Life Insurance in Malta, Key Trends and Opportunities to 2018

Life Insurance in Malta, Key Trends and Opportunities to 2018

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Published on Jun 04, 2014 - 218 pages

Life insurance is the second-largest segment in the Maltese insurance industry, accounting for 23.6% of the industry's gross written premium in 2013. Life insurance penetration rose from 3.7% in 2009 to 4.8% in 2013, and is expected to reach 5.4% by 2018. The gross written premium registered by the life segment is expected to increase at a forecast-period CAGR of 6.9%. Individual whole life was the dominant category in the life segment, accounting for 88.9% of the segment's total written premium in 2013.

Report Highlights
  • Life insurance is the second-largest segment in the Maltese insurance industry, accounting for 23.6% of the industry's gross written premium in 2013.
  • Individual whole life was the dominant category in the life segment, accounting for 88.9% of the segment's total written premium in 2013.
  • Malta's growing economy is expected to have a positive impact on the life segment.
  • Maltese life insurers are mostly dependent on bancassurance for selling new life policies, which accounted for 54.2% of the gross written premium from new business in 2013.
  • The Maltese life insurance segment contains both domestic and foreign insurers. As of 2012, nine insurers were licensed to conduct life insurance business in the country.
Report Scope

This report provides a comprehensive analysis of the life insurance segment in Malta:
  • It provides historical values for the Maltese life insurance segment for the report's 2009-2013 review period and projected figures for the 2013-2018 forecast period.
  • It offers a detailed analysis of the key categories in the Maltese life insurance segment, along with market forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for life insurance products in Malta.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Malta for the life insurance business.
  • It provides a detailed analysis of the reinsurance segment in Malta and its growth prospects.
  • It profiles the top life insurance companies in Malta and outlines the key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in depth historic and forecast market data related to the Maltese life insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Maltese life insurance segment
  • Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Maltese insurance industry and its impact on companies and the market's future


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Maltese Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2009-2018
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Life Insurance Outlook
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance
4.1.2 Individual other insurance
4.2 Product and Marketing Strategies
4.3 Life Insurance Growth Prospects by Product Type
4.3.1 Individual single-premium policies
4.3.2 Individual non-single-premium policies
4.4 Life Insurance Growth Prospects by Product Type
4.4.1 Linked-business insurance
4.4.2 Non-linked-business insurance
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
6 Porter's Five Forces Analysis - Maltese Life Insurance
6.1 Bargaining Power of Supplier: Low
6.2 Bargaining Power of Buyer: Medium
6.3 Barriers to Entry: Medium
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Low to Medium
7 Reinsurance Growth Dynamics and Challenges
7.1 Reinsurance Segment Size, 2009-2018
7.2 Reinsurance Segment Size by Type of Insurance, 2009-2018
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Regulations by Type of Insurance
8.2.1 Life insurance regulations
8.2.2 Property insurance regulations
8.2.3 Motor insurance regulations
8.2.4 Marine, aviation and transit insurance regulations
8.2.5 Personal accident and health insurance regulations
8.3 Compulsory Insurance
8.3.1 Motor third-party liability insurance
8.3.2 Social Security System
8.3.3 Air carriers and aircraft operators insurance
8.4 Supervision and Control
8.4.1 International Association of Insurance Supervisors
8.4.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.4.3 Ministry of Finance
8.4.4 Malta Financial Services Authority (MFSA)
8.4.5 The Financial Services Tribunal
8.5 Non-Admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and penalties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.6.10 Fee structure
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Corporate tax
8.7.3 VAT
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Alternative dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Maltese Life Insurance Segment
9.3 Middlesea Insurance Plc - Company Overview
9.3.1 Middlesea Insurance Plc - Key Facts
9.3.2 Middlesea Insurance Plc - Key Financials
9.4 GlobalCapital Plc - Company Overview
9.4.1 GlobalCapital Plc - Key Facts
9.4.2 GlobalCapital Plc - Key Financials
9.5 HSBC Life Insurance (Malta) Ltd - Company Overview
9.5.1 HSBC Life Insurance (Malta) Ltd - Key Facts
9.5.1 HSBC Life Insurance (Malta) Ltd - Key Financials
9.6 MSV Life Plc - Company Overview
9.6.1 MSV Life Plc - Key Facts
9.6.2 MSV Life Plc - Key Financials
9.7 Citadel Insurance Plc - Company Overview


Companies Mentioned:

Middlesea Insurance Plc
GlobalCapital Plc
HSBC Life Insurance (Malta) Ltd
MSV Life Plc
Citadel Insurance Plc