The insurance industry in Malta
Malta is fast becoming a strategic insurance docile, as well as, an attractive location for the establishment of captive insurance and reinsurance business in the EU. The Island has the benefit of assuring stability to potential investors.The insurance industry has quickened the process of development in Malta, with the Malta Financial Services Authority (MFSA) working with the main aim to create a stable, innovative, jurisdiction intended to encourage the growth of insurance and reinsurance business.
Malta holds an array of advantages that attract companies to set up business on the Island; and some of the most important benefits relate to the pro-business regulatory environment.
For starters Malta holds an ideal pro-business regulatory environment, European passport rights, regulatory environment and a wide network of Double Taxation Agreements. From an operational perspective, Malta also has a comparatively lower cost base when compared to other EU domiciles, and the country has an excellent business infrastructure with good telecommunications and a sophisticated European business environment.
With its favorable tax system, low-cost location and efficient regulatory environment that accelerate the set-up of new companies, Malta continues being an attractive destination for insurance companies, PCCs and, more recently, ICCs. Moreover, Malta is the only EU member state to have this legislation in place.