What does the Spanish insurance market look like?
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 a 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 premiums issued in Spain had declined significantly since its peak in 2016. Similarly, market penetration has also experienced a decrease since 2016, with it standing at under two percent in recent years.Non-life insurance in Spain
Conversely to the trend observed on the life insurance market, the market penetration in the non-life insurance sector has increased significantly since the low point of 2015, and reached an all-time high in 2020. This corresponds to the rise in vehicle insurance premium volume in recent years compared to 2014, as well as the continuous growth of liability insurance premiums written since 2014. Liability insurance covers the costs incurred from injury and/or damage to individuals and/or property.
