Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019

Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Maltese personal accident and health insurance segment.

It provides 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, 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 'Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Maltese personal accident and health insurance segment, including:

The Maltese personal accident and health insurance segment's growth prospects by insurance category

Key trends, drivers and challenges for the personal accident and health insurance segment

A comprehensive overview of the Maltese economy and demographics

The various distribution channels in the Maltese personal accident and health insurance segment

Details of the competitive landscape in the personal accident and health insurance segment in Malta

Details of regulatory policy applicable to the Maltese insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Malta:

It provides historical values for the Maltese personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Maltese personal accident and health insurance segment.

Assess the competitive dynamics in the personal accident and health 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

Malta's personal accident and health insurance segment performed robustly during the review period at a review-period CAGR of 34.0%.

An improving economic performance is expected to fuel income levels in Malta, resulting in a rise in the volume of personal accident and health products.

The penetration of health insurance in Malta is low when compared to other European countries such as UK, Germany and France.

Malta's aging population drove health insurance sales during the review period-a trend that is expected to continue over the forecast period. Malta's development as medical tourism hub is expected to drive growth in private health insurance over the forecast period.

Rising internet penetration levels, growing consumer awareness of online transactions and reliable payment gateways adopted by insurers are expected to support the emergence of e-commerce over the forecast period. This channel offers the potential to reduce distribution costs and pass savings on to customers in the form of lower premiums.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Personal Accident and Health Insurance Segment Outlook

4.1 Key Drivers

4.2 Key Trends

4.3 Challenges

4.4 Personal Accident and Health Insurance Growth Prospects by Category

4.4.1 Personal accident insurance

4.4.2 Travel insurance

4.4.3 Health insurance

5 Analysis by Distribution Channel

5.1 Direct Marketing

5.2 Agencies

5.3 Brokers

6 Competitive Landscape and Strategic Insights

6.1 Overview

6.2 Leading Companies in the Maltese Personal Accident and Health Insurance Segment

6.2.1 Mapfre Middlesea Plc-company overview

6.2.2 Atlas Insurance PCC Ltd-company overview

6.2.3 Elmo Insurance Ltd-company overview

6.2.4 GasanMamo Insurance Ltd-company overview

6.2.5 GlobalCapital Plc-company overview

7 Governance, Risk and Compliance

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulations

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life insurance

7.3.2 Property insurance

7.3.3 Motor insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance regulations

7.3.6 Personal accident and health insurance regulations

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Social Security System

7.4.3 Air carriers and aircraft operators insurance

7.4.4 Professional indemnity insurance for healthcare professionals

7.4.5 Professional indemnity insurance for alternative investment fund managers

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 European Insurance and Occupational Pensions Authority

7.5.3 Federation of European Risk Management Associations

7.5.4 Ministry of Finance

7.5.5 Malta Financial Services Authority

7.5.6 The Financial Services Tribunal

7.6 Non-Admitted Insurance Regulations

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and penalties

7.7 Company Registration and Operations

7.7.1 Types of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margins

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 Definitions and Methodology

8.1 Definitions

8.2 Methodology

9 About Timetric

9.1 Contact Timetric

9.2 About Timetric

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 Personal Accident and Health Insurance-Gross Written Premium by Category (EUR Million), 2010-2019

Figure 8: Maltese Personal Accident and Health Insurance-Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 9: Maltese Personal Accident and Health Insurance-Gross Written Premium Dynamics by Category, 2010-2019

Figure 10: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (EUR Million), 2010-2019

Figure 11: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 12: Maltese Personal Accident and Health Insurance-Gross Written Premium Dynamics by Category, 2010-2019

Figure 13: Maltese Personal Accident and Health Insurance-Net Earned Premium (EUR Million), 2010-2014

Figure 14: Maltese Personal Accident and Health Insurance-Net Earned Premium (EUR Million), 2014-2019

Figure 15: Maltese Personal Accident and Health Insurance-Paid Claims by Category (EUR Million), 2010-2019

Figure 16: Maltese Personal Accident and Health Insurance-Incurred Loss by Category (EUR Million), 2010-2019

Figure 17: Maltese Personal Accident and Health Insurance-Loss Ratio (%), 2010-2014

Figure 18: Maltese Personal Accident and Health Insurance-Loss Ratio (%), 2014-2019

Figure 19: Maltese Personal Accident and Health Insurance-Commission and Expenses (EUR Million), 2010-2014

Figure 20: Maltese Personal Accident and Health Insurance-Commission and Expenses (EUR Million), 2014-2019

Figure 21: Maltese Personal Accident and Health Insurance-Combined Ratio (%), 2010-2014

Figure 22: Maltese Personal Accident and Health Insurance-Combined Ratio (%), 2014-2019

Figure 23: Maltese Personal Accident and Health Insurance-Total Assets (EUR Million), 2010-2014

Figure 24: Maltese Personal Accident and Health Insurance-Total Assets (EUR Million), 2014-2019

Figure 25: Maltese Personal Accident and Health Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014

Figure 26: Maltese Personal Accident and Health Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019

Figure 27: Maltese Personal Accident and Health Insurance-Investment Portfolio (EUR Million), 2010-2014

Figure 28: Maltese Personal Accident and Health Insurance-Investment Portfolio (Percentage Share), 2010 and 2014

Figure 29: Maltese Personal Accident and Health Insurance-Penetration (%), 2010-2014

Figure 30: Maltese Personal Accident and Health Insurance-Direct Premium per Capita (EUR), 2010-2014

Figure 31: Maltese Personal Accident Insurance-Direct Written Premium (EUR Million), 2010-2014

Figure 32: Maltese Personal Accident Insurance-Direct Written Premium (EUR Million), 2014-2019

Figure 33: Maltese Personal Accident Insurance-Loss Ratio (%), 2010-2014

Figure 34: Maltese Personal Accident Insurance-Loss Ratio (%), 2014-2019

Figure 35: Maltese Travel Insurance-Direct Written Premium (EUR Million), 2010-2014

Figure 36: Maltese Travel Insurance-Direct Written Premium (EUR Million), 2014-2019

Figure 37: Maltese Travel Insurance-Loss Ratio (%), 2010-2014

Figure 38: Maltese Travel Insurance-Loss Ratio (%), 2014-2019

Figure 39: Maltese Health Insurance-Direct Written Premium (EUR Million), 2010-2014

Figure 40: Maltese Health Insurance-Direct Written Premium (EUR Million), 2014-2019

Figure 41: Maltese Health Insurance-Paid Claims (EUR Million), 2010-2014

Figure 42: Maltese Health Insurance-Paid Claims (EUR Million), 2014-2019

Figure 43: Maltese Health Insurance-Loss Ratio (%), 2010-2014

Figure 44: Maltese Health Insurance-Loss Ratio (%), 2014-2019

Figure 45: Maltese Personal Accident and Health Insurance-Direct Written Premium by Distribution Channel (Percentage Share), 2014 and 2019

Figure 46: Maltese Personal Accident and Health Insurance-Direct Marketing Value of Commission (EUR Million), 2010-2014

Figure 47: Maltese Personal Accident and Health Insurance-Direct Marketing Value of Commission (EUR Million), 2014-2019

Figure 48: Maltese Personal Accident and Health Insurance-Direct Marketing Direct Written Premium (EUR Million), 2010-2014

Figure 49: Maltese Personal Accident and Health Insurance-Direct Marketing Direct Written Premium (EUR Million), 2014-2019

Figure 50: Maltese Personal Accident and Health Insurance-Agencies' Value of Commission (EUR Million), 2010-2014

Figure 51: Maltese Personal Accident and Health Insurance-Agencies' Value of Commission (EUR Million), 2014-2019

Figure 52: Maltese Personal Accident and Health Insurance-Agencies' Direct Written Premium (EUR Million), 2010-2014

Figure 53: Maltese Personal Accident and Health Insurance-Agencies' Direct Written Premium (EUR Million), 2014-2019

Figure 54: Maltese Personal Accident and Health Insurance-Brokers' Value of Commission (EUR Million), 2010-2014

Figure 55: Maltese Personal Accident and Health Insurance-Brokers' Value of Commission (EUR Million), 2014-2019

Figure 56: Maltese Personal Accident and Health Insurance-Brokers' Direct Written Premium (EUR Million), 2010-2014

Figure 57: Maltese Personal Accident and Health Insurance-Brokers' Direct Written Premium (EUR Million), 2014-2019

Figure 58: Malta-The Three Pillars of Solvency II

Figure 59: Malta-Insurance Supervision and Control at Various Levels

Figure 60: Malta-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Maltese Personal Accident and Health Insurance-Key Facts, 2014

Table 2: Maltese Government Credit Ratings

Table 3: Maltese Personal Accident and Health Insurance-Gross Written Premium by Category (EUR Million), 2010-2014

Table 4: Maltese Personal Accident and Health Insurance-Gross Written Premium by Category (USD Million), 2010-2014

Table 5: Maltese Personal Accident and Health Insurance-Gross Written Premium by Category (EUR Million), 2014-2019

Table 6: Maltese Personal Accident and Health Insurance-Gross Written Premium by Category (USD Million), 2014-2019

Table 7: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (EUR Million), 2010-2014

Table 8: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (USD Million), 2010-2014

Table 9: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (EUR Million), 2014-2019

Table 10: Maltese Personal Accident and Health Insurance-Direct Written Premium by Category (USD Million), 2014-2019

Table 11: Maltese Personal Accident and Health Insurance-Net Earned Premium (EUR Million), 2010-2014

Table 12: Maltese Personal Accident and Health Insurance-Net Earned Premium (EUR Million), 2014-2019

Table 13: Maltese Personal Accident and Health Insurance-Paid Claims by Category (EUR Million), 2010-2014

Table 14: Maltese Personal Accident and Health Insurance-Paid Claims by Category (USD Million), 2010-2014

Table 15: Maltese Personal Accident and Health Insurance-Paid Claims by Category (EUR Million), 2014-2019

Table 16: Maltese Personal Accident and Health Insurance-Paid Claims by Category (USD Million), 2014-2019

Table 17: Maltese Personal Accident and Health Insurance-Incurred Loss by Category (EUR Million), 2010-2014

Table 18: Maltese Personal Accident and Health Insurance-Incurred Loss by Category (USD Million), 2010-2014

Table 19: Maltese Personal Accident and Health Insurance-Incurred Loss by Category (EUR Million), 2014-2019

Table 20: Maltese Personal Accident and Health Insurance-Incurred Loss by Category (USD Million), 2014-2019

Table 21: Maltese Personal Accident and Health Insurance-Loss Ratio (%), 2010-2014

Table 22: Maltese Personal Accident and Health Insurance-Loss Ratio (%), 2014-2019

Table 23: Maltese Personal Accident and Health Insurance-Commission and Expenses (EUR Million), 2010-2014

Table 24: Maltese Personal Accident and Health Insurance-Commission and Expenses (EUR Million), 2014-2019

Table 25: Maltese Personal Accident and Health Insurance-Combined Ratio (%), 2010-2014

Table 26: Maltese Personal Accident and Health Insurance-Combined Ratio (%), 2014-2019

Table 27: Maltese Personal Accident and Health Insurance-Total Assets (EUR Million), 2010-2014

Table 28: Maltese Personal Accident and Health Insurance-Total Assets (EUR Million), 2014-2019

Table 29: Maltese Personal Accident and Health Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014

Table 30: Maltese Personal Accident and Health Insurance-Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019

Table 31: Maltese Personal Accident Insurance-Direct Written Premium (EUR Million), 2010-2014

Table 32: Maltese Personal Accident Insurance-Direct Written Premium (EUR Million), 2014-2019

Table 33: Maltese Personal Accident Insurance-Loss Ratio (%), 2010-2014

Table 34: Maltese Personal Accident Insurance-Loss Ratio (%), 2014-2019

Table 35: Maltese Travel Insurance-Direct Written Premium (EUR Million), 2010-2014

Table 36: Maltese Travel Insurance-Direct Written Premium (EUR Million), 2014-2019

Table 37: Maltese Travel Insurance-Loss Ratio (%), 2010-2014

Table 38: Maltese Travel Insurance-Loss Ratio (%), 2014-2019

Table 39: Maltese Health Insurance-Direct Written Premium (EUR Million), 2010-2014

Table 40: Maltese Health Insurance-Direct Written Premium (EUR Million), 2014-2019

Table 41: Maltese Health Insurance-Paid Claims (EUR Million), 2010-2014

Table 42: Maltese Health Insurance-Paid Claims (EUR Million), 2014-2019

Table 43: Maltese Health Insurance-Loss Ratio (%), 2010-2014

Table 44: Maltese Health Insurance-Loss Ratio (%), 2014-2019

Table 45: Maltese Personal Accident and Health Insurance-Direct Marketing Value of Commission (EUR Million), 2010-2014

Table 46: Maltese Personal Accident and Health Insurance-Direct Marketing Value of Commission (EUR Million), 2014-2019

Table 47: Maltese Personal Accident and Health Insurance-Direct Marketing Direct Written Premium (EUR Million), 2010-2014

Table 48: Maltese Personal Accident and Health Insurance-Direct Marketing Direct Written Premium (EUR Million), 2014-2019

Table 49: Maltese Personal Accident and Health Insurance-Agencies' Value of Commission (EUR Million), 2010-2014

Table 50: Maltese Personal Accident and Health Insurance-Agencies' Value of Commission (EUR Million), 2014-2019

Table 51: Maltese Personal Accident and Health Insurance-Agencies' Direct Written Premium (EUR Million), 2010-2014

Table 52: Maltese Personal Accident and Health Insurance-Agencies' Direct Written Premium (EUR Million), 2014-2019

Table 53: Maltese Personal Accident and Health Insurance-Brokers' Value of Commission (EUR Million), 2010-2014

Table 54: Maltese Personal Accident and Health Insurance-Brokers' Value of Commission (EUR Million), 2014-2019

Table 55: Maltese Personal Accident and Health Insurance-Brokers' Direct Written Premium (EUR Million), 2010-2014

Table 56: Maltese Personal Accident and Health Insurance-Brokers' Direct Written Premium (EUR Million), 2014-2019

Table 57: Total Number of Insurance and Reinsurance Companies In The Maltese Insurance Industry, 2010-2014

Table 58: Maltese Personal Accident and Health Insurance-Segment Shares (%), 2014

Table 59: Mapfre Middlesea Plc, Key Facts

Table 60: Atlas Insurance PCC Ltd-Key Facts

Table 61: Elmo Insurance Ltd-Key Facts

Table 62: GasanMamo Insurance Ltd-Key Facts

Table 63: GlobalCapital Plc, Key Facts

Table 64: Malta-Insurance Regulatory Framework Key Features

Table 65: Malta-Life Insurance Regulatory Framework

Table 66: Malta-Property Insurance Regulatory Framework

Table 67: Malta-Motor Insurance Regulatory Framework

Table 68: Malta-Liability Insurance Regulatory Framework

Table 69: Malta-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 70: Malta-Authorization Fees for Insurers and Reinsurers

Table 71: Malta-Annual Supervisory Fee for Insurance Companies Based on Premium Income

Table 72: Malta-Authorization Fees for Auditor

Table 73: Malta-Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses

Table 74: Malta-Corporate Tax Rates for the Financial Year 2015

Table 75: Insurance Industry Definitions

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