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28 companies licensed in the insurance sector in four years
Since 2008, the insurance sector grew by 28 licenses and today employs over 1,000 people.
Finance Minister Tonio Fenech delivering a speech at the MSV Life premises.
Over a 1,000 people are today employed in the insurance sector, a sector that has experienced significant growth over the past four years.
Finance Minister Tonio Fenech said that since 2008, 28 new licenses were issued by the Malta Financial Services Authority. During the inauguration of MSV Life's new Customer Service Centre in Floriana, Fenech described this centre as "an important milestone in the history of this company".
"MSV Life has experienced significant growth, a reflection of the trust shown by the Maltese population in the quality of its operations," Fenech said.
In the last two years, the MSV staff complement increased from 45 to 75 employees.
For the past 13 years, MSV Life also worked with Inspire Foundation in providing young adults with development disabilities, training opportunities and exposure to work environment on equal opportunities on equal terms as other employees.
At present, 14 young adults are employed with the company.
"The growth in the insurance sector reflects growth in the wider financial services sector, which has taken place against the backdrop of international financial turmoil, recession and deep public debt crisis," Fenech said.
He added that notwithstanding this scenario, Malta continued to register growth and job creation. Fenech said the growth was the result of a "prudent financial strategy".
"For investors and for the people providing service, this means stability, certainty and an economic environment that generates prosperity. However, the growth in this sector was also a result of the fact that financial services providers in Malta have maintained and even improved competitiveness, delivering real value for money," he said.
Fenech also said that the recent World Economic Forum's report had classified Malta as an innovation-driven economy while the financial services sector continued to receive important recognition. The same report ranked Malta amongst the most advanced actions for availability of financial services.
