The insurance industry in Malta has changed significantly during the past decade. Competitive pressures demand greater focus on growth strategies, operating efficiency and customer satisfaction.
This comes at a time when the industry is acclimatising to the Solvency II regime, a changing accounting framework and the EU’s General Data Protection Regulation. The exploitation of ‘big data’, is challenging the way the industry assesses customer behaviour and prices policies.
Malta has become an attractive centre for cross-border insurance passporting throughout EU, including captives. Malta is particularly renowned for its innovative cell company legislation, which allows for the concept of incorporating a segregated insurance cell within an already existing insurance core structure, benefitting from cost and capital synergies.
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 in Malta is the leading advisor to the insurance industry in Malta, and has been for a number of years. We currently service seven of the eight domestic insurance companies, with a strong market share when also considering non-domestic principals. This market presence is significantly greater than that of any other audit firm, and gives us a huge base of experience and knowledge of insurance market practices, issues and developments.
We are also very well placed to provide assistance in matters pertaining to Solvency II, and the second phase of IFRS 4 (insurance contracts) that present the greatest shake-up in regulation, accounting and reporting in a generation. A key focus of the continuing debate within Europe over IFRS for Insurance Contracts is how closely the basis of measurement will correspond to Solvency II. Alignment between IFRS and Solvency II would open up valuable synergies in data management, modelling and investor relations, and enables companies to avoid expense and disruption of ‘digging up the road twice’.
PwC in Malta has unrivalled strength and depth of specialist insurance resources at all levels and in all disciplines allowing us to assist you with various services including: