrid, classic and vintage cars are available in Malta.

Malta's economy is dominated by banks, financial services and the online gaming industry, and largely depends on technology and telecommunications. Cyber-risk is the second-largest risk to service sector businesses, and the demand for cyber-liability insurance in Malta is expected to rise over the forecast period.

The sale of general insurance has traditionally been conducted through direct channels in Malta and the continuation of this trend is reflected in the dominance it exhibits as the leading distribution channel.

Insurance companies domiciled outside Malta can be redomiciled in the form of a captive. Malta houses numerous licensed insurance management companies, which can advise on the formation and day-to-day operation of a PCC or ICC or captive company, to companies new to the captive insurance market.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Insurance brokers

6.1.3 Direct marketing

6.1.4 E-commerce

7 Natural Hazards

7.1 Earthquakes and Tornadoes

7.2 Exposure

8 Competitive Landscape

8.1 Leading Insurers in the Maltese Non-Life Segment

8.2 Company Profiles

8.2.1 Mapfre Middlesea Plc-company overview

8.2.2 Atlas Insurance PCC Ltd-company overview

8.2.3 Elmo Insurance Ltd-company overview

8.2.4 GasanMamo Insurance Ltd-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance regulations

9.3.6 Personal accident and health insurance regulations

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Social Security System

9.4.3 Air carriers and aircraft operators insurance

9.4.4 Professional indemnity insurance for healthcare professionals

9.4.5 Professional indemnity insurance for alternative investment fund managers

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Federation of European Risk Management Associations

9.5.4 Ministry of Finance

9.5.5 Malta Financial Services Authority

9.5.6 The Financial Services Tribunal

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Motor Insurance by Product

10.1 Liability Insurance

10.11 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Maltese Real GDP (EUR Billion), 2010-2019

Figure 2: EUR-USD Exchange Rate, 2010-2019

Figure 3: Maltese Consumer Price Inflation (%), 2010-2019

Figure 4: Maltese Current Account Balance as Percentage of GDP (%), 2010-2014

Figure 5: Maltese Unemployment Rate (%), 2010-2019

Figure 6: Maltese Population by Age Group, 1996-2025

Figure 7: Maltese Non-Life Insurance Penetration-Regional Comparison (%), 2014

Figure 8: Maltese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2014

Figure 9: Maltese Non-Life Insurance-Gross Written Premium (EUR Million), 2010-2019

Figure 10: Maltese Non-Life Insurance-Penetration (%), 2010-2019

Figure 11: Maltese Non-Life Insurance-Premium per Capita (EUR), 2010-2019

Figure 12: Maltese Non-Life Insurance-Paid Claims (EUR Million), 2010-2019

Figure 13: Maltese Non-Life Insurance-Profitability Ratio (%), 2010-2019

Figure 14: Maltese Non-Life Insurance-Total Assets (EUR Billion), 2010-2019

Figure 15: Maltese Non-Life Insurance-Investment Portfolio (EUR Million), 2010-2019

Figure 16: Maltese Non-Life Insurance-Investment Portfolio Dynamics by Category, 2010-2019

Figure 17: Maltese Non-Life Insurance-Gross Written Premium by Category (EUR Million), 2010-2019

Figure 18: Maltese Non-Life Insurance-Gross Written Premium Dynamics by Category, 2010-2019

Figure 19: Maltese Property Insurance-Gross Written Premium by Sub-Category (EUR Million), 2010-2019

Figure 20: Maltese Property Insurance-Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 21: Maltese Property Insurance-Paid Claims (EUR Million), 2010-2019

Figure 22: Maltese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019

Figure 23: Total Number of Maltese Licensed Vehicles, 2011-2014

Figure 24: Maltese Motor Insurance-Gross Written Premium by Sub-Category (EUR Million), 2010-2019

Figure 25: Maltese Motor Insurance-Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 26: Maltese Motor Insurance-Paid Claims (EUR Million), 2010-2019

Figure 27: Maltese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019

Figure 28: Maltese Liability Insurance-Gross Written Premium (EUR Million), 2010-2019

Figure 29: Maltese Liability Insurance-Paid Claims (EUR Million), 2010-2019

Figure 30: Maltese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019

Figure 31: Maltese Imports and Exports of Goods and Services (EUR Billion), 2010-2014

Figure 32: Maltese Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million), 2010-2019

Figure 33: Maltese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million), 2010-2019

Figure 34: Maltese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019

Figure 35: Maltese Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019

Figure 36: Malta-The Three Pillars of Solvency II

Figure 37: Malta-Insurance Supervision and Control at Various Levels

Figure 38: Malta-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Maltese Non-Life Insurance-Key Facts, 2014

Table 2: Maltese Government Credit Ratings

Table 3: Maltese Non-Life Insurance-Gross Written Premium (EUR Million and USD Million), 2010-2014

Table 4: Maltese Non-Life Insurance-Penetration (%), 2010-2014

Table 5: Maltese Non-Life Insurance-Gross Written Premium (EUR Million and USD Million), 2014-2019

Table 6: Maltese Non-Life Insurance-Penetration (%), 2014-2019

Table 7: Maltese Non-Life Insurance-Premium per Capita (EUR and USD ), 2010-2014

Table 8: Maltese Non-Life Insurance-Premium per Capita (EUR and USD ), 2014-2019

Table 9: Maltese Non-Life Insurance-Paid Claims (EUR Million and USD Million), 2010-2014

Table 10: Maltese Non-Life Insurance-Paid Claims (EUR Million and USD Million), 2014-2019

Table 11: Maltese Non-Life Insurance-Profitability Ratio (%), 2010-2014

Table 12: Maltese Non-Life Insurance-Profitability Ratio (%), 2014-2019

Table 13: Maltese Non-Life Insurance-Total Assets (EUR Billion and USD Billion), 2010-2014

Table 14: Maltese Non-Life Insurance-Total Assets (EUR Billion and USD Billion), 2014-2019

Table 15: Maltese Non-Life Insurance-Investment Portfolio (EUR Million), 2010-2014

Table 16: Maltese Non-Life Insurance-Investment Portfolio (EUR Million), 2014-2019

Table 17: Maltese Non-Life Insurance-Gross Written Premium by Category (EUR Million), 2010-2014

Table 18: Maltese Non-Life Insurance-Gross Written Premium by Category (EUR Million), 2014-2019

Table 19: Maltese Property Insurance-Gross Written Premium by Sub-Category (EUR Million), 2010-2014

Table 20: Maltese Property Insurance-Gross Written Premium by Sub-Category (EUR Million), 2014-2019

Table 21: Maltese Property Insurance-Paid Claims (EUR Million and USD Million), 2010-2014

Table 22: Maltese Property Insurance-Paid Claims (EUR Million and USD Million), 2014-2019

Table 23: Maltese Property Insurance-Loss Ratio (%), 2010-2014

Table 24: Maltese Property Insurance-Loss Ratio (%), 2014-2019

Table 25: Maltese Motor Insurance-Gross Written Premium by Sub-Category (EUR Million), 2010-2014

Table 26: Maltese Motor Insurance-Gross Written Premium by Sub-Category (EUR Million), 2014-2019

Table 27: Maltese Motor Insurance-Paid Claims (EUR Million and USD Million), 2010-2014

Table 28: Maltese Motor Insurance-Paid Claims (EUR Million and USD Million), 2014-2019

Table 29: Maltese Motor Insurance-Loss Ratio (%), 2010-2014

Table 30: Maltese Motor Insurance-Loss Ratio (%), 2014-2019

Table 31: Maltese Liability Insurance-Gross Written Premium (EUR Million), 2010-2014

Table 32: Maltese Liability Insurance-Gross Written Premium (EUR Million), 2014-2019

Table 33: Maltese Liability Insurance-Paid Claims (EUR Million and USD Million), 2010-2014

Table 34: Maltese Liability Insurance-Paid Claims (EUR Million and USD Million), 2014-2019

Table 35: Maltese Liability Insurance-Loss Ratio (%), 2010-2014

Table 36: Maltese Liability Insurance-Loss Ratio (%), 2014-2019

Table 37: Maltese Transport Network-Global Rankings

Table 38: Maltese Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million), 2010-2014

Table 39: Maltese Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million), 2014-2019

Table 40: Maltese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and USD Million), 2010-2014

Table 41: Maltese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and USD Million), 2014-2019

Table 42: Maltese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2010-2014

Table 43: Maltese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2014-2019

Table 44: Maltese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2010-2014

Table 45: Maltese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2014-2019

Table 46: Maltese Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2010-2019

Table 47: Maltese Average Annual Loss by Hazard, 1990-2014

Table 48: Key Insurers in the Maltese Non-Life Insurance Segment, 2014

Table 49: Mapfre Middlesea Plc-Key Facts

Table 50: Mapfre Middlesea Plc-Key Financials (EUR Million), 2010-2014

Table 51: Atlas Insurance PCC Ltd-Key Facts

Table 52: Atlas Insurance PCC Ltd-Key Financials (EUR Million), 2010-2014

Table 53: Elmo Insurance Ltd-Key Facts

Table 54: Elmo Insurance Ltd-Key Financials (EUR Million), 2010-2014

Table 55: GasanMamo Insurance Ltd-Key Facts

Table 56: GasanMamo Insurance Ltd-Key Financials (EUR Million), 2010-2014

Table 57: Malta-Insurance Regulatory Framework Key Features

Table 58: Malta-Life Insurance Regulatory Framework

Table 59: Malta-Property Insurance Regulatory Framework

Table 60: Malta-Motor Insurance Regulatory Framework

Table 61: Malta-Liability Insurance Regulatory Framework

Table 62: Malta-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 63: Malta-Authorization Fees for Insurers and Reinsurers

Table 64: Malta-Annual Supervisory Fee for Insurance Companies Based on Premium Income

Table 65: Malta-Authorization Fees for Auditor

Table 66: Malta-Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses

Table 67: Malta-Corporate Tax Rates for the Financial Year 2015

Table 68: Maltese Insurance Industry-Policies and Premium, 2010-2014

Table 69: Maltese Insurance Industry-Policies and Premium, 2014-2019

Table 70: Maltese Non-Life Insurance-Claims and Expenses, 2010-2014

Table 71: Maltese Non-Life Insurance-Claims and Expenses, 2014-2019

Table 72: Maltese Non-Life Insurance-Assets and Investments, 2010-2014

Table 73: Maltese Non-Life Insurance-Assets and Investments, 2014-2019

Table 74: Maltese Non-Life Insurance-Direct Marketing, 2010-2014

Table 75: Maltese Non-Life Insurance-Direct Marketing, 2014-2019

Table 76: Maltese Non-Life Insurance-Insurance Brokers and Agencies, 2010-2014

Table 77: Maltese Non-Life Insurance-Insurance Brokers and Agencies, 2014-2019

Table 78: Maltese Non-Life Insurance-Property Insurance, 2010-2014

Table 79: Maltese Non-Life Insurance-Property Insurance, 2014-2019

Table 80: Maltese Non-Life Insurance-Property Insurance by Product, 2010-2014

Table 81: Maltese Non-Life Insurance-Property Insurance by Product, 2014-2019

Table 82: Maltese Non-Life Insurance-Motor Insurance, 2010-2014

Table 83: Maltese Non-Life Insurance-Motor Insurance, 2014-2019

Table 84: Maltese Non-Life Insurance-Motor Insurance by Product, 2010-2014

Table 85: Maltese Non-Life Insurance-Motor Insurance by Product, 2014-2019

Table 86: Maltese Non-Life Insurance-Liability Insurance, 2010-2014

Table 87: Maltese Non-Life Insurance-Liability Insurance, 2014-2019

Table 88: Maltese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2010-2014

Table 89: Maltese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2014-2019

Table 90: Insurance Industry Definitions

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Mapfre Middlesea Plc

Atlas Insurance PCC Ltd

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Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Natural Hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization


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