Market Insights Financial Insurances Non-life insurances

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$0.59k 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.

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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.