Malta

Axco provides details on the life insurance sector including Maltese market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Malta, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Malta's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Malta report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The domestic life insurance market in Malta is small with both penetration as a share of GDP and per capita premium spend substantially lower than the average for the EU.

As well as life insurance for Maltese citizens, the country is home to a number of entities active elsewhere in the EU and further afield both on a direct and reinsurance basis; premium income from this element of the market in 2019 was EUR 1.05bn ....

Whilst the Maltese are proud of their social security system, it is evident that it is not sustainable in the long term in its current shape and does not sufficiently provide for its old age pensioners: the salary replacement ratios on retirement are low, expected to fall further. Malta faces the common European problems of a growing old age dependency ratio, contributions lost as a result of workers operating in the informal economy and older employees lost to the employment market due to early retirement ....

Private medical insurance (PMI) is an important class of non-life business in Malta, in 2018 accounting for about EUR 33.90mn (USD 40.02mn) in premium, according to MIA, a substantial increase on 2017, attributed to ongoing growth in the expatriate population and price increases to reflect medical inflation.

Penetration of PMI is close to 100% for expatriates, both for the higher paid employees from the EU where cover is an important part of their total remuneration, and for lower ....