The Maltese are still taking up far less insurance than their European counterparts, according to a report published by Insurance Europe, a federation representing 34 national insurance associations, including Malta’s.

When it comes to life insurance, Malta’s per capita uptake is well below half the EU average, and with non-life insurance, such as home and business insurance, the figures are even lower: almost a third of the European average. Malta also fares poorly in motor insurance but the worst uptake is in health insurance, where Malta’s spend is around €25 per capita while the European average is just over €200.

“If people were not covered for health insurance by their firms as part of their benefits, then the percentage would be even lower,” Malta Insurers’ Association general secretary Adrian Galea said.

In fact, in 2013, the number of individuals covered by private health insurance stood at 97,500 of which 85,000 were insured under group policies.

Average insurance paid per capita in the EU was €1,883 per capita in 2013, while that in Malta was just €783. In 2014, there was a substantial increase in Malta to €910.

This worked out to total premiums of €385.8 million for the island, with most of the increase coming from a 24 per cent increase in life insurance. Maltese insurers paid out €200 million overall in 2014, which includes claims as well as death benefits and other benefits.

The MIA reported that in 2014, it paid out €44 million in motor claims, compared with €66 million in premiums. For health, it paid out 65 per cent of the €23 million received.