Spain, as part of the European market, employs a multitude of different types of insurance policies, and any individual or business can find an insurance company offering services tailored to their specific needs. When surveyed, consumers revealed that the most commonly owned insurance type in Spain is car insurance. Health and home insurance rounded out the top three insurance products for Spanish consumers.
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.
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