Life Insurance in Malta, Key Trends and Opportunities to 2019

Published: Jun, 2016 | Pages: 163 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Life Insurance in Malta, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Maltese life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Maltese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric's 'Life Insurance in Malta, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Maltese life insurance segment, including:

The Maltese life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Maltese economy and demographics

The various distribution channels in the Maltese life insurance segment

Details of the competitive landscape in the life insurance segment in Malta

Details of regulatory policy applicable to the Maltese insurance industry
Scope
This report provides a comprehensive analysis of the life insurance segment in Malta:

It provides historical values for the Maltese life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Maltese life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in Malta.

It profiles the top life insurance companies in Malta and outlines the key regulations affecting them.

Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Maltese life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Maltese life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Maltese insurance industry, and their impact on companies and the industry's future.

Key Highlights
A unique feature of the Maltese insurance industry is its emergence as a captive insurance and reinsurance domicile.

The Maltese life segment accounted for 28.1% of the total insurance gross written premium in 2014.

Individual whole life remained the key category in the segment during the review period, accounting for 79.6% of the life insurance gross written premium in 2014.

The third pillar pension reforms came into force on January 2015, allowing Maltese insurers to market personal retirement products.

The life segment recorded a growth in investment income during the review period, primarily due to a strong investment portfolio and a mix of equities and bonds.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Group whole life insurance
4.6 Life Insurance Growth Prospects by Product Type
4.6.1 Individual single-premium insurance
4.6.2 Individual non-single-premium insurance
4.6.3 Total linked insurance business
4.6.4 Total non-linked insurance business
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 Brokers
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Maltese Life Insurance Segment
6.2.1 GlobalCapital Plc- company overview
6.2.2 MSV Life Plc- company overview
6.2.3 HSBC Life Insurance (Malta) Ltd- company overview
6.2.4 Citadel Insurance Plc- company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance regulations
7.3.6 Personal accident and health insurance regulations
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Social Security System
7.4.3 Air carriers and aircraft operators insurance
7.4.4 Professional indemnity insurance for healthcare professionals
7.4.5 Professional indemnity insurance for alternative investment fund managers
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 European Insurance and Occupational Pensions Authority
7.5.3 Federation of European Risk Management Associations
7.5.4 Ministry of Finance
7.5.5 Malta Financial Services Authority
7.5.6 The Financial Services Tribunal
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Maltese Life Insurance- Key Facts, 2014
Table 2: Maltese Government Credit Ratings
Table 3: Maltese Life Insurance- Gross Written Premium by Category (EUR Million), 2010-2014
Table 4: Maltese Life Insurance- Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Maltese Life Insurance- Gross Written Premium by Category (EUR Million), 2014-2019
Table 6: Maltese Life Insurance- Gross Written Premium by Category (US$ Million), 2014-2019
Table 7: Maltese Life Insurance- New Business Direct Written Premium (EUR Million), 2010-2014
Table 8: Maltese Life Insurance- New Business Direct Written Premium (EUR Million), 2014-2019
Table 9: Maltese Life Insurance- Net Earned Premium (EUR Million), 2010-2014
Table 10: Maltese Life Insurance- Net Earned Premium (EUR Million), 2014-2019
Table 11: Maltese Life Insurance- Paid Claims (EUR Million), 2010-2014
Table 12: Maltese Life Insurance- Paid Claims (EUR Million), 2014-2019
Table 13: Maltese Life Insurance- Number of Policies per Capita, 2010-2014
Table 14: Maltese Life Insurance- Number of Policies per Capita, 2014-2019
Table 15: Maltese Life Insurance- Commissions and Expenses (EUR Million), 2010-2014
Table 16: Maltese Life Insurance- Commissions and Expenses (EUR Million), 2014-2019
Table 17: Maltese Life Insurance- Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 18: Maltese Life Insurance- Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 19: Maltese Life Insurance- Renewal Business Direct Written Premium (EUR Million), 2010-2014
Table 20: Maltese Life Insurance- Renewal Business Direct Written Premium (EUR Million), 2014-2019
Table 21: Maltese Life Insurance- Total Assets (EUR Billion), 2010-2014
Table 22: Maltese Life Insurance- Total Assets (EUR Billion), 2014-2019
Table 23: Maltese Life Insurance- Net Written Premium (EUR Million), 2010-2014
Table 24: Maltese Life Insurance- Net Written Premium (EUR Million), 2014-2019
Table 25: Maltese Individual Life Insurance- Gross Written Premium by Category (EUR Million), 2010-2014
Table 26: Maltese Individual Life Insurance- Gross Written Premium by Category (US$ Million), 2010-2014
Table 27: Maltese Individual Life Insurance- Gross Written Premium by Category (EUR Million), 2014-2019
Table 28: Maltese Individual Life Insurance- Gross Written Premium by Category (US$ Million), 2014-2019
Table 29: Maltese Individual Life Insurance- Direct Written Premium by Category (EUR Million), 2010-2014
Table 30: Maltese Individual Life Insurance- Direct Written Premium by Category (US$ Million), 2010-2014
Table 31: Maltese Individual Life Insurance- Direct Written Premium by Category (EUR Million), 2014-2019
Table 32: Maltese Individual Life Insurance- Direct Written Premium by Category (US$ Million), 2014-2019
Table 33: Maltese Individual Whole Life Insurance- Direct Written Premium (EUR Million), 2010-2014
Table 34: Maltese Individual Whole Life Insurance- Direct Written Premium (EUR Million), 2014-2019
Table 35: Maltese Other Individual Life Insurance- Direct Written Premium (EUR Million), 2010-2014
Table 36: Maltese Other Individual Life Insurance- Direct Written Premium (EUR Million), 2014-2019
Table 37: Maltese Group Whole Life Insurance- Direct Written Premium (EUR Million), 2010-2014
Table 38: Maltese Group Whole Life Insurance- Direct Written Premium (EUR Million), 2014-2019
Table 39: Maltese Individual Single-Premium Insurance- Gross Written Premium (EUR Million), 2010-2014
Table 40: Maltese Individual Single-Premium Insurance- Gross Written Premium (EUR Million), 2014-2019
Table 41: Maltese Individual Single-Premium Insurance- Direct Written Premium (EUR Million), 2010-2014
Table 42: Maltese Individual Single-Premium Insurance- Direct Written Premium (EUR Million), 2014-2019
Table 43: Maltese Individual Non-Single-Premium Insurance- Gross Written Premium (EUR Million), 2010-2014
Table 44: Maltese Individual Non-Single-Premium Insurance- Gross Written Premium  (EUR Million), 2014-2019
Table 45: Maltese Individual Non-Single-Premium Insurance- Direct Written Premium (EUR Million), 2010-2014
Table 46: Maltese Individual Non-Single-Premium Insurance- Direct Written Premium  (EUR Million), 2014-2019
Table 47: Maltese Linked Insurance Business- Gross Written Premium (EUR Million), 2010-2014
Table 48: Maltese Linked Insurance Business- Gross Written Premium (EUR Million), 2014-2019
Table 49: Maltese Linked Insurance Business- Direct Written Premium (EUR Million), 2010-2014
Table 50: Maltese Linked Insurance Business- Direct Written Premium (EUR Million), 2014-2019
Table 51: Maltese Non-Linked Insurance Business- Gross Written Premium (EUR Million), 2010-2014
Table 52: Maltese Non-Linked Insurance Business- Gross Written Premium  (EUR Million), 2014-2019
Table 53: Maltese Non-Linked Insurance Business- Direct Written Premium (EUR Million), 2010-2014
Table 54: Maltese Non-Linked Insurance Business- Direct Written Premium  (EUR Million), 2014-2019
Table 55: Maltese Life Insurance- Direct Marketing Value of Commissions (EUR Million), 2010-2014
Table 56: Maltese Life Insurance- Direct Marketing Value of Commissions (EUR Million), 2014-2019
Table 57: Maltese Life Insurance- Direct Marketing New Business Direct Written Premium (EUR Million), 2010-2014
Table 58: Maltese Life Insurance- Direct Marketing New Business Direct Written Premium (EUR Million), 2014-2019
Table 59: Maltese Life Insurance- New Policies Sold Through Direct Marketing (Thousand), 2010-2014
Table 60: Maltese Life Insurance- New Policies Sold Through Direct Marketing (Thousand), 2014-2019
Table 61: Maltese Life Insurance- Bancassurance Value of Commissions (EUR Million), 2010-2014
Table 62: Maltese Life Insurance- Bancassurance Value of Commissions (EUR Million), 2014-2019
Table 63: Maltese Life Insurance- Bancassurance New Business Direct Written Premium (EUR Million), 2010-2014
Table 64: Maltese Life Insurance- Bancassurance New Business Direct Written Premium (EUR Million), 2014-2019
Table 65: Maltese Life Insurance- New Policies Sold Through Bancassurance (Thousand), 2010-2014
Table 66: Maltese Life Insurance- New Policies Sold Through Bancassurance (Thousand), 2014-2019
Table 67: Maltese Life Insurance- Number of Banking Entities, 2010-2014
Table 68: Maltese Life Insurance- Number of Banking Entities, 2014-2019
Table 69: Maltese Life Insurance- Agencies' Value of Commissions (EUR Million), 2010-2014
Table 70: Maltese Life Insurance- Agencies' Value of Commissions (EUR Million), 2014-2019
Table 71: Maltese Life Insurance- Agencies' New Business Direct Written Premium (EUR Million), 2010-2014
Table 72: Maltese Life Insurance- Agencies' New Business Direct Written Premium (EUR Million), 2014-2019
Table 73: Maltese Life Insurance- New Policies Sold Through Agencies (Thousand), 2010-2014
Table 74: Maltese Life Insurance- New Policies Sold Through Agencies (Thousand), 2014-2019
Table 75: Maltese Life Insurance- Number of Insurance Agents, 2010-2014
Table 76: Maltese Life Insurance- Number of Insurance Agents, 2014-2019
Table 77: Maltese Life Insurance- Brokers' Value of Commissions (EUR Million), 2010-2014
Table 78: Maltese Life Insurance- Brokers' Value of Commissions (EUR Million), 2014-2019
Table 79: Maltese Life Insurance- Brokers' New Business Direct Written Premium (EUR Million), 2010-2014
Table 80: Maltese Life Insurance- Brokers' New Business Direct Written Premium (EUR Million), 2014-2019
Table 81: Maltese Life Insurance- New Policies Sold Through Brokers (Thousand), 2010-2014
Table 82: Maltese Life Insurance- New Policies Sold Through Brokers (Thousand), 2014-2019
Table 83: Maltese Life Insurance- Number of Insurance Brokers, 2010-2014
Table 84: Maltese Life Insurance- Number of Insurance Brokers, 2014-2019
Table 85: Total Number of Insurance and Reinsurance Companies In The Maltese Insurance Industry, 2010- 2014
Table 86: Maltese Life Insurance- Segment Shares (%), 2014
Table 87: GlobalCapital Plc, Key Facts
Table 88: GlobalCapital Plc, Key Financials (EUR Million), 2010-2014
Table 89: MSV Life Plc, Key Facts
Table 90: MSV Life Plc, Key Financials (EUR Million), 2009-2013
Table 91: HSBC Life Insurance (Malta) Ltd, Key Facts
Table 92: HSBC Life Insurance (Malta) Ltd, Key Financials (EUR Million), 2010-2014
Table 93: Citadel Insurance Plc, Key Facts
Table 94: Malta- Insurance Regulatory Framework Key Features
Table 95: Malta- Life Insurance Regulatory Framework
Table 96: Malta- Property Insurance Regulatory Framework
Table 97: Malta- Motor Insurance Regulatory Framework
Table 98: Malta- Liability Insurance Regulatory Framework
Table 99: Malta- Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 100: Malta- Authorization Fees for Insurers and Reinsurers
Table 101: Malta- Annual Supervisory Fee for Insurance Companies Based on Premium Income
Table 102: Malta- Authorization Fees for Auditor
Table 103: Malta- Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses
Table 104: Malta- Corporate Tax Rates for the Financial Year 2015
Table 105: Insurance Industry Definitions