Malta insurance market
Malta is an EU member state and eurozone country whose insurance sector serves two distinct markets: a small domestic retail market and a large international market. The domestic market is served by a handful of local composite insurers and is characterised by insurance penetration below the EU average. Malta has simultaneously developed into a significant international insurance domicile, attracting multinational captives, protected cell companies (PCCs), incorporated cell companies (ICCs), and reinsurers through its EU passporting rights, innovative PCC legislation and competitive regulatory framework. The Malta Financial Services Authority (MFSA) is the single prudential and conduct regulator for all financial services including insurance, operating under the Insurance Business Act (Cap. 403) and the Insurance Distribution Act (Cap. 487). Total gross premiums written for risks outside Malta by Malta-domiciled insurers reached EUR 7.6 billion in 2023, with insurance cells at 79 and non-domestic insurers and captives numbering 57. As at mid-2023 the Central Bank of Malta counted 68 Malta-domiciled insurance companies (52 non-life, 10 life, 4 reinsurance and 2 composite). The domestic non-life premium income stood at approximately EUR 217.75 million in 2019 per MIA data. Malta's financial services sector (including insurance) accounted for 8.2% of the country's real Gross Value Added in 2024, while a narrower FinanceMalta-defined scope put the financial services contribution at 7.2% of GVA in 2025; the Central Bank of Malta's 2025 Financial Stability Report noted that insurance companies recorded growth in their balance sheets during the year and that the sector maintained strong liquidity and low leverage. Malta is in a two-year transposition period (started early 2025) ahead of full compliance with the Solvency II Review Package and the Insurance Recovery and Resolution Directive (IRRD) by 30 January 2027, which will introduce a Small and Non-Complex Undertakings category with proportionate requirements.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 7.6bn (gross premiums for risks outside Malta written by Malta-domiciled insurers, cells and captives, 2023; excludes domestic business)
Active insurers
68
Population
588,254
Registered vehicles
457,403
Total premiums (EUR bn)
- 20217.8 EUR bn
- 20237.6 EUR bn
- 20101.5 EUR bn
- 20091.0 EUR bn
- 20190.2 EUR bn
2009 — 1.0 EUR bn
2010 — 1.5 EUR bn
2019 — 0.2 EUR bn
2021 — 7.8 EUR bn
2023 — 7.6 EUR bn
Annual growth (%)
Market data by year
Gross written premium 2024 (EUR m)
- MAPFRE MSV Life p.l.c.205.8 EUR m
- MAPFRE Malta p.l.c. (formerly MAPFRE Middlesea p.l.c., rebranded July 2026)101.7 EUR m
- GasanMamo Insurance Limited77.5 EUR m
MAPFRE MSV Life p.l.c. — 205.8 EUR m
MAPFRE Malta p.l.c. (formerly MAPFRE Middlesea p.l.c., rebranded July 2026) — 101.7 EUR m
GasanMamo Insurance Limited — 77.5 EUR m
Market share 2024
MAPFRE Malta p.l.c. (formerly MAPFRE Middlesea p.l.c., rebranded July 2026)
31.8%Atlas Insurance PCC Limited
20.0%Insurer directory
Active insurers
Insurers currently active in Malta.
MAPFRE MSV Life p.l.c.
MAPFRE S.A. (Spain) and Bank of Valletta p.l.c. (Malta)
EUR 205.8m
MAPFRE Malta p.l.c. (formerly MAPFRE Middlesea p.l.c., rebranded July 2026)
MAPFRE S.A. (Spain) - 54.56% and Bank of Valletta p.l.c. (Malta) - 31.08%
EUR 101.7m
GasanMamo Insurance Limited
Ħal Qormi, Malta
GasanMamo Insurance Limited is one of Malta's leading general insurance companies, formed in 1999 through a merger of Gasan Insurance Agency and Galdes & Mamo Limited, with roots dating to 1947, and offers a wide range of personal and commercial insurance products including motor, home, health, travel, boat, landlord, multi-dwelling, business and cyber insurance.
EUR 77.45m
Atlas Insurance PCC Limited
Independent - Atlas Holdings Limited (Malta)
Elmo Insurance Limited
C & H Bartoli Ltd and Cassar and Cooper (Holdings) Ltd (Malta), 50%-50%
Citadel Insurance p.l.c.
Citadel Holdings Limited (Malta) - 51.53%
HSBC Life Assurance (Malta) Ltd
Qormi, Malta
HSBC Life Assurance (Malta) Limited is a wholly owned subsidiary of HSBC Bank Malta p.l.c. and is authorised by the Malta Financial Services Authority to carry on the business of insurance in Malta. It offers a range of protection and investment life assurance products distributed through HSBC Bank Malta p.l.c. as a tied insurance intermediary.
LifeStar Insurance p.l.c.
LifeStar Holding p.l.c. (Malta)
IVALIFE Insurance Limited
Jointly owned by Atlas Insurance PCC Ltd, APS Bank plc, GasanMamo Insurance Ltd and MaltaPost p.l.c. (Malta)
Argus Insurance Company (Europe) Limited, Malta Branch
Trident Park, 8B Level 5, Notabile Gardens, Mdina Road, Central Business District Zone 2, Birkirkara CBD 2010, Malta
Argus Insurance Company (Europe) Limited, Malta Branch is the Maltese branch of Argus Insurance Company (Europe) Limited, a Gibraltar-registered insurer that is part of the Bermuda-based Argus Group, offering personal and commercial general insurance in Malta.
Market notes
Important news
Aug 19, 2026
MFSA Reports 91 Enforcement Actions and EUR 570,673 in Penalties for 2025
The MFSA published its 2025 enforcement overview, reporting 91 enforcement actions and administrative penalties totalling EUR 570,673, from 943 potential enforcement cases handled during the year. Late or non-submission of statutory documentation accounted for 69% of actions, with 25 cases resolved via settlement.
Why it matters
Shows a lower aggregate penalty total than 2024's EUR 926,485, but continued high enforcement volume; signals sustained MFSA focus on reporting compliance and client fund safeguarding across the financial sector, including insurance.
Jul 16, 2026
MAPFRE Middlesea Rebrands as MAPFRE Malta p.l.c.
MAPFRE Middlesea p.l.c. officially changed its name to MAPFRE Malta p.l.c. as part of the group's strategic alignment with the wider MAPFRE Group, while retaining the legacy and market position built under the Middlesea name over more than 40 years in Malta.
Why it matters
MAPFRE Malta remains Malta's largest insurance group with leadership positions in both life and non-life markets; the rebrand does not change its regulatory status, shareholding (MAPFRE 54.56%, Bank of Valletta 31.08%) or Malta Stock Exchange listing.
Jul 8, 2026
Financial Arbiter Reports Record 2025 Caseload and Confirms Broadened Fraud-Complaint Jurisdiction
The Office of the Arbiter for Financial Services (OAFS) reported its busiest year yet in 2025, with 350 new complaints (up 39%) and 192 final decisions. Its Annual Report confirmed legislative changes effective 1 October 2025 that broadened the definition of an eligible customer, allowing more fraud victims to complain even without a direct contractual relationship with the provider.
Why it matters
Expands consumer access to redress for payment-fraud and scam-related complaints, including cases touching insurance-linked products; insurance was among the leading subject areas of 2025 decisions alongside banking and payments.
Apr 28, 2026
MFSA Issues Dear CEO Letters on Complaints Handling Weaknesses Across Banking, Insurance and Investment Sectors
Following a 2025 cross-sector Outcomes-Based Supervision review, the MFSA issued three Dear CEO letters identifying market-wide weaknesses in complaints-handling governance, policies, registers and root-cause analysis at credit institutions, insurance undertakings and investment firms. Firms were given a one-year remediation period ahead of 2027 follow-up reviews.
Why it matters
Signals regulatory escalation of conduct standards for complaints handling; entities failing to remediate by 2027 risk further supervisory measures, directly relevant to consumer protection in the domestic insurance market.
Regulation
Regulation
MFSA
Malta Financial Services Authority
Single regulator and supervisor of all financial services in Malta, including insurance undertakings, reinsurance undertakings, and insurance intermediaries. Also acts as Resolution Authority. Responsible for both prudential and conduct supervision under the Insurance Business Act (Cap. 403) and the Insurance Distribution Act (Cap. 487). Serves as Malta's national competent authority within EIOPA and the EU Solvency II framework.
https://www.mfsa.mtMIA
Insurance Association Malta (formerly Malta Insurance Association)
Non-profit trade association representing the views and common interests of all insurance companies transacting business in or from Malta. Operates the Malta Green Card Bureau, the Motor Insurers Bureau, and the Motor Insurance Pool. Responsible for implementing a professional code of conduct within the industry.
https://maltainsurance.orgMGCB
Malta Green Card Bureau
Established in 1984 and comprising all insurers that transact motor insurance in Malta. Membership is compulsory for motor insurers. Forms an integral part of the International Green Card System. Responsible for handling and settling claims arising from motor accidents caused by visiting motorists in Malta, and guarantees Green Cards issued by Maltese insurers abroad.
https://maltainsurance.org/affiliate/malta-green-card-bureau-mgcb/MIB
Motor Insurers Bureau
Comprises all insurers licensed to transact motor insurance business in Malta. Compensates third-party accident victims of negligent uninsured or untraced drivers. Managed under the auspices of the Malta Insurance Association.
https://maltainsurance.orgPCF
Protection and Compensation Fund
Previously known as the Security Fund, established in 1986. Provides compensation to policyholders in the event of insurer insolvency. Following 2025 amendments transposing the EU Motor Insurance Directive (Directive 2021/2118), insurers writing motor vehicle liability business from Malta in other Member States must also contribute to the fund.
https://maltainsurance.orgMIMA
Malta Insurance Management Association
Association of licensed insurance managers in Malta. All licensed insurance managers are members of MIMA. Works closely with the MFSA and FinanceMalta on industry matters including captive regulation and Solvency II Review Package implementation.
FinanceMalta
FinanceMalta
Public-private initiative established in 2007 by the government, regulatory authorities and industry practitioners to promote Malta as an international financial centre, including for insurance and reinsurance. Works to attract international insurance operators and promotes Malta's innovative structures such as PCCs and ICCs. Its 2025 Annual Report noted that the financial services sector contributed 7.2% of Malta's gross value added.
https://financemalta.orgKey legislation
Key legislation
Insurance Business Act, Chapter 403 of the Laws of Malta (Act XVII of 1998, as amended)
Regulation of Insurance Business
Primary legislation governing the authorisation, supervision and prudential regulation of insurance and reinsurance undertakings in or from Malta. Incorporates the EU Solvency II Directive requirements. Requires all persons carrying on insurance business in or from Malta to be authorised by the MFSA. Sets out fit-and-proper requirements, minimum own funds, scheme of operations, and capital requirements. Also covers freedom of establishment and freedom to provide services by European insurance undertakings in Malta and by Maltese undertakings in the EEA.
Insurance Distribution Act, Chapter 487 of the Laws of Malta (Act XII of 2006, as amended)
Regulation of Insurance Distribution and Intermediaries
Governs the operation of insurance intermediaries including insurance agents, insurance brokers, insurance managers, tied insurance intermediaries and ancillary insurance intermediaries. Transposes the EU Insurance Distribution Directive (IDD). Requires registration with the MFSA and ongoing compliance with conduct of business rules, professional indemnity insurance, and continuous professional development requirements.
Malta Financial Services Authority Act, Chapter 330 of the Laws of Malta
Establishment and Powers of the MFSA
Establishes the MFSA as a fully autonomous public institution that reports to Parliament. Sets out the main functions of the MFSA including consumer protection, integrity of financial markets, financial stability, and supervision of all financial services activities. The MFSA also holds an advisory role to Government on financial services policy.
Companies Act (Cell Companies Carrying on Business of Insurance) Regulations, S.L. 386.10
Protected Cell Companies for Insurance
Provides the legal framework for Protected Cell Companies (PCCs) and Incorporated Cell Companies (ICCs) carrying on insurance business in Malta. Enables the creation of segregated cells within a core company, protecting cellular assets from cross-cell liability. Malta is the only EU member state to offer this structure, making it attractive for captive insurers and international operators seeking cost-effective EU passporting. As of 2023 there were 79 insurance cells and 57 non-domestic insurers and captives registered in Malta.
Insurance Business (Protection and Compensation Fund) Regulations, S.L. 403.25 (2025, replacing S.L. 403.13)
Motor Insurance Directive Transposition and Protection and Compensation Fund
Reissued in 2024 to transpose key provisions of the EU Motor Insurance Directive (Directive 2021/2118). Requires motor vehicle liability insurers to contribute to the Protection and Compensation Fund. Enhances consumer protection in the event of insurer insolvency. Introduces new contribution requirements for motor insurers.
Insurance Distribution Rules and Conduct of Business Rules issued by the MFSA
MFSA Conduct Rules for Insurance Distribution
MFSA-issued rulebooks governing conduct of business for insurance undertakings and intermediaries in Malta. Updated periodically to reflect EU directives and market feedback. Cover areas including value-for-money assessments, sustainability disclosures, AML procedures, cold calling practices, and credit protection insurance (CPI) distribution practices. A 2025-2026 Outcomes-Based Supervision thematic review assessed corporate Tied Insurance Intermediaries distributing long-term insurance products, with a follow-up review planned for 2027.
Solvency II Review Package and Insurance Recovery and Resolution Directive (IRRD) transposition (2025-2027)
Prudential Reform and Recovery/Resolution Framework for Insurers
The MFSA is guiding the industry through a two-year transposition period that began in early 2025, ahead of full compliance with the Solvency II Review Package and IRRD on 30 January 2027. A major focus is the formal introduction of the Small and Non-Complex Undertakings (SNCU) category, allowing eligible entities to benefit from proportionality measures, streamlined reporting, and simplified capital requirements.
EU cross-border access
EU cross-border insurers
AXA Life Europe dac
Freedom of Services
Home country: Ireland
Supervisor: Central Bank of Ireland
Irish-domiciled AXA group unit providing cross-border life and investment-linked products to consumers in Malta and other EU states.
AWP P&C S.A. (Allianz Partners)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Allianz Partners (AWP P&C S.A., France) markets travel and international health insurance to residents and visitors in Malta via brokers and online channels.
Bupa Insurance Limited
Freedom of Services
Home country: United Kingdom
Supervisor: Prudential Regulation Authority (United Kingdom)
Bupa Insurance Limited (UK) underwrites international private medical insurance distributed in Malta through LifeStar Health Limited, which acts as Bupa's country representative since 1971.
Swiss Life Prevoyance et Sante
Freedom of Services
Home country: France
Supervisor: ACPR (France)
French subsidiary of Swiss Life Group; distributed in Malta via a locally enrolled MFSA-licensed insurance agent for group health insurance.
AXA Assurances IARD Mutuelle (AXA Schengen)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
AXA Schengen (underwritten by AXA Assurances IARD Mutuelle, France) sells Schengen travel insurance to visitors to Malta and Maltese residents travelling abroad, widely available online.
Generali CEE Holding B.V. group entities
Freedom of Services
Home country: Netherlands
Supervisor: De Nederlandsche Bank (Netherlands)
Generali group entity historically notified for cross-border life services in Malta via portfolio transfers and passporting notifications.
Distribution channels
Share by channel- 52%Bancassurance
- MAPFRE MSV Life p.l.c. (Bank of Valletta network)
- HSBC Life Assurance (Malta)
- APS Bank
- MeDirect Bank Malta
- 22%Insurance Brokers
- MIB Insurance Brokers
- Gallagher Malta
- Lockton Malta
- Marsh Malta
- 14%Tied Insurance IntermediariesAgents
- Atlas Insurance PCC tied agents
- GasanMamo tied agents
- MAPFRE Malta / MAPFRE MSV Life tied agents
- 8%DirectInsurer Websites and Call Centres
- Atlas Insurance PCC
- GasanMamo Insurance
- Elmo Insurance
- 4%Digital / Aggregator Platforms
- Compareit4me.mt
- InsuranceMalta.com
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
Lodge a written complaint directly with the insurer or intermediary, providing all relevant facts, dates and supporting documents. Firms must operate a documented internal complaints-handling procedure under the MFSA Conduct of Business Rulebook.
- 2
If unsatisfied with the insurer's response, or if none is received in a reasonable time, escalate the case to the Office of the Arbiter for Financial Services (OAFS), which can mediate, investigate and adjudicate. Filing a complaint with OAFS is free of charge.
- 3
The Arbiter first attempts mediation; if this fails, a formal investigation and adjudication follows. In 2025 the Arbiter issued 192 final decisions, more than double the prior year. Decisions not appealed become final and binding; either party may appeal to court.
EU cross-border access
EU cross-border access
Malta is a full EU member state and insurance undertakings and intermediaries licensed in Malta may operate across all EU/EEA member states via EU passporting rights under Freedom of Establishment or Freedom of Services. The MFSA is the national competent authority and supervises both incoming and outgoing passporting activity. Non-admitted insurers and intermediaries are not permitted in Malta.
EU Directive 2009/138/EC (Solvency II) as amended January 2025, Insurance Business Act (Cap. 403 Laws of Malta), Insurance Distribution Act (Cap. 487), Insurance Distribution Directive 2016/97/EU, Insurance Recovery and Resolution Directive (IRRD, in force 28 January 2025)
freedom of establishment
A Malta-licensed insurer or intermediary may establish a branch or subsidiary in another EU/EEA member state using its single Maltese licence. The MFSA notifies the host state regulator, after which the undertaking may commence business. Branches remain subject to host-state conduct rules but home-state prudential supervision.
freedom of services
A Malta-licensed insurer or intermediary may provide insurance services directly into another EU/EEA member state without establishing a physical presence, following notification to the MFSA and the host state regulator. This regime is widely used by Malta-based captives, PCCs and reinsurers writing risks across Europe, reflected in the EUR 7.6bn of gross premiums written for risks outside Malta in 2023.
Market history
Market history
1964-1993
Independence and British Agency Era
After independence in 1964, Malta's insurance market remained agency-oriented, dominated by British insurers operating through local branches and agencies. Growth in compulsory motor third-party liability insurance drove the domestic market as the British-led agency model gradually gave way to indigenous local presence.
1994-2003
Legislative Reform and Pre-EU Liberalisation
Legislative reforms in 1994 and 2002 aligned Malta's insurance framework with EU and international standards, stimulating growth in domestic and international business. Mergers among local British agencies produced the first indigenous Maltese insurers, while bancassurance began rising as a dominant life-insurance channel by 2000.
2004-2015
EU Accession, PCC Innovation and Passporting Growth
Malta's EU accession on 1 May 2004 unlocked EU passporting rights and Malta became the first EU member state to introduce Protected Cell Company (PCC) legislation, attracting captives and multinationals such as BMW and Vodafone. The 2014 Setanta Insurance insolvency later exposed cross-border supervisory gaps under Freedom of Services.
2016-2023
Solvency II Implementation and International Hub Consolidation
Solvency II took effect in Malta on 1 January 2016 and the Insurance Distribution Directive was transposed in 2018. Malta consolidated its position as an international insurance hub, with total gross premiums written for risks outside Malta by Malta-domiciled insurers, cells and captives reaching EUR 7.6bn in 2023.
2024-2026
Motor Directive Transposition, IRRD Preparation and Market Consolidation
Malta transposed the EU Motor Insurance Directive in 2025, broadening the Protection and Compensation Fund, while the EU's January 2025 Solvency II amendments and new Insurance Recovery and Resolution Directive require transposition by January 2027. MAPFRE Middlesea rebranded as MAPFRE Malta plc in July 2026, and Marco Capital completed its acquisition of run-off insurer Stewart Title Europe Limited in February 2026, underscoring Malta's role in the global legacy/run-off insurance market.
Glossary
Glossary
mt
Assigurazzjoni
A contract providing financial protection against specified losses in exchange for a premium paid to the insurer.
mt
Polza tal-Assigurazzjoni
The written contract issued by an insurer to a policyholder setting out the terms, conditions, and coverage of the insurance.
mt
Primjum
The amount paid by the policyholder to the insurer in exchange for insurance coverage.
mt
Talba għall-Kumpens
A formal request by a policyholder or third party to the insurer for payment following a covered loss or event.
mt
Assiguratur
A company licensed by the MFSA to carry on the business of insurance in or from Malta.
mt
Sensar tal-Assigurazzjoni
An independent intermediary registered with the MFSA who places insurance on behalf of clients with one or more insurers.
mt
Aġent tal-Assigurazzjoni
An intermediary appointed by and acting on behalf of one or more specific insurers to distribute their products.
mt
Intermedjarju Marbut
An intermediary contractually tied to one or a limited number of insurance undertakings to distribute their products.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 2026
- 01MFSA - Insurance Supervision
Official MFSA page with insurance legislation, rules and supervisory guidance.
- 02MFSA - Administrative Measures and Penalties
Official register of MFSA enforcement actions and penalties.
- 03MFSA Annual Report 2025
MFSA's official 2025 annual report covering supervisory and enforcement activities.
- 04MFSA - Insurance Brokers and Agents Statistics 2024
Official MFSA statistics on licensed insurance brokers and agents.
- 05Office of the Arbiter for Financial Services (OAFS)
Malta's independent ADR body for consumer complaints against financial services providers; publishes annual reports.
- 06FinanceMalta - Insurance and Reinsurance
Public-private body promoting Malta as an international insurance and reinsurance hub.
- 07Malta Legislation - Insurance Business Act (Cap. 403)
Official consolidated text of Malta's primary insurance legislation.
- 08Deloitte Malta - Solvency II Review and IRRD
Analysis of the 2025 Solvency II amendments and IRRD impact on Malta.