Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Spain Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Spain includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Mainland Spain occupies most of the Iberian Peninsula, with overseas territories in the Mediterranean and off the coast of East Africa. Spain joined the European Union in 1986 and was one of the first countries to adopt the Euro in 1999.
In 2018 non-life premium income was EUR 26.22bn, showing growth of 5.9% on the previous year, whilst that for personal accident and healthcare grew by 4.6% to EUR 10.55bn.
The insurance market comprises of 134 limited liability companies, 30 mutuals, 48 social welfare mutuals and three specialist reinsurers. Of the 215 entities, 108 were dedicated to non-life while 30 composites wrote both life and non-life. There were also 84 branches of foreign insurers, of which 82 were from EEA countries. Of the 853 companies registered to write business under freedom of services arrangements, 685 were non-life and 19 composites.