Insurances - Malta | Statista Market Forecast

The Insurances market in Malta is expected to reach a projected market size (gross written premium) of US$2.02bn in 2024.
Among the different segments, Non-Life Insurances dominate the market with a projected market volume of US$1.04bn in 2024.
The average spending per capita in the Insurances market is estimated to be US$3.77k in 2024.
When compared globally, it is evident that the United States has the highest nominal value, reaching US$3.8tn in 2024.
The gross written premium is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 3.13%, resulting in a market volume of US$2.36bn by 2029.
It is worth noting that the United States will continue to generate the highest gross written premium in 2024, amounting to US$3.8tn.
The insurance market in Malta is experiencing a growing demand for innovative digital solutions to cater to the tech-savvy population.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. 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.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Malta has been experiencing significant growth and development in recent years. Customer preferences in the Maltese insurance market have been shifting towards more personalized and comprehensive insurance products. Customers are increasingly seeking tailored solutions that meet their specific needs and provide greater coverage and benefits. This trend is in line with global consumer behavior, where individuals are looking for more value and customization in their insurance policies. Trends in the market indicate a rise in digitalization and technology adoption by insurance companies in Malta. Insurers are leveraging technology to streamline processes, improve customer experience, and offer innovative products and services. This digital transformation is enhancing operational efficiency and enabling insurers to reach a wider customer base through online channels. Local special circumstances in Malta, such as its strategic location and growing economy, are contributing to the development of the insurance market. The country's stable political environment and supportive regulatory framework have attracted foreign insurers to establish a presence in Malta. This influx of international players has increased competition in the market, leading to more choices for customers and driving innovation. Underlying macroeconomic factors, including Malta's strong economic performance and increasing disposable income levels among its population, are fueling the growth of the insurance market. As the Maltese economy continues to expand, individuals and businesses have a greater capacity to invest in insurance products to protect their assets and mitigate risks. This favorable economic environment is creating opportunities for insurers to expand their offerings and capture a larger market share. Overall, the Insurances market in Malta is evolving to meet the changing needs and preferences of customers, driven by technological advancements, favorable local circumstances, and robust macroeconomic fundamentals.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.