Insurance market poses slow growth

Insurance figures released by the Association of Insurance Companies (ACAL) show sluggish market growth, as the total value of gross written premiums grew by only three percent to $1.56 billion in 2016 compared to the year before.

Around 70 percent of premiums were in the non-life segment.

Total indemnities paid showed higher increase of seven percent to $881 million. Net investment income has also gone up 15 percent.

Premiums had grown between three and four percent in the life, medical, and motor business lines. Workmen insurance premiums remained stable while fire and cargo premiums fell back.

Fire insurance saw the highest growth (19 percent) in terms of claims,, followed by motor, medical, and workmen. Life claims saw the only decrease of three percent. Medical claims represent the biggest share with 38 percent of total claims.