Life and Non-life Insurance Market in Spain - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Life and Non-life Insurance Market in Spain is Segmented by Insurance Type (Life, Non-life) and Distribution Channel (Direct Agency, Bank, Other Distribution Channels).

Market Snapshot

Life and Non-life Insurance Market in Spain Overview
Study Period: 2016 - 2026
Base Year: 2021
CAGR: <3 %
Life and Non-life Insurance Market in Spain Key Players

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Market Overview

  • The life and non-life insurance market in Spain is estimated to register a CAGR of approximately 3% during the forecast period.
  • The Spanish insurance market ranks among the world's top 15 markets. The value of the premiums taken out in Spain, in 2018, amounted to EUR 64.4 billion, an increase of 1.5% over the previous year.
  • Despite the insurance penetration rate being 5.5% lower than in other developed economies, Spain offers significant growth opportunities. In 2018, the total insurance assets amounted to EUR 329.277 million. The life insurance and non-life insurance accounted for EUR 239.113 billion and EUR 83.115 billion, respectively, and reinsurers amounted to EUR 7.049 billion. As for the level of operations, the non-life insurance segment saw regrowth (increase in earned premiums by 5.42%), reflecting a rise in recent years. In the life segment, after the extraordinary growth reported in 2016 (21.39%), a decline began in 2017 (-5.33%), which continued, though less so, in 2018 (-1.67%).
  • In 2018, the decline in life premiums affected more traditional business (-1.99%), while the unit-linked business remained virtually unchanged (-0.16%). The non-life segment stressed its sector weight in premiums (55.78%) for life (44.225), which was slightly altered in 2016 by the influence gained from non-life (48.23%), according to the composition of previous years. The sector has experienced premium growth (2.16%), which is 5.46% of the insurance sector's weight in relation to the GDP. In 2018, Spanish non-life premiums increased by 4% with positive contributions from most lines, The non-life sector also reflected the positive trends in the Spanish insurance market more broadly, which benefited from healthy profits in both life and non-life sectors, robust capitalization, and sound reserving and investment practices.
  • The insurance industry in Spain saw a higher volume and value of M&A deals in 2018 than in the past, mainly due to the reorganization of incompatible banking insurance partnerships arising from the consolidation of the banking industry. In addition, a few banks decided to look for a P&C insurance partner without bancassurance partnerships. To date, the total funds raised by Spanish Insurtech are estimated at around EUR 357 million. More than 50% of Spanish Insurtech specializes in the Health and Medical sector.

 

Scope of the Report

This report aims to provide a detailed analysis of the life and non-life insurance market in Spain. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyzes the key players and the competitive landscape in the market.

By Insurance Type
Life Insurance
Individual
Group
Non-life Insurance
Home
Motor
Other Non-life Insurance Types
By Channel of Distribution
Direct
Agency
Bank
Other Channels of Distribution

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Key Market Trends

Increasing in Fintech Adoption in Top European Countries

Spain has 330 fintech companies, to which more than 200 insurtech companies were added. The Spanish fintech ecosystem has grown tremendously in just three years. The insurance industry in the Spanish economy accounts for just over 5% of GDP, from its annual revenue. Insurance will continue to grow in Spain over the next few years, not only globally but also through the most relevant insurance branches. The sector is facing a transformation process as a result of the new regulations and innovations in the field of technology, new legal regulations, and changes in consumer investments. Chatbots are undoubtedly a step forward in the evolution of the Internet and especially in the user experience. Chatbots help to increase sales and improve customer service to streamline efforts.

Life and Non-life Insurance Market in Spain Key Trends

Insurance Penetration is Low in Spain and It Can be Turned into an Opportunity

Spain offers significant opportunities for growth, given the insurance penetration rate of just 5.5%, which is lower than in other economies. Insurance penetration in the Spanish market during 2018 (i.e., the ratio of premiums to the GDP) was 5.33%, representing a 0.10 pp drop, this is the second consecutive annual drop in this indicator (0.27 pp between 2016 and 2017), after having reached a historical maximum in 2016. Insurance companies can make benefit from low penetration in the industry, and companies can create new business models, can expand their business to increase their existing market share. Local and international players have an opportunity to enter Spain's insurance market with the adoption of insurtech and new business models.

Life and Non-life Insurance Market in Spain Growth by Region

Competitive Landscape

The report covers the major players operating in the life and non-life insurance market in Spain. The market fragmented, and insurance penetration is low in the country. Insurtech's adoption is increasing, and many insurtech companies have raised funds. As a result, the adoption of insurtech in health insurance is higher in the country. The market is expected to grow in the forecast period due to several factors.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance Type

      1. 5.1.1 Life Insurance

        1. 5.1.1.1 Individual

        2. 5.1.1.2 Group

      2. 5.1.2 Non-life Insurance

        1. 5.1.2.1 Home

        2. 5.1.2.2 Motor

        3. 5.1.2.3 Other Non-life Insurance Types

    2. 5.2 By Channel of Distribution

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Bank

      4. 5.2.4 Other Channels of Distribution

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers and Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 CA LIFE INSURANCE EXPERTS COMPAÑIA DE SEGUROS Y REASEGUROS SA.

      2. 6.3.2 AXA SEGUROS GENERALES SOCIEDAD ANONIMA DE SEGUROS Y REASEGUROS

      3. 6.3.3 MAPFRE ESPAÑA COMPAÑIA DE SEGUROS Y REASEGUROS SA

      4. 6.3.4 LINEA DIRECTA ASEGURADORA SOCIEDAD ANONIMA COMPAÑIA DE SEGUROS Y REASEGUROS

      5. 6.3.5 ALLIANZ COMPAÑIA DE SEGUROS Y REASEGUROS SA

      6. 6.3.6 REALE SEGUROS GENERALES SA

      7. 6.3.7 MUTUA MADRILEÑA AUTOMOVILISTA, SOCIEDAD DE SEGUROS A PRIMA FIJA

      8. 6.3.8 FIATC MUTUA DE SEGUROS Y REASEGUROS.

      9. 6.3.9 MERIDIANO SA COMPAÑIA ESPAÑOLA DE SEGUROS

      10. 6.3.10 LIBERTY SEGUROS COMPAÑIA DE SEGUROS Y REASEGUROS, SA

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Life and Non-Life Insurance Market market is studied from 2016 - 2026.

The Life and Non-Life Insurance Market is growing at a CAGR of <3% over the next 5 years.

CA LIFE INSURANCE EXPERTS COMPAÑIA DE SEGUROS Y REASEGUROS SA., AXA SEGUROS GENERALES SOCIEDAD ANONIMA DE SEGUROS Y REASEGUROS, MAPFRE ESPAÑA COMPAÑIA DE SEGUROS Y REASEGUROS SA, LINEA DIRECTA ASEGURADORA SOCIEDAD ANONIMA COMPAÑIA DE SEGUROS Y REASEGUROS, ALLIANZ COMPAÑIA DE SEGUROS Y REASEGUROS SA are the major companies operating in Life and Non-Life Insurance Market.

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