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  4. > Spain Insurance Report Q2 2016

Spain Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 57 pages

Includes 3 FREE quarterly updates

BMI View: Spain has a large and well-developed insurance market, though penetration and density ratescould be improved further to catch up with leading regional markets such as France and the UK. Growth inthe insurance sector has been held back in recent years by a weak domestic economy, but with Spain'srecovery now gaining traction, we hold a more positive outlook for both the life and non-life sectors. Asunemployment rates improve, and household incomes receive a further boost from falling oil prices, weexpect to see higher rates of private financial consumption and in turn more demand for various insurableproducts. Meanwhile, an ageing population means demand is also rising for life products, includingretirement and other long-term savings products. Challenges remain, including significant competitionamong the many insurers, and high household debt levels, which continue to dampen demand.

Key Updates And Forecasts

- One of the key factors underlying our forecasts for modest growth in the insurance industry is Spain'songoing economic recovery. We have recently revised our real GDP forecasts to 2.5% in 2016 and 2.2%the following year, from 2.4% and 2.1% previously, based on a further leg down in oil prices (oil hasdipped below USD30/bbl) which will have a positive impact upon private consumption.

- We expect to see a slight uptick in demand in the life insurance sector, where we are forecasting annualaverage premium growth of just under 3% between 2016 and 2020 (in local currency terms) withpremiums growing from EUR26.3bn to EUR29.7bn.

- Slightly slower growth is expected in the larger non-life sector, where intense competition is keeping adownwards pressure on pricing. Non-life premiums are forecast to grow by an annual average of 2.5%over the forecast period, rising from EUR31.8bn in 2016 to EUR35.4bn in 2020.

Table Of Contents

Spain Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Spain 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Spain 2013-2020) 11
Table: Life Insurance Claims (Spain 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Spain 2013-2020) 16
Table: Non-Life Insurance Claims (Spain 2009-2014) 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums By Product Line (Spain 2013-2020) 28
Industry Risk Reward Ratings 30
Developed States Insurance Risk/Reward Index 30
Table: Developed States Insurance Risk/Reward Index - Q216 31
Market Overview 32
Life Market Overview 32
The Product Offering 32
The Competitive Landscape 32
Table: Life Insurance Market (USDmn) 2012-2014 34
Non-Life Market Overview 36
The Product Offering 36
The Competitive Landscape 36
Table: Non Life Insurance Market (USDmn) 2012-2014 38
Company Profile 40
Aviva 40
MAPFRE 42
Mutua Madrileña 45
Santander Seguros 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

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