Malta Insurance News: Gross Premiums Rally

The Malta Financial Services Authority (MFSA), which is authorised to regulate and supervise the conduct of the financial services industry in Malta, has reported that Malta insurance companies have recorded a staggering increase in their annual gross premiums written for the period 2009 – 2010.  During the study period Malta insurance companies have collectively reported a near double of the gross premiums written, with a 45% increase. The MFSA attributed this increase in the main to the authorisation of new Malta insurance companies.  That said a number of already existing undertakings also reported an increase in gross premium written.  With regards to the gross premium written of insurance companies which have their Head Office in Malta, an increase of 43% was seen, this represents a growth from €716m to €1,026m in premia received annually. The MFSA’s results show growth in all sectors of insurance, notably in the sectors fire and damage to property, accident and health, life insurance sector and life and annuity business.