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

Published: Jun 30, 2016 | Pages: 122 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
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.
 Table of Contents
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
List of Tables
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 US$ Million), 2010-2014 Table 4: Maltese Non-Life Insurance- Penetration (%), 2010-2014 Table 5: Maltese Non-Life Insurance- Gross Written Premium (EUR Million and US$ Million), 2014-2019 Table 6: Maltese Non-Life Insurance- Penetration (%), 2014-2019 Table 7: Maltese Non-Life Insurance- Premium per Capita (EUR and US$), 2010-2014 Table 8: Maltese Non-Life Insurance- Premium per Capita (EUR and US$), 2014-2019 Table 9: Maltese Non-Life Insurance- Paid Claims (EUR Million and US$ Million), 2010-2014 Table 10: Maltese Non-Life Insurance- Paid Claims (EUR Million and US$ 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 US$ Billion), 2010-2014 Table 14: Maltese Non-Life Insurance- Total Assets (EUR Billion and US$ 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 US$ Million), 2010-2014 Table 22: Maltese Property Insurance- Paid Claims (EUR Million and US$ 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 US$ Million), 2010-2014 Table 28: Maltese Motor Insurance- Paid Claims (EUR Million and US$ 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 US$ Million), 2010-2014 Table 34: Maltese Liability Insurance- Paid Claims (EUR Million and US$ 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 US$ Million), 2010-2014 Table 41: Maltese Marine, Aviation and Transit Insurance- Paid Claims (EUR Million and US$ 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


List of Figures
Figure 1: Maltese Real GDP (EUR Billion), 2010-2019 Figure 2: EUR-US$ 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

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