Trends of the Malta Insurance Market Essay -- Automobile, Insurance

Today's business world is complex, unpredictable, uncertain and volatile. One of the key elements of this volatility is the swift change all around us. Taking into consideration the motor insurance industry, changes have been also made during the years. Under motor insurance, there are three types of cover available. There is the third party only, which is obligatory as it is the least required by law; it covers your liability to third parties for damage or injury to property arising from the use of your car. In addition to third party liability cover, one can also choose to be covered and protected against damage or loss arising from fire or theft, which is known as Third party fire and theft. If you add protection against accidental damage to your vehicle to the ones mentioned above, you are covered with the comprehensive. Latest statistics shows that car ownership and traffic volume are in the rise once more and this has been the agenda of the government. The number of people owning cars has grown since 1980, thus this represents good news for car manufacturers and insurance firms alike. Also it has come at an environmental cost that there is a rise in carbon emissions. In the Malta Financial Services Authority (MFSA) newsletter of November 2011, the section of the insurance statistical review of 2010 shows that figures released by the MFSA in respect of insurance companies in Malta show an increase of 45% in total gross premiums written over the period of 2009-2010. The accident and health group of classes recorded an increase in premiums written of 85% over 2009. The motor insurance premia increased by 39% Going back to the 20th century, motor vehicles made their first appearance, but there was no need for insurance in an... ...efore increases the number of claims. The market is developing and it has come to a point where customers can go into price comparison sites such as confused.com or moneysupermarket.com and by simply typing in a query, the consumer is presented with a variety of insurance prices from which they can acquire their insurance at competitive rates. Works Cited http://www.esurance.com/insurance-resources/senior-car-insurance-myth http://www.streetdirectory.com/etoday/negative-effect-of-globalization-pcecwf.html http://www.carinsurancehub.com/car-insurance-and-credit-crunch.php http://www.talkonce.co.uk/the-history-of-motor-insurance/ http://www.autoinsurancequote.com/articles/customization-adding-tweaks-to-your-vehicle-may-affect-your-auto-insurance.html http://www.carinsurancecomparison.com/will-customizing-my-car-affect-my-car-insurance-rates/