Panel discussion: Malta as an Insurance Hub

FinanceMalta and the University of Malta’s Department of Insurance and Risk Management organised a panel session titled ‘Malta as an Insurance Hub‘. Here is what was being discussed.

In July, FinanceMalta teamed up with the University of Malta to organise the "Malta as an Insurance Hub" event at St. James Cavalier in Valletta. This event aimed to provide an overview of the peculiarities of the Maltese insurance sector.It was an integral part of the “Advanced Studies on Insurance Regulation: An International Course” promoted by the University of Malta, Department of Insurance and Risk Management, which was held at the UM Valletta Campus from the 17 until the 22 July 2022.The numerous and qualified audience attending the event included the course participants and lecturers from many European countries.

Photo 1 - Malta as an Insurance Hub Panel Session

A panel comprising Matthew Bianchi – Deputy Chairman, FinanceMalta, Alfred Parnis – Deputy Head at the Insurance & Pensions Supervision, MFSA, Ramon Mizzi - Chairman of the Association of Insurance Brokers, and Dominique Sizes – Chairman of BIPAR, answered the questions posed by Pierpaolo Marano, Associate Professor at the Department of Insurance and Risk Management.Matthew Bianchi and Ramon Mizzi illustrated the dimensions and lines of activity of the (re) insurance companies and intermediaries based in Malta, highlighting the niches of activity provided all over the EU and peculiarities such as captives and PCCs that distinguish Malta, albeit within the framework of European Union rules.Finally, Alfred Parnis gave an overview of the trends observed in the applications to the MFSA for establishing insurance entities in Malta and from Maltese-based entities to carry out business in other countries.Lastly, Dominique Sizes indicated the characteristics of a successful insurance hub, highlighting how the rules – not only for insurance and the bodies responsible for their application – must guarantee the existence of a stable and confident regulatory and economic framework.

Photo 2 - Pre-Panel Session Discussion

In this regard, the use of the proportionality principle sanctioned by the European legislator facilitates this objective if appropriately used by national policy-makers.

The discussion also highlighted how an insurance hub must also have the ability to attract and retain talented people because product and process innovation plays an essential role in the European and international competitive scenario.

Course participants provided exciting insights by highlighting what makes insurance attractive to them compared to other sectors of activity.Reflection on these ideas concluded the event. A networking event followed.The world's first advanced intensive course on insurance regulation was indeed a success and the UM is aiming to turn this into an annual appointment.FinanceMalta is pleased to have supported such an important initiative which will ensure that Malta strengthens its proposition of being an insurance hub and have the talent pool it requires to fulfill such purpose.

Photo 3 - Networking Session