Insurance management experiences growth and job creation

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, according to the results of the 2010 market survey report, presented by the Malta Insurance Management Association.

Finance Minister Tonio Fenech described the results as very positive, considering that the insurance management sector has only been a reality in Malta for the past four years.

The results, he said, emphasised the growing role being played by the financial services sector in the country, which 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 from 20 in 2008 to 41 in 2010; assets under management increased exponentially from €555,305,454 in 2008 to €1,099,657,011 in the 2010 survey. Annual gross premium written by the insurance companies and cells under management grew 68 per cent since 2008.

Local staff increased 27 per cent to 90 full-time employees and 15 part-timers; and the number of nights in local hotels occupied by international insurance clients increased to more than 135 per cent since 2008 – to 1,383 bed nights.

Mr Fenech also looked at the wider insurance sector, of which insurance noting that growth in this field since EU accession in 2004 has been six-fold, with employment more than doubling, standing at over 1,000 jobs.