MaltaMedia.com

The number of managed insurance companies in Malta, annual gross premium written by them and the number of jobs created in this sector have increased substantially over the last couple of years. These results were presented by the Malta Insurance Management Association in their 2010 Market Survey Report.

Minister of Finance, the Economy and Investment Tonio Fenech described these results as very positive, considering that the insurance management sector has only been a reality in Malta for the past four years. He remarked that these results emphasize the growing role being played by the financial services sector in our country, which has withstood the international crisis and continued to grow even last year.

This growth includes an increase in the number of managed insurance companies and cells in protected cell companies has increased from 20 in 2008 to 41 in 2010; assets under management have increased exponentially from €555,305,454 in 2008 to €1,099,657,011 in the 2010 survey. Similarly, annual gross premium written by the insurance companies and cells under management has grown 68% since 2008.

The number of local staff employed has grown 27% to 90 full-time employees and 15 part-timers; and the number of nights in local hotels occupied by international insurance clients has increased substantially to 1383 bed nights which represents an increase of more than 135% since 2008.

In his reaction to these results, Tonio Fenech also looked at the wider insurance sector, of which insurance management is becoming an important contributor, noting that growth in this field since EU accession in 2004 has been six-fold, with employment more than doubling, standing at over 1000 jobs. The Minister thanked the Malta Insurance Managers Association for its important contribution towards the growth in this sector. The Minister also expressed his appreciation towards the sterling work of Finance Malta for its successes in marketing Malta as a financial services destination of excellence.

Kenneth Farrugia, Finance Malta’s Chairman introduced the press conference with an overview of recent promotional activities organised by Finance Malta while Evander Borg and Matthew Bianchi, respectively Chairman and Secretary of the Malta Insurance Management Association delivered the presentation about the survey results.

Favourite Channel News reports in more detail: