The number of managed (re)insurers in Malta has almost doubled in two years and the total gross premium written in Malta for 2008 amounted to €512 million, 28% above the previous year's results, a survey has shown.

Tax paid by insurers under management over the same period also doubled from €10 million to €20 million while gross fee revenues generated by management companies in 2008 rose by almost 200% to €3,734,600 from the €1,277,862 generated in the previous year.

The total cash and investments balance for insurers under management increased by 59% to €882,864,426.

The 2009 Managed Insurance Company Survey was conducted by The Malta Insurance Management Association (MIMA) and FinanceMalta.

John Tortell, Chairman of MIMA, said that the international insurance market had become a substantial source of revenue in the financial services sector due largely to unrelenting efforts of all the licensed insurance managers to promote their services worldwide and the work of the regulatory authorities to ensure a consistent application of the laws and regulations. The survey results augured well for the continuing growth of this sector."

Kenneth Farrugia, Chairman of FinanceMalta said that these results further confirmed that the insurance management sector had continued to gain traction.

"The outcome of this survey is even compelling when one considers the economic and financial turmoil faced by the international financial services industry. Malta's insurance management industry has become an important contributor to the growth of the financial services industry, and the practitioners, Regulator and Government must constantly work hand in hand to ensure that Malta retains those pivotal competitive factors that have contributed to the growth achieved so far."

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; Heath Lambert Insurance Management (Malta) 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; Willis Management (Malta) Limited

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