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Synopsis
Timetric’s 'Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Maltese personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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 'Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019' 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 category

• Key trends, drivers and challenges for the personal accident and health insurance segment

• A comprehensive overview of the Maltese economy and demographics

• The various distribution channels in the Maltese personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in Malta

• Details of regulatory policy applicable to the Maltese insurance industry

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 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 personal accident and health insurance segment, and market forecasts to 2019.

• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Maltese personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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
• Malta’s personal accident and health insurance segment performed robustly during the review period at a review-period CAGR of 34.0%.

• An improving economic performance is expected to fuel income levels in Malta, resulting in a rise in the volume of personal accident and health products.

• The penetration of health insurance in Malta is low when compared to other European countries such as UK, Germany and France.

• Malta’s aging population drove health insurance sales during the review period – a trend that is expected to continue over the forecast period. Malta’s development as medical tourism hub is expected to drive growth in private health insurance over the forecast period.

• Rising internet penetration levels, growing consumer awareness of online transactions and reliable payment gateways adopted by insurers are expected to support the emergence of e-commerce over the forecast period. This channel offers the potential to reduce distribution costs and pass savings on to customers in the form of lower premiums.

Table Of Contents

Personal Accident and Health Insurance in Malta, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Personal Accident and Health Insurance Segment Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Personal Accident and Health Insurance Growth Prospects by Category
4.4.1 Personal accident insurance
4.4.2 Travel insurance
4.4.3 Health insurance
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Agencies
5.3 Brokers
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Maltese Personal Accident and Health Insurance Segment
6.2.1 Mapfre Middlesea Plc - company overview
6.2.2 Atlas Insurance PCC Ltd - company overview
6.2.3 Elmo Insurance Ltd - company overview
6.2.4 GasanMamo Insurance Ltd - company overview
6.2.5 GlobalCapital 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

List of Tables
Table 1: Maltese Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Maltese Government Credit Ratings
Table 3: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 4: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 6: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 7: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (EUR Million), 2010-2014
Table 8: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 9: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (EUR Million), 2014-2019
Table 10: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 11: Maltese Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2010-2014
Table 12: Maltese Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2014-2019
Table 13: Maltese Personal Accident and Health Insurance - Paid Claims by Category (EUR Million), 2010-2014
Table 14: Maltese Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2010-2014
Table 15: Maltese Personal Accident and Health Insurance - Paid Claims by Category (EUR Million), 2014-2019
Table 16: Maltese Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2014-2019
Table 17: Maltese Personal Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2010-2014
Table 18: Maltese Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2010-2014
Table 19: Maltese Personal Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2014-2019
Table 20: Maltese Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2014-2019
Table 21: Maltese Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 22: Maltese Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 23: Maltese Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2010-2014
Table 24: Maltese Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2014-2019
Table 25: Maltese Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 26: Maltese Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 27: Maltese Personal Accident and Health Insurance - Total Assets (EUR Million), 2010-2014
Table 28: Maltese Personal Accident and Health Insurance - Total Assets (EUR Million), 2014-2019
Table 29: Maltese Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 30: Maltese Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 31: Maltese Personal Accident Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 32: Maltese Personal Accident Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 33: Maltese Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 34: Maltese Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 35: Maltese Travel Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 36: Maltese Travel Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 37: Maltese Travel Insurance - Loss Ratio (%), 2010-2014
Table 38: Maltese Travel Insurance - Loss Ratio (%), 2014-2019
Table 39: Maltese Health Insurance - Direct Written Premium (EUR Million), 2010-2014
Table 40: Maltese Health Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 41: Maltese Health Insurance - Paid Claims (EUR Million), 2010-2014
Table 42: Maltese Health Insurance - Paid Claims (EUR Million), 2014-2019
Table 43: Maltese Health Insurance - Loss Ratio (%), 2010-2014
Table 44: Maltese Health Insurance - Loss Ratio (%), 2014-2019
Table 45: Maltese Personal Accident and Health Insurance - Direct Marketing Value of Commission (EUR Million), 2010-2014
Table 46: Maltese Personal Accident and Health Insurance - Direct Marketing Value of Commission (EUR Million), 2014-2019
Table 47: Maltese Personal Accident and Health Insurance - Direct Marketing Direct Written Premium (EUR Million), 2010-2014
Table 48: Maltese Personal Accident and Health Insurance - Direct Marketing Direct Written Premium (EUR Million), 2014-2019
Table 49: Maltese Personal Accident and Health Insurance - Agencies' Value of Commission (EUR Million), 2010-2014
Table 50: Maltese Personal Accident and Health Insurance - Agencies' Value of Commission (EUR Million), 2014-2019
Table 51: Maltese Personal Accident and Health Insurance - Agencies' Direct Written Premium (EUR Million), 2010-2014
Table 52: Maltese Personal Accident and Health Insurance - Agencies' Direct Written Premium (EUR Million), 2014-2019
Table 53: Maltese Personal Accident and Health Insurance - Brokers' Value of Commission (EUR Million), 2010-2014
Table 54: Maltese Personal Accident and Health Insurance - Brokers' Value of Commission (EUR Million), 2014-2019
Table 55: Maltese Personal Accident and Health Insurance - Brokers' Direct Written Premium (EUR Million), 2010-2014
Table 56: Maltese Personal Accident and Health Insurance - Brokers' Direct Written Premium (EUR Million), 2014-2019
Table 57: Total Number of Insurance and Reinsurance Companies In The Maltese Insurance Industry, 2010 - 2014
Table 58: Maltese Personal Accident and Health Insurance - Segment Shares (%), 2014
Table 59: Mapfre Middlesea Plc, Key Facts
Table 60: Atlas Insurance PCC Ltd - Key Facts
Table 61: Elmo Insurance Ltd - Key Facts
Table 62: GasanMamo Insurance Ltd - Key Facts
Table 63: GlobalCapital Plc, Key Facts
Table 64: Malta - Insurance Regulatory Framework Key Features
Table 65: Malta - Life Insurance Regulatory Framework
Table 66: Malta - Property Insurance Regulatory Framework
Table 67: Malta - Motor Insurance Regulatory Framework
Table 68: Malta - Liability Insurance Regulatory Framework
Table 69: Malta - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 70: Malta - Authorization Fees for Insurers and Reinsurers
Table 71: Malta - Annual Supervisory Fee for Insurance Companies Based on Premium Income
Table 72: Malta - Authorization Fees for Auditor
Table 73: Malta - Fees to Permit to Cease to Carry on Insurance and Reinsurance Businesses
Table 74: Malta - Corporate Tax Rates for the Financial Year 2015
Table 75: Insurance Industry Definitions

List of Figures
Figure 1: Maltese Real GDP (EUR Billion), 2010-2019
Figure 2: EUR-US$ Exchange Rate, 2010-2019
Figure 3: Maltese Consumer Price Inflation (%), 2010-2019
Figure 4: Maltese Current Account Balance as Percentage of GDP (%), 2010-2014
Figure 5: Maltese Unemployment Rate (%), 2010-2019
Figure 6: Maltese Population by Age Group, 1996-2025
Figure 7: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2010-2019
Figure 8: Maltese Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: Maltese Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 10: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (EUR Million), 2010-2019
Figure 11: Maltese Personal Accident and Health Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 12: Maltese Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 13: Maltese Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2010-2014
Figure 14: Maltese Personal Accident and Health Insurance - Net Earned Premium (EUR Million), 2014-2019
Figure 15: Maltese Personal Accident and Health Insurance - Paid Claims by Category (EUR Million), 2010-2019
Figure 16: Maltese Personal Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2010-2019
Figure 17: Maltese Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 18: Maltese Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 19: Maltese Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2010-2014
Figure 20: Maltese Personal Accident and Health Insurance - Commission and Expenses (EUR Million), 2014-2019
Figure 21: Maltese Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 22: Maltese Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 23: Maltese Personal Accident and Health Insurance - Total Assets (EUR Million), 2010-2014
Figure 24: Maltese Personal Accident and Health Insurance - Total Assets (EUR Million), 2014-2019
Figure 25: Maltese Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 26: Maltese Personal Accident and Health Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 27: Maltese Personal Accident and Health Insurance - Investment Portfolio (EUR Million), 2010-2014
Figure 28: Maltese Personal Accident and Health Insurance - Investment Portfolio (Percentage Share), 2010 and 2014
Figure 29: Maltese Personal Accident and Health Insurance - Penetration (%), 2010-2014
Figure 30: Maltese Personal Accident and Health Insurance - Direct Premium per Capita (EUR), 2010-2014
Figure 31: Maltese Personal Accident Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 32: Maltese Personal Accident Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 33: Maltese Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 34: Maltese Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 35: Maltese Travel Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 36: Maltese Travel Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 37: Maltese Travel Insurance - Loss Ratio (%), 2010-2014
Figure 38: Maltese Travel Insurance - Loss Ratio (%), 2014-2019
Figure 39: Maltese Health Insurance - Direct Written Premium (EUR Million), 2010-2014
Figure 40: Maltese Health Insurance - Direct Written Premium (EUR Million), 2014-2019
Figure 41: Maltese Health Insurance - Paid Claims (EUR Million), 2010-2014
Figure 42: Maltese Health Insurance - Paid Claims (EUR Million), 2014-2019
Figure 43: Maltese Health Insurance - Loss Ratio (%), 2010-2014
Figure 44: Maltese Health Insurance - Loss Ratio (%), 2014-2019
Figure 45: Maltese Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (Percentage Share), 2014 and 2019
Figure 46: Maltese Personal Accident and Health Insurance - Direct Marketing Value of Commission (EUR Million), 2010-2014
Figure 47: Maltese Personal Accident and Health Insurance - Direct Marketing Value of Commission (EUR Million), 2014-2019
Figure 48: Maltese Personal Accident and Health Insurance - Direct Marketing Direct Written Premium (EUR Million), 2010-2014
Figure 49: Maltese Personal Accident and Health Insurance - Direct Marketing Direct Written Premium (EUR Million), 2014-2019
Figure 50: Maltese Personal Accident and Health Insurance - Agencies' Value of Commission (EUR Million), 2010-2014
Figure 51: Maltese Personal Accident and Health Insurance - Agencies' Value of Commission (EUR Million), 2014-2019
Figure 52: Maltese Personal Accident and Health Insurance - Agencies' Direct Written Premium (EUR Million), 2010-2014
Figure 53: Maltese Personal Accident and Health Insurance - Agencies' Direct Written Premium (EUR Million), 2014-2019
Figure 54: Maltese Personal Accident and Health Insurance - Brokers' Value of Commission (EUR Million), 2010-2014
Figure 55: Maltese Personal Accident and Health Insurance - Brokers' Value of Commission (EUR Million), 2014-2019
Figure 56: Maltese Personal Accident and Health Insurance - Brokers' Direct Written Premium (EUR Million), 2010-2014
Figure 57: Maltese Personal Accident and Health Insurance - Brokers' Direct Written Premium (EUR Million), 2014-2019
Figure 58: Malta - The Three Pillars of Solvency II
Figure 59: Malta - Insurance Supervision and Control at Various Levels
Figure 60: Malta - Insurance Regulatory Frameworks for Company Registration and Operation

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