https://www.um.edu.mt/library/oar/handle/123456789/36015 2026-04-23T08:14:29Z https://www.um.edu.mt/library/oar/handle/123456789/36944 Title: How can telematics technology improve the management of motor vehicle risk Abstract: This dissertation seeks to establish the application of Telematics-Based Insurance in Malta by researching and reviewing the opinions and perceptions of insurance professionals, corporate fleet owners and the general public. The crucial factors which make up this study were; the awareness of these types of policies within the local market, the impact that such system would have on the driver and the viability of such technology. In order to validate the results obtained, key stakeholders were consulted, being insurance principles, brokers, corporate fleet owners and ultimately the general public. The views of the mentioned stakeholders were analysed in order to draw conclusion and make recommendations. Alongside existing literature, the use of semi-structured interviews and questionnaires compelling evidence and findings were generated. A prominent concern is that although the local market is technologically highly aligned, there still was evidence of a lack of awareness regarding the usage of Telematics-Based Insurance which can potentially allow motorist and fleet owners to make savings on insurance costs. Furthermore there was a misconception about the privacy consciousness attached to such policies. One of the major recommendations of this study is for insurers to consider introducing more of such policies in conjunction with other personal lines policies so to make parents of young drivers more aware, thus expecting that parents accept well this policy since it provides added security features of their children. Also, due to some concerns on possible privacy violations it would be sound for insurers to address such concerns by providing full explanations and provide peace of mind that the motorists’ privacy is not violated with such policies. Description: B.COM.(HONS)INSURANCE&RISK MANGT. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/36943 Title: A study on the way the European insurance industry is being affected by floods and the corresponding responses Abstract: It is evident from secondary research that floods are increasing in certain areas in Europe. There is further evidence, which shows that such an increase has been affecting the European insurance industry. Therefore, the purpose of this study is to discover the response of the insurance industry in Europe, in relation to the increase of floods in Europe as defined in the introduction. In addition, this paper explains how this has and will affect many European insurance companies. Thus, this study stresses the increasing importance of why insurance companies in Europe should take certain mitigation measures before accepting flood risks. In order to achieve the desired objectives, the researcher of this study distributed a close-ended questionnaire, which included statements, ranked on a Likert-scale and tick-in-the-box questions. These were sent to various general European insurers in the period between 28th February 2016 and 20th March 2016. The general findings evidenced that many European insurers believe that floods are increasing and that this is in fact, of a threat to their insurance companies. The insurance companies on test, have seen many internal and external changes to their insurance company. However, it remains that the majority of the surveyed insurance companies believe that more needs to be done to tackle the flood risk more efficiently, from the European insurance industry. The study concludes that although the most dominant percentage of surveyed insurance companies are putting their efforts to include flood risk assessments, there is still a considerable percentage that do not make use of such measures. Moreover, many believe that the current risk assessment would remain reliable for the forthcoming decade, however it is highly suggested that these should be regularly updated to take into account new trends and data. Description: B.COM.(HONS)INSURANCE&RISK MANGT. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/36941 Title: Terrorism : an analysis of the implications on the insurance industry Abstract: One of the main matters headlining news in the last couple of years has been on various occasions related to terrorism, or a threat thereof. Insurance is one way of dealing with the consequences of such catastrophes, and at least reduce the burden which terrorist attacks leave behind. This dissertation will critically analyse the current situation of terrorism worldwide, the effects of previous terrorist attacks on the insurance industry and the relevance of introducing a specialized terrorism market, focused solely on terrorism policies as standalone policies rather than as an extension. Literature was conducted on already existing material to gather an understanding of what is already present in the industry. In addition, a questionnaire was conducted to local insurance entities and international reinsurance to garner a global perspective of the industry’s perception on terrorism risk. Furthermore, a critical analysis was carried out on the 9/11 attacks to apprehend the repercussions terrorist attacks have had on the industry. Some of the findings uncovered from this dissertation are that terrorism is on the increase on a global level but so is demand for terrorism insurance. Even though a terrorism market does exist in some countries, various others do not offer any cover. Markets which offer terrorism cover are not moving as rapidly as the evolution of terrorism is, thus an area of growth has been identified. In conclusion, this study has identified a gap in the market which could be portrayed as an opportunity for development of new products to cater for the clients’ ever growing requirements. Description: B.COM.(HONS)INSURANCE&RISK MANGT. 2016-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/36904 Title: A study of the impact of driverless cars technology on the motor insurance market Abstract: The purpose of this thesis was to glean how much the Maltese motor insurance market is prepared for driverless cars and to understand the perception of such technology by the Maltese general population. The primary objectives where to conduct a study to assess the perception of the Maltese population to driverless cars and to determine how much Maltese insurers are prepared for such a change, as well as consider the impact of driverless cars on motor insurance underwriting and claims handling. This research was done because there is a severe lack of awareness locally of a subject that could potentially have a drastic change in the Maltese motor insurance market. This topic is highly studied abroad as international insurers are preparing for this revolutionary technology. The research was conducted using both qualitative and a quantitative elements. A survey of 7 questions was created for the general public in which 108 respondents answered a variety of questions about their awareness as well as perception of driverless cars. The second part of the research involved two leading experts of the Maltese motor insurance market, who were interviewed and were asked 6 questions which consisted of questions regarding the Maltese motor insurance market and the impact of driverless cars on premiums and claims as well as the opportunities such technology offers. The results found were split into two parts. The first part of the results which corresponds with the quantitative part of the study showed that the general public is generally not informed enough about autonomous cars, although they view driverless cars as a safer alternative due to high amount of accidents caused by reckless drivers. The second part of results correspond with the qualitative part of the study with the insurance industry experts providing an insight on autonomous cars. The results show a lack of study by the Maltese motor insurance market with local insurers relying on the actions of their European counterparts. It was also found that claims are expected to decrease with driverless cars although their severity would rise significantly. Results also showed that there are still doubts about how the premium will be effected as well as confusion about who is ultimately responsible if a driverless car has an accident. The study’s foremost limitation is the size of the Maltese motor insurance market with few companies in the local market and a number limited of experts. Thus only two experts could provide their input for this study. The implications of such results show that the majority of the general public would react favourably to the introduction of such cars which thus would provide a faster transition from manual to self-driving cars. Furthermore, the lack of awareness shows that there is the need to make more information available. Moreover, there is a serious lack of study made by Maltese motor insurance companies which could be a serious liability problem in the future as this technology becomes more of a reality. The author highly recommends that Maltese insurers start taking initiative and do studies about this technology as it could change the industry even if it means working with larger insurance groups abroad to better understand this technology. At the end of the day driverless cars may be an opportunity or a threat. It is up to the Maltese insurers to decide which of these two it will be depending on how prepared they are to deal with this revolutionary technology. Description: B.COM.(HONS)INSURANCE&RISK MANGT. 2016-01-01T00:00:00Z