Spain Insurance Report Q4 2016

Publisher Name :
Date: 05-Oct-2016
No. of pages: 57

BMI View: Spain's insurance market, though well developed, still offers room for further expansion with

significant gaps in coverage in both the life and non-life sectors. The market is home to major

multinationals and smaller domestic providers and the product offering is diverse and supplied via

extensive distribution channels. While market fundamentals are positive, the short-term growth outlook for

life and non-life insurance remains subdued, hampered by high levels of structural unemployment and, in

the non-life sector in particular, strong downwards pressure on pricing.

Key Updates And Forecasts

- Competition and sluggish growth is keeping downwards pressure on pricing in key lines in Spain's nonlife

sector. Leading insurer Mutua Madrileña, in its latest interim report, highlighted that it was

maintaining a freeze on motor insurance premiums due to competitive pressures.

- Trends such as these underline our forecasts for weak growth in the non-life sector. We are forecasting

non-life premium growth of 0.5% in 2016 to EUR31.5bn which, due to the weakness of the euro against

the dollar, translates to a contraction in US dollar terms of 3.0% to USD33.7bn.

- Slightly stronger growth is expected in the smaller life insurance sector, where premiums are forecast to

grow by 1.3% in local currency terms to reach EUR25.9bn. In US dollar terms this reflects as a

contraction of 2.2% to USD27.7bn.

Spain Insurance Report Q4 2016

Table of Contents

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 2008-2015) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Spain 2013-2020) 16
Table: Non-Life Insurance Claims (Spain 2009-2015) 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 - Q416 31
Market Overview 32
Life Market Overview 32
Product Offering 32
Competitive Landscape 32
Table: Life Insurance Market (USDmn) 2011-2014 34
Non-Life Market Overview 36
Product Offering 36
Competitive Landscape 36
Table: Non Life Insurance Market (USDmn) 2011-2014 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

List of Tables

Table: Headline Insurance Forecasts (Spain 2013-2020)
Table: Life Premiums (Spain 2013-2020)
Table: Life Insurance Claims (Spain 2008-2015)
Table: Non-Life Premiums (Spain 2013-2020)
Table: Non-Life Insurance Claims (Spain 2009-2015)
Table: Non-Life Insurance Premiums by Product Line (Spain 2013-2020)
Table: Developed States Insurance Risk/Reward Index - Q416
Table: Life Insurance Market (USDmn) 2011-2014
Table: Non Life Insurance Market (USDmn) 2011-2014
Table: Indicators
Table: Weighting of Indicators
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