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Reinsurance in Spain, Key Trends and Opportunities to 2018

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Date: 14-Feb-2015
No. of pages: 81
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Synopsis

Despite the global financial and European debt crises, the Spanish reinsurance segment registered a review-period (2009?2013) compound annual growth rate (CAGR) of 6.3%. With gradual economic improvement and increasing public confidence in insurance products, the segment is expected to post a forecast-period (2013?2018) CAGR of 5.7%. The Insurance Compensation Consortium (CCS) provides cover for all natural disaster events through a compulsory surcharge based on sums insured, which set a very low requirement for insurers to seek natural disaster reinsurance, which includes unexpected natural and socio-political risks. Reinsurance rates in Spain fell in 2011 and 2012 due to the absence of natural disasters. Treaty reinsurance led the segment during the review period and accounted for a 51.7% share, while facultative reinsurance accounted for 48.3%.

Summary

The report provides in-depth market analysis, information and insights into the Spanish reinsurance segment, including:


  • The Spanish reinsurance segment's growth prospects by reinsurance category

  • Key drivers for the reinsurance segment

  • Spanish reinsurance segment's growth prospects by reinsurance ceded from direct insurance

  • The competitive landscape in the Spanish reinsurance segment


Scope

This report provides a comprehensive analysis of the reinsurance segment in Spain:


  • It provides historical values for Spain's reinsurance segment for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

  • It offers a detailed analysis of the key categories in Spain's reinsurance segment, along with market forecasts until 2018.

  • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Spanish and its growth prospects.


Reasons To Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Spanish reinsurance segment and each sector within it

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Spanish reinsurance segment

  • Identify the growth opportunities and market dynamics in key product categories

  • Gain insights into key regulations governing the Spanish insurance industry, and their impact on companies and the industry's future


Key Highlights

  • Reinsurance in Spain grew during the review period: its written premium increased in 2013, at a review-period CAGR of 6.3%.

  • Treaty insurance accounted for 51.7% of the total reinsurance ceded in 2013.

  • A lack of a domestic reinsurer compels national insurers to cede around 70% of their premium to foreign reinsurers.

  • Due to provisions by the Consorcio de Compensación de Seguros (CCS), there is little need for insurers to seek catastrophic reinsurance, including against unexpected natural and sociopolitical perils.

  • Regulatory changes are anticipated in the segment due to the implementation of Solvency II, which is expected to provide new challenges and opportunities in terms of competitive differentiation in reinsurance purchases.

  • The reinsurance segment is expected to grow further over the forecast period at a CAGR of 5.7%.

  • As of 2013, there were two specialized domestic reinsurers and a few global reinsurers licensed to conduct reinsurance business in Spain. The segment is dominated by domestic reinsurers, Mapfre Re and Nacional de Reaseguros SA.

Reinsurance in Spain, Key Trends and Opportunities to 2018

Table of Contents

1 Key Facts and Top Events

2 Executive Summary

3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 Spanish Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018

5 Reinsurance Growth Dynamics and Challenges
5.1 Reinsurance Segment Size, 2009-2018
5.2 Reinsurance Segment Size by Type of Insurance, 2009-2018

6 Key Drivers
6.1 Fundamental Business Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers

7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Spanish Reinsurance Segment
7.3 Mapfre Re - Company Overview
7.3.1 Mapfre Re - key facts
7.4 Nacional de Reaseguros SA - Company Overview
7.4.1 Nacional de Reaseguros SA - key facts
7.5 Swiss Re - Company Overview
7.5.1 Swiss Re - key facts
7.6 ACE Tempest Re - Company Overview
7.6.1 ACE Tempest Re - key facts
7.7 General Reinsurance AG Sucursal en España - Company Overview
7.7.1 General Reinsurance AG Sucursal en España - key facts
7.8 Scor Re - Company Overview
7.8.1 Scor - key facts
7.9 RGA International Reinsurance Company - Company Overview
7.9.1 RGA International Reinsurance Company - key facts

8 Appendix -1
8.1 Business Confidence
8.1.1 Market capitalization trend - Spain Stock Market (IBEX 35), Spain
8.2 Economic Performance
8.2.1 GDP at constant prices (US$)
8.2.2 GDP per capita at constant prices (US$)
8.2.3 GDP at current prices (US$)
8.2.4 GDP per capita at current prices (US$)
8.2.5 GDP by key sector
8.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
8.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
8.2.8 Manufacturing net output at current prices (US$)
8.2.9 Manufacturing net output at current prices as a percentage of GDP
8.2.10 Mining, manufacturing and utilities at current prices (US$)
8.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
8.2.12 Construction net output at current prices, (US$)
8.2.13 Construction net output at current prices as a percentage of GDP
8.2.14 Inflation rate
8.2.15 Exports as a percentage of GDP
8.2.16 Imports as a percentage of GDP
8.2.17 Merchandise exports growth
8.2.18 Merchandise imports growth
8.2.19 Annual average exchange rate EUR-US$
8.3 Infrastructure
8.3.1 Commercial vehicle exports - total value
8.3.2 Commercial vehicle imports - total value
8.3.3 Automotive exports - total value
8.3.4 Automotive imports - total value
8.3.5 Total internet subscribers
8.4 Labor Force
8.4.1 Labor force
8.4.2 Unemployment rate
8.5 Demographics
8.5.1 Gross national disposable income (US$)
8.5.2 Household consumption expenditure (US$)
8.5.3 Total population
8.5.4 Urban and rural populations
8.5.5 Age distribution of the total population

9 Appendix -2
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables

Table 1: Spanish Reinsurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Spanish Insurance - Gross Written Premium by Segment (EUR Billion), 2009-2013
Table 4: Spanish Insurance - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 5: Spanish Insurance - Gross Written Premium by Segment (EUR Billion), 2013-2018
Table 6: Spanish Insurance - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 7: Spanish Insurance - Segmentation, Gross Written Premium (% Share), 2009-2018
Table 8: Spanish Insurance - Direct Written Premium by Segment (EUR Billion), 2009-2013
Table 9: Spanish Insurance - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 10: Spanish Insurance - Direct Written Premium by Segment (EUR Billion), 2013-2018
Table 11: Spanish Insurance - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 12: Spanish Insurance - Segmentation, Direct Written Premium (% Share), 2009-2018
Table 13: Spanish Reinsurance - Premium Accepted by Category (EUR Billion), 2009-2013
Table 14: Spanish Reinsurance - Premium Accepted by Category (US$ Billion), 2009-2013
Table 15: Spanish Reinsurance - Premium Accepted by Category (EUR Billion), 2013-2018
Table 16: Spanish Reinsurance - Premium Accepted by Category (US$ Billion), 2013-2018
Table 17: Spanish Reinsurance - Premium Ceded by Type of Insurance (EUR Billion), 2009-2013
Table 18: Spanish Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2009-2013
Table 19: Spanish Reinsurance - Premium Ceded by Type of Insurance (EUR Billion), 2013-2018
Table 20: Spanish Reinsurance - Premium Ceded by Type of Insurance (US$ Billion), 2013-2018
Table 21: Spanish Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 22: Spanish Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 23: Spanish Non-Life Insurance - Percentage of Reinsurance Ceded, 2009-2013
Table 24: Spanish Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 25: Spanish Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 26: Leading Companies in the Spanish Reinsurance Segment
Table 27: Mapfre Re, Key Facts
Table 28: Nacional de Reaseguros SA, Key Facts
Table 29: Swiss Re, Key Facts
Table 30: ACE Tempest Re, Key Facts
Table 31: General Reinsurance AG Sucursal en España, Key Facts
Table 32: Scor, Key Facts
Table 33: RGA International Reinsurance Company, Key Facts

List of Figures

Figure 1: Spanish Insurance - Gross Written Premium by Segment (EUR Billion), 2009-2018
Figure 2: Spanish Insurance - Dynamics by Segment, Gross Written premium (2009-2018)
Figure 3: Spanish Insurance - Direct Written Premium by Segment (EUR Billion), 2009-2018
Figure 4: Spanish Insurance - Dynamics by Segment, Direct Written premium (2009-2018)
Figure 5: Spanish Reinsurance - Premium Accepted by Category (EUR Billion), 2009-2018
Figure 6: Spanish Reinsurance - Premium Accepted by Category (% Share), 2013 and 2018
Figure 7: Spanish Reinsurance - Premium Accepted Dynamics by Category, 2009-2018
Figure 8: Spanish Reinsurance - Premium Ceded by Type of Insurance (EUR Billion), 2009-2018
Figure 9: Spanish Reinsurance - Premium Ceded Dynamics by Type of Insurance, 2009-2018
Figure 10: Spanish Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 11: Spanish Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 12: Spanish Non-Life Insurance - Percentage of Reinsurance Ceded, 2009-2013
Figure 13: Spanish Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 14: Spanish Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 15: Spanish Stock Market (Ibex 35) Market Capitalization (US$ Billion), 2008-2012
Figure 16: Spanish GDP at Constant Prices (US$ Billion), 2009-2013
Figure 17: Spanish GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 18: Spanish GDP at Current Prices (US$ Billion), 2009-2013
Figure 19: Spanish GDP Per Capita at Current Prices (US$), 2009-2013
Figure 20: Spanish GDP by Key Sector (%) 2008 and 2012
Figure 21: Spanish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2008-2012
Figure 22: Spanish Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 23: Spanish Manufacturing Net Output at Current Prices (US$ Billion), 2008-2012
Figure 24: Spanish Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008-2011
Figure 25: Spanish Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008-2012
Figure 26: Spanish Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2008-2012
Figure 27: Spanish Construction Net Output at Current Prices (US$ Billion), 2008- 2012
Figure 28: Spanish Construction Output at Current Prices as a Percentage of GDP (%), 2008-2012
Figure 29: Spanish Inflation Rate (%), 2009-2013
Figure 30: Spanish Exports as a Percentage of GDP (%), 2008-2012
Figure 31: Spanish Imports as a Percentage of GDP (%), 2008-2012
Figure 32: Spanish Merchandise Exports Growth (%), 2009-2012
Figure 33: Spanish Merchandise Imports Growth (%), 2009-2012
Figure 34: Spanish Annual Average Exchange Rate US$-EUR, 2009-2013
Figure 35: Spanish Commercial Vehicles Exports - Total Value (US$ Billion), 2009-2013
Figure 36: Spanish Commercial Vehicles Imports - Total Value (US$ Billion), 2009-2013
Figure 37: Spanish Automotive Exports - Total Value (US$ Billion), 2009-2013
Figure 38: Spanish Automotive Imports - Total Value (US$ Billion), 2009-2013
Figure 39: Spanish Internet Subscriptions (Millions), 2009-2013
Figure 40: Spanish Size of Labor Force (Million), 2008-2012
Figure 41: Spanish Unemployment Rate (%), 2009-2013
Figure 42: Spanish Gross National Disposable Income (US$ Billion), 2008-2012
Figure 43: Spanish Household Consumption Expenditure (US$ Billion), 2009-2013
Figure 44: Spanish Total Population (Million), 2009-2013
Figure 45: Spanish Urban and Rural Populations (%), 2009-2013
Figure 46: Spanish Population Distribution by Age (%), 2008-2012

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