[London, September 2025] Axco Insurance Information Services (Axco) has released the latest publication of its non-life insurance market report for Spain, which provides a comprehensive analysis of the country’s non-life (P&C) insurance market. The report offers exclusive insights, new statistics, and on-the-ground research into the sector's evolving landscape.
Despite a growing concern over climate related losses and a challenging economic environment, Spain’s non-life insurance market has seen positive growth, with the three years ending 2024 averaging 6.5%.
Regulatory Landscape: Since Spain's 1986 accession to what is now the EU, the principal changes to insurance legislation have been the progressive implementation of EU directives. The main local legislation governing insurance is Law 20/2015, of 14 July, on the management, supervision and solvency of insurers and reinsurers (known as LOSSEAR from its initials in Spanish).
Market Growth & Premium Trends: Despite the challenging economic environment in recent years, the non-life sector has maintained sound solvency and profitability margins and remains well capitalised. Non-life premium income continues to show single-digit growth, albeit at a healthier level than in the years leading up to 2020. While capacity is otherwise said not to be a problem for domestic risks, it does present difficulties for placing the Latin American catastrophe exposures of Spanish subsidiaries.
Distribution Channels: In general terms, personal lines are still the preserve of agents, commercial and industrial lines of brokers, though the dividing line between the two has become increasingly blurred as brokers have shown more willingness in recent years to enter the personal lines segment and compete with agents.
Market Participants: The majority of insurers are limited liability companies, though mutuals and co-operatives are also fairly common. There has been a trend towards concentration amongst Spanish entities in recent years, with the number registered and operative reducing from 253 in 2016 to 176 as at June 2025. In addition, there are branches of foreign insurers. The market is large enough to justify specialist insurers, most notably some concentrating on professional indemnity business and others writing only funeral expenses, whilst a number of insurers still operate on a composite basis.
Axco’s non-life report for Spain draws on extensive primary and secondary research, is an essential resource for insurance professionals seeking to stay ahead in the Italian insurance market. Visit https://www.axcoinfo.com/products/insurance-market-reports-non-life/ for more details and report contents.
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