Generally speaking, the insurance market consists of two main segments: life insurance and non-life insurance. A life insurance contract means that a beneficiary will receive a payment in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers the multitude of other areas of activity, including car insurance, property and casualty insurance, and homeowner insurance.
When it comes to premiums written in Spain, the annual volume of life insurance in Spain fluctuated greatly in the most recent years, registering its lowest figures in 2014 at approximately 24.8 billion euros and peaking in 2016 at 31.1 billion euros. Similarly, life insurance annual claims varied considerably across the same period, with approximately 28 billion euros worth of benefits paid out in 2016.
The annual volume of non-life insurance premiums written, on the other hand, has only increased constantly, according to latest figures, registering a record high of 36.6 billion euros in 2019, of which approximately 11.3 billion euros corresponded to vehicle insurance. In this regard, about 8.2 billion euros worth of claims were paid out through motor insurance in Spain in 2018.