Non-life insurances - Malta | Statista Market Forecast

The Non-life insurance market in Malta is projected to reach a market size (gross written premium) of US$1.04bn in 2024.
In the same year, the average spending per capita in the Non-life insurance market is estimated to be US$1.94k.
Looking ahead, the market is expected to experience an annual growth rate (CAGR 2024-2029) of 2.25%, resulting in a market volume of US$1.17bn by 2029.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium in the Non-life insurance market, reaching US$2.5tn in 2024.
The non-life insurance market in Malta is experiencing a surge in demand, driven by the country's robust economy and favorable regulatory environment.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

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.

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.