The Maltese insurance industry has changed significantly in the past decade. Competitive pressures, however are demanding greater focus on growth strategies, operating efficiency and customer satisfaction. Malta is also becoming an attractive centre for cross-border insurance and for captive insurance. Malta has been chosen by certain international groups as a base for setting up an insurance company and launch insurance products to be marketed throughout Europe under the EU freedom of service provision.
How can PwC help
PwC is the largest provider of professional services to the insurance industry. This has allowed us to develop unique insights into the challenges, issues, and best practices that engage companies across the industry. PwC provides services to 89% of insurance companies listed on the FT Global 500.
PwC is also the leading advisor to the insurance industry in Malta. We are currently auditors to five of the eight domestic insurance companies. This market share is significantly grater than that of any other audit firm and gives us huge base of experience and knowledge of insurance market practices, issues and developments.
This give us an unrivalled strength and depth of specialist insurance resources at all levels and in all disciplines, audit services, accounting and tax advice, risk management, recruitment and legal services.
We can provide assistance in the move to EU Solvency II and IFRS for insurance contracts (IFRS Phase II) that present the greatest shake-up in reporting and regulation for a generation.
Listed below are some of our service offerings to this sector: