Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2018

Published: Jun, 2014 | Pages: 227 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Maltese personal accident and health insurance segment, including:
The Maltese personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Maltese personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Malta
Detailed regulatory policies of the Maltese insurance industry
A description of the personal accident and health reinsurance segment in Malta
Porter's Five Forces analysis of the personal accident and health insurance segment 

Summary
The Maltese personal accident and health insurance segment accounted for the lowest share among all the segments in the country's insurance industry during the review period. However, the share of this segment, in terms of gross written premium, improved from 3.7% in 2009 to 6.7% in 2013. Factors such as increase in travel and tourism, rising healthcare expenditure and improved economy aided the growth of the personal accident and health segment during the review period. The written premium of the segment increased at a CAGR of 31.5% during the review period. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Malta:
It provides historical values for the Maltese personal accident and health insurance segment for the report's 2009-2013 review period and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key sub-segments in Maltese personal accident and health insurance segment, along with market forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for personal accident and health insurance products in Malta.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Malta for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Malta and its growth prospects.
It profiles the top personal accident and health insurance companies in Malta and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Maltese personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Maltese personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Maltese insurance segment and its impact on companies and the market's future 
Key Highlights
 The Maltese personal accident and health insurance segment accounted for the lowest share among all the segments in the country's insurance industry during the review period.
The health insurance category was recorded to have the largest share, in terms of gross written premium, of the segment with a share of 53.0% in 2013.
The personal accident category accounted for the second highest share of 46.6%, in terms of gross written premium, of the personal accident and health segment.
The Maltese personal accident and healthcare insurers are mostly dependent on agencies, which accounted for 54.7% of the total gross written premium collected in 2013.
The Maltese personal accident and health insurance segment contains both domestic and foreign insurers.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Maltese Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2009-2018
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Persol Accident and Health Insurance Outlook
4.1 Persol Accident and Health Insurance Growth Prospects by Category
4.1.1 Persol accident insurance
4.1.2 Travel insurance
4.1.3 Health insurance
4.2 Product and Marketing Strategies
5 Alysis by Distribution Channels
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-Commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Alysis - Maltese Persol Accident and Health Insurance
6.1 Bargaining Power of Suppliers: Low
6.2 Bargaining Power of Buyer: Medium to High
6.3 Barriers to Entry: Low to Medium
6.4 Intensity of Rivalry: Medium to High
6.5 Threat of Substitutes: Low
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size, 2009-2018
7.2 Reinsurance Segment Size by Type of Insurance, 2009-2018
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Regulations by Type of Insurance
8.2.1 Life insurance regulations
8.2.2 Property insurance regulations
8.2.3 Motor insurance regulations
8.2.4 Marine, aviation and transit insurance regulations
8.2.5 Persol accident and health insurance regulations
8.3 Compulsory Insurance
8.3.1 Motor third-party liability insurance
8.3.2 Social Security System
8.3.3 Air carriers and aircraft operators insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors
8.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
8.4.3 Ministry of Fince
8.4.4 Malta Fincial Services Authority (MFSA)
8.4.5 The Fincial Services Tribul
8.5 Non-Admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and pelties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.6.10 Fee structure
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Corporate tax
8.7.3 VAT
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Altertive dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Maltese Persol Accident and Health Insurance Segment
9.3 Middlesea Insurance Plc - Company Overview
9.3.1 Middlesea Insurance Plc - Key Facts
9.4 GlobalCapital Plc - Company Overview
9.4.1 GlobalCapital Plc - Key Facts
9.5 Atlas Insurance PCC Ltd - Company Overview
9.5.1 Atlas Insurance PCC Ltd - Key Facts
9.6 Elmo Insurance Ltd - Company Overview
9.6.1 Elmo Insurance Ltd - Key Facts
9.7 GasanMamo Insurance Ltd - Company Overview
9.7.1 GasanMamo Insurance Ltd - Key Facts
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Malta Stock Exchange, Malta
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 GDP by key segments
10.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
10.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
10.2.8 Manufacturing net output at current prices (US$)
10.2.9 Manufacturing net output at current prices as a percentage of GDP
10.2.10 Mining, manufacturing and utilities at current prices (US$)
10.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
10.2.12 Construction net output at current prices, (US$)
10.2.13 Construction net output at current prices as a percentage of GDP
10.2.14 Inflation rate
10.2.15 Exports as a percentage of GDP
10.2.16 Imports as a percentage of GDP
10.2.17 Merchandise exports growth
10.2.18 Merchandise Imports growth
10.2.19 Annual average exchange rate EUR-US$
10.3 Infrastructure
10.3.1 Commercial vehicles exports - total value
10.3.2 Commercial vehicles imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.3.6 Unemployment rate
10.4 Demographics
10.4.1 Total population
10.4.2 Urban and rural populations
10.4.3 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Maltese Insurance - Gross Written Premium by Segment (EUR Million), 2009-2013
Table 3: Maltese Insurance - Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Maltese Insurance - Gross Written Premium by Segment (EUR Million), 2013-2018
Table 5: Maltese Insurance - Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Maltese Insurance - Segmentation (% Share), 2009-2018
Table 7: Maltese Insurance - Direct Written Premium by Segment (EUR Million), 2009-2013
Table 8: Maltese Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Maltese Insurance - Direct Written Premium by Segment (EUR Million), 2013-2018
Table 10: Maltese Insurance - Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Maltese Insurance - Segmentation, Direct Written Premium (Percentage Share), 2009-2018
Table 12: Maltese Persol Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2009-2013
Table 13: Maltese Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 14: Maltese Persol Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2013-2018
Table 15: Maltese Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 16: Maltese Persol Accident and Health Insurance - Earned Premium (EUR Million), 2009-2013
Table 17: Maltese Persol Accident and Health Insurance - Earned Premium (EUR Million), 2013-2018
Table 18: Maltese Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2009-2013
Table 19: Maltese Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Table 20: Maltese Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2013-2018
Table 21: Maltese Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2013-2018
Table 22: Maltese Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2009-2013
Table 23: Maltese Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2009-2013
Table 24: Maltese Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2013-2018
Table 25: Maltese Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2013-2018
Table 26: Maltese Persol Accident and Health Insurance - Retention by Category (EUR Million), 2009-2013
Table 27: Maltese Persol Accident and Health Insurance - Retention by Category (US$ Million), 2009-2013
Table 28: Maltese Persol Accident and Health Insurance - Retention by Category (EUR Million), 2013-2018
Table 29: Maltese Persol Accident and Health Insurance  - Retention by Category (US$ Million), 2013-2018
Table 30: Maltese Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 31: Maltese Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 32: Maltese Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2009-2013
Table 33: Maltese Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2013-2018
Table 34: Maltese Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 35: Maltese Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 36: Maltese Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2009-2013
Table 37: Maltese Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2013-2018
Table 38: Maltese Persol Accident and Health Insurance - Total Assets (EUR Million), 2009-2013
Table 39: Maltese Persol Accident and Health Insurance - Total Assets (EUR Million), 2013-2018
Table 40: Maltese Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2009-2013
Table 41: Maltese Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2013-2018
Table 42: Maltese Persol Accident and Health Insurance - Retentions (EUR Million), 2009-2013
Table 43: Maltese Persol Accident and Health Insurance - Retentions (EUR Million), 2013-2018
Table 44: Maltese Persol Accident Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 45: Maltese Persol Accident Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 46: Maltese Persol Accident Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 47: Maltese Persol Accident Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 48: Maltese Persol Accident Insurance - Loss Ratio (%), 2009-2013
Table 49: Maltese Persol Accident Insurance - Loss Ratio (%), 2013-2018
Table 50: Maltese Travel Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 51: Maltese Travel Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 52: Maltese Travel Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 53: Maltese Travel Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 54: Maltese Travel Insurance - Loss Ratio (%), 2009-2013
Table 55: Maltese Travel Insurance - Loss Ratio (%), 2013-2018
Table 56: Maltese Health Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 57: Maltese Health Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 58: Maltese Health Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 59: Maltese Health Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 60: Maltese Health Insurance - Direct Written Premium (EUR Million), 2009-2013
Table 61: Maltese Health Insurance - Direct Written Premium (EUR Million), 2013-2018
Table 62: Maltese Health Insurance - Loss Ratio (%), 2009-2013
Table 63: Maltese Health Insurance - Loss Ratio (%), 2013-2018
Table 64: Maltese Health Insurance -Retention (EUR Million), 2009-2013
Table 65: Maltese Health Insurance - Retention (EUR Million), 2013-2018
Table 66: Maltese Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2009-2013
Table 67: Maltese Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2013-2018
Table 68: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Direct Marketing (EUR Million), 2009-2013
Table 69: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business  Through Direct Marketing (EUR Million), 2013-2018
Table 70: Maltese Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand),2009-2013
Table 71: Maltese Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand),2013-2018
Table 72: Maltese Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2009-2013
Table 73: Maltese Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2013-2018
Table 74: Maltese Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2009-2013
Table 75: Maltese Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2013-2018
Table 76: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Bancassurance (EUR Million), 2009-2013
Table 77: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Bancassurance (EUR Million), 2013-2018
Table 78: Maltese Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2009-2013
Table 79: Maltese Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2013-2018
Table 80: Maltese Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2009-2013
Table 81: Maltese Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2013-2018
Table 82: Maltese Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2009-2013
Table 83: Maltese Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2013-2018
Table 84: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Agencies (EUR Million), 2009-2013
Table 85: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Agencies (EUR Million), 2013-2018
Table 86: Maltese Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2009-2013
Table 87: Maltese Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2013-2018
Table 88: Maltese Persol Accident and Health Insurance - Number of Agencies, 2009-2013
Table 89: Maltese Persol Accident and Health Insurance - Number of Agencies, 2013-2018
Table 90: Maltese Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2009-2013
Table 91: Maltese Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2013-2018
Table 92: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through E-Commerce (EUR Million), 2009-2013
Table 93: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through E-Commerce (EUR Million), 2013-2018
Table 94: Maltese Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2009-2013
Table 95: Maltese Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2013-2018
Table 96: Maltese Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2009-2013
Table 97: Maltese Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2013-2018
Table 98: Maltese Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2009-2013
Table 99: Maltese Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2013-2018
Table 100: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Brokers (EUR Million), 2009-2013
Table 101: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Brokers (EUR Million), 2013-2018
Table 102: Maltese Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2009-2013
Table 103: Maltese Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2013-2018
Table 104: Maltese Persol Accident and Health Insurance - Number of Brokers, 2009-2013
Table 105: Maltese Persol Accident and Health Insurance - Number of Brokers, 2013-2018
Table 106: Maltese Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2009-2013
Table 107: Maltese Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2013-2018
Table 108: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Other Channels (EUR Million), 2009-2013
Table 109: Maltese Persol Accident and Health Insurance - Gross Written Premium New Business Through Other Channels (EUR Million), 2013-2018
Table 110: Maltese Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2009-2013
Table 111: Maltese Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2013-2018
Table 112: Maltese Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2009-2013
Table 113: Maltese Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2013-2018
Table 114: Maltese Reinsurance by Category (EUR Million), 2009-2013
Table 115: Maltese Reinsurance by Category (US$ Million), 2009-2013
Table 116: Maltese Reinsurance by Category (EUR Million), 2013-2018
Table 117: Maltese Reinsurance by Category (US$ Million), 2013-2018
Table 118: Maltese Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2009-2013
Table 119: Maltese Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2009-2013
Table 120: Maltese Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2013-2018
Table 121: Maltese Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2013-2018
Table 122: Maltese Life Insurance - Percentage of Reinsurance Ceded, 2009-2013
Table 123: Maltese Life Insurance - Percentage of Reinsurance Ceded, 2013-2018
Table 124: Maltese Non-Life Insurance - Percentage of Reinsurance Ceded, 2009-2013
Table 125: Maltese Non-Life Insurance - Percentage of Reinsurance Ceded, 2013-2018
Table 126: Maltese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded, 2009-2013
Table 127: Maltese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded, 2013-2018
Table 128: Malta - Life Insurance Regulatory Framework
Table 129: Malta - Property Insurance Regulatory Framework
Table 130: Malta - Motor Insurance Regulatory Framework
Table 131: Malta - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 132: Malta - Authorization Fees for Insurers and Reinsurers
Table 133: Malta - Annual Fee for Insurance Companies Based on Premium Income
Table 134: Malta - Authorization Fees for Auditor
Table 135: Malta - Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses
Table 136: Malta - Corporate Tax Rates for the Fincial Year 2013
Table 137: Total Number of Insurance and Reinsurance Companies In The Maltese Insurance Industry, 2008 - 2012
Table 138: List of Key Insurers in the Maltese Persol Accident and Health Insurance Segment, 2012
Table 139: Middlesea Insurance Plc, Key Facts
Table 140: GlobalCapital Plc, Key Facts
Table 141: Atlas Insurance PCC Ltd, Key Facts
Table 142: Elmo Insurance Ltd, Key Facts
Table 143: GasanMamo Insurance Ltd, Key Facts