Forecast: Employment in Non-Life Insurance Sector in Spain

The employment in Spain's non-life insurance sector has experienced significant fluctuations over the past decade. The actual data from 2013 to 2023 reveals a mix of growth and decline periods. After peaking in 2018 with a notable increase of 71.18%, employment dropped sharply by 27.58% in 2019 and another 31.2% in 2020. However, the recovery began in 2021 with a substantial increase of 50.02% followed by a steady growth through 2022 and 2023, with year-on-year increases of 17.62% and 12.52%, respectively. By 2023, employment in the sector stood at 46.97 thousand full-time equivalents.

Looking forward to the forecasted years from 2024 to 2028, the sector is expected to continue growing. Employment is projected to reach 58.87 thousand FTEs by 2028, with a 5-year CAGR of 3.57% and an overall growth rate of 19.18% during this period. The consistent upward trend in employment suggests a more stable and growing sector.

Future trends to watch for include advancements in digital insurance services, regulatory changes, and evolving customer needs. Additionally, the impact of technological innovations such as artificial intelligence and data analytics on employment patterns within the sector will be critical to monitor.