Insurance assets under management in Malta have increased from €555,305,454 in 2008 to €1,099,657,011, according to the Malta Insurance Management Association's 2010 Managed Insurance Company Survey.
MIMA conducted the survey - which shows both a consolidation of the market position and a growing industry - over the past three years.
This growth also includes an increase in the number of managed insurance companies and cells in protected cell companies from 20 in 2008 to 41 in 2010. Similarly, annual gross premium written by the insurance companies and cells under management has grown by 68 per cent since 2008.
Tax paid to the government of Malta by insurance companies and cells under management has increased approximately by 336 per cent since 2008 from €10,415,618 to €45,428,412.
The number of local staff employed has grown by 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 has increased substantially to 1,383 bed nights which represents an increase of more than 135 per cent since 2008.
Evander Borg, chairman of MIMA, said: "These numbers clearly reflect the efforts made by all the members of the association, FinanceMalta, the regulatory authorities and all other stakeholders to promote Malta as the insurance destination of choice within the European Union."
Kenneth Farrugia, chairman of FinanceMalta said: "Once again Malta has made great leaps in the insurance management industry. Such figures encourage us at FinanceMalta to maintain our promotional efforts in attracting further insurance business to Malta since this will not only strengthen our economy but also increase jobs, knowledge and wealth."
Finance Minister Tonio Fenech described these results as very positive, considering that the insurance management sector is still in its early growth stage. He said these results emphasise the growing role being played by the financial services sector which withstood the international crisis and still managed to grow last year.
Mr Fenech 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 1,000 jobs. He thanked the Malta Insurance Management Association for its important contribution towards the growth of this sector.
The minister also expressed his appreciation of FinanceMalta's successful marketing of Malta as a financial services destination of excellence.
Mr Fenech said he was confident this important sector of the economy would continue to grow and the government will continue to support its development.
"We are working on more double taxation agreements with a number of countries particularly in Latin America and the Gulf which should open up markets and boost the insurance sector," Mr Fenech said.
Malta has already signed 55 double taxation agreements.
Mr Fenech said a number of insurance companies which were previously located in other jurisdictions had moved to Malta thanks to the country's professional regulatory and legal framework in the financial sector. This, he said, has been duely recognised by organisations such as the OECD.
MIMA, which was set up in 2008, consists of all the licensed insurance managers operating in Malta, and works closely with FinanceMalta to promote Malta as an insurance jurisdiction.
There are currently 13 licensed managers authorised by the Malta Financial Services Authority, namely: Abacus Risk Management Services PCC Limited; Alternative Risk Management (Malta) Limited; AON Insurance Managers (Malta) Limited; Ark Insurance Management (Malta) Limited; FirstUnited Insurance Management Limited; Heritage Insurance Management (Malta) Limited; HSBC Insurance Management (Malta) Limited; International Insurance Management Services Limited; Island Insurance Management Services Limited; JLT Insurance Management Malta Limited; Marsh Management Services Malta Limited; USA Risk Group (Malta) Ltd, and Willis Management (Malta) Limited.