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Spain Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 55 pages

Includes 3 FREE quarterly updates

BMI View: Both life and non-life insurance are well-established in Spain and the market is large inabsolute terms, though rates of penetration and density are relatively low. This indicates potential forsubstantial longer term growth, though in the short term the market faces considerable challenges. WhileSpain's economic recovery is gaining traction, high levels of unemployment, combined with high levels ofhousehold debt is placing consumer demand under pressure and spending on non-essential items has beenheavily curtailed. As such, growth will remain low, particularly in the life sector, for much of the forecastperiod. Some subsectors in the life sector, such as personal accident insurance, do present stronger growthopportunities, but these forecasts are heavily dependent upon Spain remaining in positive economicterritory.

Key Updates And Forecasts

- Facing limited opportunities in the domestic market, Spain's leading insurers are turning to overseasgrowth potential. Mutua Madrilena recently announced plans to acquire a 40% share in three Chileaninsurance companies: Bci Seguros Generales, Bci Seguros Vida and Zenit Seguros for EUR209mn(USD221.69mn).

- In the domestic market, we expect life insurance to show only limited growth during the forecast period,increasing from EUR25.1bn (USD27.6bn) in 2015 to EUR26.0bn (USD31.2bn) in 2019.

- The slightly larger non-life sector is expected to record more positive growth, driven primarily bydemand for motor insurance, and we expect gross non-life premiums to reach EUR44.6bn (USD53.6bn)in 2019, up from EUR32.8bn (USD36.1bn) in 2015.

Table Of Contents

Spain Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Spain 2012-2019) 5
SWOT 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Spain 2012-2019) 11
Table: Life Insurance Claims (Spain 2007-2013) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Spain 2012-2019) 15
Table: Non-Life Insurance Claims (Spain 2008-2013) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Spain 2012-2019) 26
Industry Risk Reward Ratings 28
Developed States Insurance Risk/Reward Index 28
Table: Developed States Insurance Risk/Reward Index 29
Market Overview 30
Life Market Overview 30
The Product Offering 30
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2011-2013 32
Non Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Table: Non Life Insurance Market (USDmn) 2011-2013 36
Company Profile 38
Aviva 38
MAPFRE 40
Mutua Madrileña 43
Santander Seguros 46
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

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