Malta Insurance Industry – Key Trends and Opportunities to 2026

Pages: 43 Published: September 16, 2022 Report Code: GDIS2554MR

The gross written premium of the Malta insurance industry was EUR623.6 million ($737.7 million) in 2021. The market is expected to achieve a CAGR of more than 6% during the forecast period. The Malta Insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category of the industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Malta economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives 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.

Malta Insurance Industry

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Key Malta Insurance Industry Trends

The Malta Financial Services Authority (MFSA) issued a Circular on adopting the revised guidelines of the European Insurance and Occupational Pensions Authority (EIOPA) on the usage of the Legal Entity Identifier (LEI) for national competent authorities. The guidelines apply to all (re)insurers undertakings and relevant branches and intermediaries operating across borders. The Circular stipulates amendments to the application process and general principles of supervision rules for insurance agents, managers, and brokers, amendments to the application process of tied insurance intermediaries and ancillary insurance intermediaries, as well as towards the pension rules for occupational retirement schemes.

Mapfre Malta joined Malta ESG Alliance in 2022—with the name Malta ESG Alliance (MESGA)—in an initiative to tackle local environmental, social, and governance priorities.

Malta Insurance Industry Segments

The key segments of the Malta insurance industry are life insurance and general insurance. The life insurance segment dominated the total insurance industry.

Life Insurance: The segment grew in 2021, as the Government of Malta has taken several measures in terms of risk coverage and in meeting customer expectations by focusing on the issues pertaining to the sale process and distribution of insurance products.

General Insurance: The government is giving license to new companies for a better consumer experience. For instance, two new general insurance companies were licensed to operate in Malta in 2021. International General Insurance Holdings (IGI), which set up a subsidiary in the country to expand its European operations; and Marco Insurance, which obtained a property and casualty insurance and reinsurance license from the MFSA.

Malta Insurance Industry Analysis, by Segments

Malta Insurance Industry Analysis, by Segments

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Competitive Landscape

Some of the key insurance companies in the Malta insurance industry are Mapfre MSV Life PLC, HSBC Life Assurance (Malta) Limited, Lifestar Insurance Limited, Ivalife Insurance Limited, Citadel Insurance PLC, and Mapfre Middlesea PLC. Among the total life insurers, Mapfre MSV Life PLC was the largest insurer.

Malta Insurance Industry Analysis, by Companies

Malta Insurance Industry Analysis, by Companies

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Malta Insurance Industry Report Overview

Market Size (2021) EUR623.6 million ($737.7 million) (GWP)
CAGR (2021-2026) >6%
Key Segments Life Insurance and General Insurance
Key Companies Mapfre MSV Life PLC, HSBC Life Assurance (Malta) Limited, Lifestar Insurance Limited, Ivalife Insurance Limited, Citadel Insurance PLC, and Mapfre Middlesea PLC

Scope

This report provides a comprehensive analysis of the Malta insurance industry –

  • It provides historical values for the Malta insurance industry for the report’s 2017-21 review period, and projected figures for the 2021-26 forecast period.
  • It offers a detailed analysis of the key categories in the Malta insurance industry, and market forecasts to 2026.
  • It profiles the top 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 Malta insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Malta insurance industry.
  • Assess the competitive dynamics in the Malta insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Mapfre Msv Life Plc
Gasanmamo Insurance Limited
Elmo Insurance Limited
International General Insurance Company (Europe) SE
Mapfre Middlesea Plc
Atlas Insurance PCC Limited
Citadel Insurance
Starr Europe Insurance Limited

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Growth Trends

Premiums and Gross Claims

General Insurance Overview

Growth Trends

Premiums and Profitability

Gross Claims

Competitive Landscape

Insurance Industry – Market Share

Competitors Profiles

Appendix

Frequently Asked Questions

The gross written premium of the Malta insurance industry was EUR623.6 million ($737.7 million) in 2021.

The insurance industry of Malta is expected to achieve a CAGR of more than 6% during the forecast period.

The key segments in the Malta insurance industry are life insurance and general insurance.

Some of the key insurance companies in Malta are Mapfre MSV Life PLC, HSBC Life Assurance (Malta) Limited, Lifestar Insurance Limited, Ivalife Insurance Limited, Citadel Insurance PLC, and Mapfre Middlesea PLC.

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