A study of the main contributors to the development of the insurance industry in Malta

Abstract

Insurance is one of the largest sectors of the financial services industry in Malta and one of the three major pillars of the Maltese Economy. The industry draws itself from the earliest inhabitants of the island having its roots set in maritime trade. Despite this, whereas there is an abundance of literature and documentation revolving around maritime trade in Malta, there is a lack of research and literature pertaining directly to insurance in Malta. This is due to the fact that most historical records found by the author hinge on the maritime history and the historical accounts of the ports and port activity. Reference to insurance in Malta can be traced back as early as 750 B.C at the time of the Phoenicians, with the earliest insurance contract dating as early as 1536. Intra and Extra-territorial socio-political, economic and regulatory events have strongly contributed to the development of Insurance and have forged it into the industry it is today. Suffice it to say, there exists no empirical literature that actively and directly chronicles the key contributors and events that were paramount to the industry’s development in Malta. This study seeks to deliver a case study of the development of insurance in Malta based on empirical literature findings, archival research and semi-structured interviews with keynote individuals whom have all played active parts in the recent developments.