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Spain

Life Report

Product Insurance Market Reports Life Rev Spain

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Spain's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Spain's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Spain

The Spain life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Spain.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Spain and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Spain’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Spain is available.

Axco’s report describes the regulatory framework that applies to the Spanish domestic life insurance sector, including whether non-admitted insurance is permitted in Spain; as well as the legislation necessary to know regarding Spain’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Spain with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Spanish market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Spain, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Spanish pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Spain report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Spain Life & Benefits Report Extract

Below are brief extracts of information from the Spain Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Early sector figures from ICEA for 2020 indicate that savings and retirement premiums overall are down by 32%, and death premiums have increased by 0.20%. Surrenders are highest in endowments, particularly those with guaranteed interest rates and the PIAS products, as are the reductions in mathematical reserves, with unit linked policies suffering less.

Industry leaders interviewed in April 2020 agreed that sales, particularly single premium sales were starting to ....

Pensions

The state pension system is managed by the National Social Security Institute (INSS) and provides benefits primarily under the General Regime.

According to the Association of Collective Investment Institutions and Pension Funds (Inverco), an estimated 1.97 million people were members of company occupational schemes in Spain as at 30 June 2020, down 0.46% on the previous year ....

Healthcare

Spain's public healthcare system offers free and universal care for all citizens. The Ministry of Health, Social Services and Equality (Ministerio de Sanidad, Servicios Sociales e Igualdad) retains responsibility for certain national strategic functions while local health services are provided by 17 autonomous communities that control their own regional health planning.

After a steady increase in public healthcare expenditure up to 2010, expenditure started to decrease ....

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