The MFSA has published the Insurance Statistical Review for 2013. This report complements the statistics that have been published by the MFSA for the general and long-term insurance and reinsurance business of undertakings with head offices. This report provides an analysis of the insurance and reinsurance business in 2013, comparisons for up to 5 years from 2009 to 2013 and explanations for any significant changes since 2012.
As at 31st December 2013, 60 undertakings were authorised by the MFSA to carry out insurance and reinsurance business in terms of the Insurance Business Act (Cap. 403). The total gross written premiums have increased by 8.0% (€192m) from €2,388m in 2012 to €2,580m in 2013. This is due to the growth in both the general and long-term business by 11.0% (€152m) and by 4.0% (€40m) respectively. In 2012, the increase in gross written premium was observed only for general business.
The gross domestic product in real terms for 2013 was €7.3bn (€6.8bn in 2012), an increase of 6.8% from 2012. The insurance penetration rate, defined as the total gross written premiums with respect to Maltese commitments Malta as a share of the gross domestic product has remained at about 4.7% in 2013.
The report also delves into the payment of claims, which have increased by 21% (€119m) in 2013 [41% (€168m) in 2012] from €577m in 2012 to €696m in 2013. The most significant increase in percentage terms and in Euro amounts was observed in the accident and health business class of 86% and €127m respectively. The net payout ratio has increased from 52% in 2012 to 55% in 2013. This is calculated as the ratio of the net claims paid over the net written premiums.
The trend over the past 5 years shows that the net payout ratio is volatile and that the ratio has decreased significantly for the aviation, marine and transport and credit and suretyship business classes in 2013 due to the decrease in claims paid in 2013.
In 2013, the largest increase of 20% in the net payout ratio was observed in the accident and health business class, whilst the largest decrease of 362% was observed in the aviation, marine and transport business class.
The full report may be accessed through: http://goo.gl/QGfXhK
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