General Liability Insurance - Malta

The General Liability Insurance market market in Malta is expected to reach a market size (gross written premium) of US$126.40m in 2024.
The average spending per capita in the General Liability Insurance market market is projected to amount to US$235.60 in 2024.
Looking ahead, the market is anticipated to experience an annual growth rate (CAGR 2024-2029) of 5.79%, resulting in a market volume of US$167.50m by 2029.
In comparison to other countries, the United States is forecasted to generate the highest gross written premium, estimated at US$178.4bn in 2024.
The General Liability Insurance market in Malta is witnessing a surge in demand due to increased awareness among businesses about the need for comprehensive coverage.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Malta is experiencing a gradual but steady increase in demand and growth.

Customer preferences: Customers in Malta are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and lawsuits. This trend is in line with the global shift towards risk management and the growing awareness among businesses about the importance of liability insurance.

Trends in the market: One notable trend in the Maltese General Liability Insurance market is the rising number of small and medium-sized enterprises (SMEs) opting for liability coverage. As the business landscape in Malta evolves and diversifies, SMEs are recognizing the need for adequate insurance protection to safeguard their operations. Additionally, the market is witnessing an increase in the uptake of specialized liability insurance products tailored to specific industries such as hospitality, construction, and healthcare.

Local special circumstances: Malta's unique position as a hub for financial services, iGaming, and tourism industries plays a significant role in shaping the General Liability Insurance market. The country's thriving business environment and increasing foreign direct investment have led to a growing demand for liability insurance among local and international companies operating in Malta. Moreover, regulatory developments and compliance requirements in key sectors are driving businesses to invest in comprehensive insurance coverage to mitigate potential risks.

Underlying macroeconomic factors: The steady economic growth and stability in Malta are contributing to the positive trajectory of the General Liability Insurance market. As the country's GDP continues to expand and industries diversify, businesses are becoming more aware of the need to protect their assets and operations through liability insurance. Additionally, Malta's strategic location within the European Union and its pro-business policies are attracting foreign investors, further fueling the demand for insurance products, including general liability coverage.

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.