The potential of new life assurance products in Malta : a market assessment

Abstract

The research that I intend to carry out is designed to try to find out whether the Maltese insurance market is developed enough so that insurance companies can implement new products into the market, whilst being profitable at the same time. The reason for doing this is because the Maltese life insurance market could quickly become saturated and therefore it is imperative that new developments are made by companies in order for them to remain profitable. The way I went about this task was to see what is currently available in the Maltese life insurance market and then use existing statistics as well as data gathered by myself from questionnaires in order to come to the finale outcomes mentioned in the conclusion and recommendations section later on in the dissertation. The general findings as described later is that although there are a number of challenges which, companies would need to first overcome, there is the capability in the market for specific types of products to be distributed and for companies to be profitable from them. The important factor here is that according to the data gathered it is clear that different types would be demanded more than others would. Hence, this suggests that life insurance companies cannot just choose a life assurance product no matter what its characteristics are and expect it to be successful. The way to be successful in this is to make sure that the vi characteristics that I have outlined are followed in order to ensure that you target the maximum target market hence maximizing profitability.