Insurance sector continues to grow

More than 1,000 people including 814 full timers were now employed in the insurance sector, Finance Minister Tonio Fenech said this morning.

Speaking during the inauguration of new Atlas offices in Birkirkara, the minister said the sector grew six-fold since Malta’s membership in the EU. Premiums increased from €116 million to €650 million.

Mr Fenech said the sector had benefited from the opening of Malta’s markets and from the decisions to join EU and the Euro zone as well as from a series of double taxation agreements the country signed in the past years. This could be seen from the fact that around 80 per cent of businesses in the insurance sector was geared internationally.

The minister praised the contribution of Atlas which now employed 134 people.