Life insurance - Malta | Statista Market Forecast

The Life insurance market market in Malta is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is set to reach US$980.20m by 2024.
This emphasizes the country's growing interest in Life insurance market.
In 2024, the average spending per capita in the Life insurance market market is estimated to be US$1.83k.
This figure indicates the amount of money spent by each individual on Life insurance market policies, highlighting the importance of this market segment to the Maltese population.
Furthermore, the gross written premium is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.04%.
This steady growth is expected to lead to a market volume of US$1.20bn by 2029, showcasing the increasing demand for Life insurance market products in Malta.
When compared globally, it is worth noting that the United States is the frontrunner in terms of gross written premium.
In 2024, the United States is projected to generate a substantial amount of US$1.3tn in this market segment.
This highlights the dominant position of the United States in the global Life insurance market.
Malta's life insurance market is experiencing a surge in demand due to the country's aging population and increasing awareness of the need for financial protection.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

Over the past few years, the Life insurance market in Malta has been experiencing steady growth and development. Customer preferences in Malta lean towards life insurance products that offer a combination of protection and investment benefits. Customers are increasingly looking for policies that not only provide financial security for their loved ones but also offer opportunities for wealth accumulation or retirement planning. Trends in the market show a shift towards more personalized and flexible life insurance products in Malta. Insurers are adapting to meet the changing needs of customers by offering customizable policies that cater to individual preferences and financial goals. Additionally, there is a growing demand for digital solutions in the life insurance sector, with more customers opting for online platforms to purchase and manage their policies. Local special circumstances, such as Malta's strategic location and strong regulatory framework, have contributed to the growth of the life insurance market in the country. The presence of international insurance companies and the country's reputation as a financial services hub have attracted foreign investments and expertise, further driving the development of the sector. Underlying macroeconomic factors, including Malta's stable economic growth and low interest rate environment, have also played a role in shaping the life insurance market. With a growing economy and favorable business conditions, customers in Malta are more inclined to invest in long-term financial products like life insurance to secure their future and protect their assets. Overall, the Life insurance market in Malta is poised for continued growth and innovation, driven by evolving customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.