According to the World Economic Forum’s Competitiveness Index of 2008-2009, Malta is ranked 34th (out of 134 countries) for financial market sophistication, with a banking system that is the 10th soundest in the world, Finance Minister Tonio Fenech said on Wednesday.Speaking during the Insurance Rendezvous organized by the Malta Financial Services Authority, Minister Fenech said that since 2004, the insurance sector has grown from 8 domestic insurance companies to 41 insurance and reinsurance companies with gross premiums written for last year expected to go well above €800 million.

The minister further explained the advantages that Malta has in this sector that has continued to grow despite the worsening in the international economic environment.

Minister Fenech stressed that that “Malta is well positioned to continue making headway in this area since its advantages in this sector are many and varied, namely a quality human resource; competitive professional and support services; an internationally accepted tax regime with an extensive network of bilateral treaties; a unique legal system that combines the continental civil law system with Anglo Saxon commercial law principles; an excellent IT and communications infrastructure, and air links with the main financial centres both in Europe and beyond.”

He however acknowledged that one needs to remain vigilant to the challenges posed by the international financial crisis.

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