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Property Insurance - Malta

Malta
  • The Property Insurance market market in Malta is expected to witness significant growth in the coming years.
  • According to projections, the market size (gross written premium) is estimated to reach US$317.90m in 2024.
  • This indicates a positive trend in the demand for insurance coverage for properties in the country.
  • Furthermore, the average spending per capita in the Property Insurance market market is anticipated to amount to US$592.20 in 2024.
  • This indicates that individuals in Malta are willing to invest in protecting their properties and assets, thus driving the growth of the market.
  • Looking ahead, the gross written premium is projected to exhibit an annual growth rate (CAGR 2024-2029) of 3.39%.
  • This steady growth rate is expected to result in a market volume of US$375.60m by 2029.
  • This indicates a positive outlook for the Property Insurance market market in Malta, with an increasing number of individuals recognizing the importance of insurance coverage for their properties.
  • In a global perspective, it is worth noting that the United States is expected to generate the highest gross written premium in 2024, reaching an impressive amount of US$240.4bn.
  • This highlights the size and significance of the Property Insurance market market the United States, making it a key player in the global insurance industry.
  • Overall, the Property Insurance market market in Malta is poised for growth, driven by increasing awareness and the need for insurance coverage for properties.
  • As the market expands, it is expected to contribute to the overall economic development of the country.
  • Malta's property insurance market is experiencing a surge in demand due to the country's growing tourism industry and increasing property investments.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

In-Scope

  • Insurance for all damage or loss of property caused by fire and natural forces
  • Insurance for all damage or loss of property caused by crime

Out-Of-Scope

  • All other insurance types, such as life insurance and health insurance
  • Reinsurance
Insurances

Insurances

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Study Details
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    Gross Written Premium

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    Malta, a small island nation in the Mediterranean, has seen significant developments in its Property Insurance market in recent years. Customer preferences in Malta indicate a growing interest in comprehensive property insurance coverage that includes protection against natural disasters, theft, and other risks. Customers are increasingly looking for tailored insurance solutions that offer peace of mind and financial security in the face of unforeseen events. Trends in the market show a shift towards digitalization, with insurance companies in Malta investing in online platforms to streamline the insurance purchasing process and improve customer experience. Additionally, there is a noticeable trend towards sustainable and eco-friendly property insurance options, reflecting a global movement towards environmentally conscious practices. Local special circumstances in Malta, such as its vulnerability to natural disasters like storms and flooding due to its geographical location, have led to an increased awareness of the importance of property insurance among residents. This heightened awareness has driven market growth and encouraged innovation in insurance products to meet the specific needs of Maltese customers. Underlying macroeconomic factors, including steady economic growth and a stable real estate market, have provided a favorable environment for the development of the Property Insurance market in Malta. As the country continues to attract foreign investment and expand its tourism industry, the demand for property insurance is expected to rise further, driving competition and innovation in the market.

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Property and casualty insurance in the United States - statistics & facts

    Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.
    More data on the topic
    Largest global P&C insurance company by revenue
    Berkshire Hathaway
    Net premiums of U.S. P&C insurance sector
    857.3bn USD
    Most profitable mutual P&C insurance company in the U.S.
    Nationwide

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