Motor Vehicle Insurance - Malta | Statista Market Forecast

The Motor Vehicle Insurance market market in Malta is expected to reach a projected market size (gross written premium) of US$468.70m in 2024.
The average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$873.20 in 2024.
The gross written premium is projected to experience an annual growth rate (CAGR 2024-2029) of -2.43%, resulting in a market volume of US$414.40m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$341.6bn in 2024.
Malta's motor vehicle insurance market is experiencing a surge in demand due to the country's high car ownership rate and bustling tourism industry.

Definition:

Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.

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.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Malta is experiencing steady growth and evolution, driven by various factors shaping the insurance landscape in the country.

Customer preferences: Customers in Malta are increasingly seeking comprehensive motor vehicle insurance coverage that not only meets the legal requirements but also provides additional benefits such as roadside assistance and coverage for theft and damages. There is a growing demand for personalized insurance solutions that cater to individual needs and preferences, reflecting a broader trend seen in the global insurance market.

Trends in the market: One notable trend in the Maltese Motor Vehicle Insurance market is the rise of digital insurance platforms and InsurTech solutions. Insurers are leveraging technology to streamline the insurance process, offer competitive premiums, and provide a seamless customer experience. This shift towards digitalization is not only enhancing operational efficiency for insurance companies but also making it more convenient for customers to purchase and manage their motor vehicle insurance policies.

Local special circumstances: In Malta, the Motor Vehicle Insurance market is influenced by the relatively high number of vehicles on the road compared to its size and population. This unique characteristic creates a competitive environment among insurance providers, leading to innovative product offerings and pricing strategies to attract and retain customers. Additionally, the regulatory framework in Malta plays a significant role in shaping the motor vehicle insurance market, ensuring consumer protection and fair practices within the industry.

Underlying macroeconomic factors: The economic stability and growth in Malta contribute to the positive performance of the Motor Vehicle Insurance market. As the country experiences economic prosperity and rising disposable incomes, more individuals are purchasing vehicles, thereby driving the demand for motor vehicle insurance. Moreover, the strategic location of Malta as a hub for international business and tourism also influences the insurance market, with specific insurance products tailored to meet the needs of expatriates and foreign visitors. Overall, the Motor Vehicle Insurance market in Malta is on a trajectory of continuous development, characterized by technological advancements, evolving customer preferences, and unique local dynamics that shape the competitive landscape of the insurance industry in the country.

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.

As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.