The Malta Insurance Association has moved to new, larger premises, reflecting the increase in activity in the vibrant insurance sector that it represents.

The move is being accompanied by a change in name to Insurance Association Malta, with a re-branding to more contemporary styling, all of which will be reflected on its website and social media.

“The insurance sector currently employs approximately 2,500 people which include professionals working in insurance companies and related services, while financial services – which includes the insurance sector – contributes 4.3% of real value added to the economy (as quoted by the MFSA Annual Report 2022).

The numbers are increasing and so are the issues that we are taking up, from dangerous driving to fire safety legislation,” outgoing president Anthony Cauchi said.

“We conduct surveys to assist policymakers, and also tap into the resources of experts from our extended ‘family’ of members, all of whom contribute to ongoing debates on everything from legislation and regulation, to risk management and climate change.”

The premises, in Msida Valley Road, Birkirkara, were officially opened by Finance Minister Clyde Caruana who said: "Insurance, as with other financial services, is an important pillar of our economy and a sector which has room to grow.

Before I came to this event, I attended a meeting of the Malta Financial Services Advisory Council which was discussing the strategy for financial services.

The strategy looks at how to re-invigorate this sector. It is clear that if Malta wishes to remain sustainable, we need to learn how to do more with less - which means re-inventing ourselves to ensure that the sector adds more value."

The association has various roles besides being an active lobbying group. It takes pride in its educational role and provides factual information and guidance on a range of topics.

It also represents its members’ interest in international forums, such as Insurance Europe and the European Insurance and Occupational Pensions Authority.

It interacts regularly with the Malta Financial Services Authority, which licenses and supervises the insurance sector, as well as contributing directly and indirectly to various initiatives including the drawing up of the strategy for the financial sector by the Malta Financial Services Advisory Council.

The Insurance Association Malta – as it will henceforth be known – employs seven staff. It is headed by its director general Adrian Galea.

Mr Cauchi, who reached the end of his term, is being replaced by vice-President Julian Mamo.