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The Non-life insurances market in Malta has been experiencing notable developments and trends in recent years.
Customer preferences: Customers in Malta are increasingly seeking non-life insurance products that offer comprehensive coverage and competitive pricing. They prioritize insurers that provide efficient claims processing and excellent customer service. Additionally, there is a growing demand for digital solutions and online platforms that make it easier to purchase and manage insurance policies.
Trends in the market: One prominent trend in the Maltese non-life insurance market is the increasing focus on niche insurance products tailored to specific industries or customer segments. Insurers are diversifying their product offerings to cater to the unique needs of various sectors, such as tourism, healthcare, and construction. Moreover, there is a rising awareness of the importance of cybersecurity insurance in the wake of increasing cyber threats globally.
Local special circumstances: Malta's strategic location in the Mediterranean region has positioned it as a hub for international business and financial services. The country's strong regulatory framework and favorable tax environment have attracted numerous insurance companies to establish a presence in Malta. This has led to a competitive market landscape with a wide range of insurance products available to consumers.
Underlying macroeconomic factors: The steady economic growth and increasing disposable income levels in Malta have contributed to the expansion of the non-life insurance market. As consumers have more purchasing power, they are more inclined to invest in insurance products to protect their assets and mitigate risks. Additionally, Malta's efforts to enhance its regulatory framework and compliance standards have bolstered consumer confidence in the insurance sector, driving further market growth.
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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)