On-going expansion and consolidation across the sector have delivered sustained levels of growth in the industry despite what proved to be a very difficult year internationally. Figures released by the MFSA have confirmed that total premium written by Malta-based insurance companies in 2009 has topped €1 billion.

In the non-life insurance sector gross premiums written (GPW) for 2009 grew by €66 million to €716 million, which represents a 10 per cent increase over the previous year.

This increase was made up of a three per cent increase in relation to risks situated in Malta (from €93 million in 2008 to €96 million in 2009) and an 11 per cent increase in relation to risks situated outside of Malta (from €557 million in 2008 to €621 million in 2009). The most substantial increases were, however, registered in the life insurance sector where GPW climbed from €221 million in 2008 to €327 million in 2009 (a 48 per cent increase). These figures include investment contracts without discretionary participation features (DPF). GPW in respect of commitments where Malta is the country of commitment increased by seven per cent from €182 million in 2008 to €194 million in 2009. GPW in respect of commitments where Malta is not the country of commitment increased from €39 million to €133 million, due to growth in the reinsurance sector.

Business done in Malta through branches or agencies of overseas based companies remained at the same levels as the previous year, €127 million in respect of general business and €3.5 million for long term business.

Meanwhile, so far this year, new licences have been issued to six insurance companies, including one Protected Cell Company (PCC), bringing the total number of insurance companies operating in Malta to 51. Twelve other insurance undertakings operate through cells in PCCs. Various insurance companies have also had their licences extended to cover new classes of business this year.