Risk powers performance
The Maltese Insurance industry regulatory environment
Deloitte Malta Insurance Services Brochure
What is the current situation for the Insurance industry in Malta?
The Insurance sector in Malta continues to evolve facing ever-increasing competition and regulatory requirements, amidst economic uncertainty.
Challenges faced by the insurance industry Malta’s unemployment rate is at historically low levels and the growing insurance sector is finding it harder than ever to attract and retain suitable talent.
This issue is exacerbated by the introduction of Solvency II which is stretching human and other resources within organisations. 2017 and 2018 also look challenging in terms of new regulatory requirements. It is key for insurers to prepare effectively for upcoming regulatory changes.
The Insurance Distribution Directive is expected to be transposed into Maltese law in February 2018. It will require changes in sales and distribution processes, especially for the life and on-life sectors with regulatory effects likely to impact heavily on brokers and agents. May 2018 will see the introduction of an EU Regulation related to Data Protection (the GDPR). This regulation increases consumer privacy rights significantly and will have a number of important implications for the insurance industry.
In addition, insurers will be excpected to maintain functions such as risk management and internal audit which are critical for ongoing compliance.