Life Insurance in Spain, Key Trends and Opportunities to 2020

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Published: April 27, 2017 Report Code: GD-IS1451MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Spain, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Spanish life insurance segment, and a comparison of the Spanish insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Spanish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

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

• It provides historical values for the Spanish life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Spanish life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Spanish life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Spain.

• It profiles the top life insurance companies in Spain and outlines the key regulations affecting them.

Key Highlights

• The Spanish public pension system consists of two different programs: non-contributory (Beveridgean), and contributory (Bismarckian).

•The life segment is better developed than the non-life and personal accident and health segments, and posted a penetration rate of 2.4% in 2015.

• The life segment recorded a review-period growth in investment income, primarily due to a strong investment portfolio and a mix of equities and bonds.

•The country’s weak economic conditions affected the sale of life products – particularly endowment, individual life and group superannuation – causing a decline in the written premium.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Spanish life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the life insurance segment.

• Identify 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.

VidaCaixa,Bansabadell Vida,Bbva Seguros,Mapfre Vida,Ibercaja Vida,Allianz,Generali Seguros,Santander Seguros,AXA Aurora Vida, SA De Seguros Y Reaseguros,Rural Vida SA de Seguros y Reaseguros
,

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

5 Segment Outlook

5.1 Regional Comparison

5.2 Segment Indicators

5.2.1 Gross written premium and penetration

5.2.2 Policies sold

5.2.3 Claims

5.2.4 Assets and investments

6 Outlook by Category

6.1 Individual Life Insurance

6.1.1 Premium

6.1.2 Policies sold

6.1.3 Penetration

6.2 Group Life Insurance

6.2.1 Premium

6.2.2 Policies sold

6.2.3 Penetration

7 Distribution Channel Outlook

7.1 Analysis by Distribution Channel

8 Competitive Landscape

8.1 Company Profiles

8.1.1 VidaCaixa – company overview

8.1.2 BanSabadell Vida – company overview

8.1.3 BBVA Seguros – company overview

8.1.4 Mapfre Vida – company overview

8.1.5 Ibercaja Vida – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Marine liability insurance

9.4.3 Marine passenger liability insurance

9.4.4 Social insurance system

9.4.5 Air carriers and aircraft operators insurance

9.4.6 Professional indemnity insurance for alternative investment fund managers

9.4.7 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Federation of European Risk Management Associations

9.5.4 Directorate General of Insurance and Pension Funds

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Individual Life Insurance

10.8 Individual Life Insurance by Product

10.9 Group Life Insurance

10.1 Group Life Insurance by Product

10.11 Individual Life – Single vs Non-Single Premium

10.12 Group Life – Single vs Non-Single Premium

10.13 Linked vs Non-Linked Policies

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Spanish Life Insurance – Key Facts, 2015

Table 2: Spanish Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Spanish Government Credit Ratings

Table 4: Spanish Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015

Table 5: Spanish Life Insurance – Penetration (%), 2011–2015

Table 6: Spanish Life Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020

Table 7: Spanish Life Insurance – Penetration (%), 2015–2020

Table 8: Spanish Life Insurance – New Business Direct Written Premium (EUR Billion and US$ Billion), 2011–2015

Table 9: Spanish Life Insurance – New Business Direct Written Premium (EUR Billion and US$ Billion), 2015–2020

Table 10: Spanish Life Insurance – Premium per Capita (EUR and US$), 2011–2015

Table 11: Spanish Life Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 12: Spanish Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 13: Spanish Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 14: Spanish Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 15: Spanish Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 16: Spanish Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015

Table 17: Spanish Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020

Table 18: Spanish Life Insurance – Total Investment Income (EUR Billion and US$ Billion), 2011–2015

Table 19: Spanish Life Insurance – Total Investment Income (EUR Billion and US$ Billion), 2015–2020

Table 20: Spanish Life Insurance – Investment Portfolio (EUR Billion), 2011–2015

Table 21: Spanish Life Insurance – Investment Portfolio (EUR Billion), 2015–2020

Table 22: Spanish Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2015

Table 23: Spanish Life Insurance – Direct Written Premium by Category (EUR Billion), 2015–2020

Table 24: Spanish Individual Life Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2015

Table 25: Spanish Individual Life Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2015–2020

Table 26: Spanish Individual Life Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 27: Spanish Individual Life Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 28: Spanish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2015

Table 29: Spanish Group Life Insurance – Direct Written Premium by Category (EUR Billion), 2015–2020

Table 30: Spanish Group Life Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 31: Spanish Group Life Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 32: Spanish Life Insurance – New Business Direct Written Premium by Distribution Channel (EUR Billion), 2011–2015

Table 33: Spanish Life Insurance – New Business Direct Written Premium by Distribution Channel (EUR Billion), 2015–2020

Table 34: Spanish Life Insurance – Percentage of New Business Direct Written Premium, by Distribution Channel, 2011–2020

Table 35: Spanish Life Segment – Market Shares of Leading Insurers (%), 2015

Table 36: VidaCaixa – Key Facts

Table 37: VidaCaixa – Key Financials (EUR Billion), 2011–2014

Table 38: BanSabadell Vida – Key Facts

Table 39: BanSabadell Vida – Key Financials (EUR Million), 2011–2014

Table 40: BBVA Seguros – Key Facts

Table 41: BBVA Seguros – Key Financials (EUR Million), 2011–2014

Table 42: Mapfre Vida – Key Facts

Table 43: Mapfre Vida – Key Financials (EUR Million), 2011–2014

Table 44: Ibercaja Vida – Key Facts

Table 45: Ibercaja Vida – Key Financials (EUR Million), 2011–2014

Table 46: Spain – Insurance Regulatory Framework Key Features

Table 47: Spain – Life Insurance Regulatory Framework

Table 48: Spain – Property Insurance Regulatory Framework

Table 49: Spain – Motor Insurance Regulatory Framework

Table 50: Spain – Liability Insurance Regulatory Framework

Table 51: Spain – Minimum Coverage for Aircraft Third-Party Liability per Accident Per Aircraft

Table 52: Spain – Insurance Premium Taxation

Table 53: Spain – Corporate Tax Rates for the Financial Year 2017

Table 54: Spanish Life Insurance – Policies and Premium, 2011–2015

Table 55: Spanish Life Insurance – Policies and Premium, 2015–2020

Table 56: Spanish Life Insurance – Claims and Expenses, 2011–2015

Table 57: Spanish Life Insurance – Claims and Expenses, 2015–2020

Table 58: Spanish Life Insurance – Assets and Investments, 2011–2015

Table 59: Spanish Life Insurance – Assets and Investments, 2015–2020

Table 60: Spanish Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 61: Spanish Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 62: Spanish Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 63: Spanish Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 64: Spanish Life Insurance – Bancassurance and Other Distribution Channels, 2011–2015

Table 65: Spanish Life Insurance – Bancassurance and Other Distribution Channels, 2015–2020

Table 66: Spanish Life Insurance – Individual Life Insurance, 2011–2015

Table 67: Spanish Life Insurance – Individual Life Insurance, 2015–2020

Table 68: Spanish Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 69: Spanish Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 70: Spanish Life Insurance – Group Life Insurance, 2011–2015

Table 71: Spanish Life Insurance – Group Life Insurance, 2015–2020

Table 72: Spanish Life Insurance – Group Life Insurance by Product, 2011–2015

Table 73: Spanish Life Insurance – Group Life Insurance by Product, 2015–2020

Table 74: Spanish Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 75: Spanish Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 76: Spanish Life Insurance – Group Life Insurance by Premium, 2011–2015

Table 77: Spanish Life Insurance – Group Life Insurance by Premium, 2015–2020

Table 78: Spanish Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 79: Spanish Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 80: Insurance Industry Definitions

Figures

Figure 1: Spanish Real GDP (EUR Trillion), 2011–2020

Figure 2: Spanish Consumer Price Inflation (%), 2011–2020

Figure 3: Spanish Current Account Balance as Percentage of GDP (%), 2011–2020

Figure 4: Spanish Unemployment Rate, 2011–2020

Figure 5: Spanish Population by Age Group, 1991–2025

Figure 6: Spanish Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Spanish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Spanish Life Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Spanish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Spanish Life Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 11: Spanish Life Insurance – Penetration (%), 2011–2020

Figure 12: Spanish Life Insurance – New Business Direct Written Premium (EUR Billion), 2011–2020

Figure 13: Spanish Life Insurance – Premium per Capita (EUR), 2011–2020

Figure 14: Spanish Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 15: Spanish Life Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 16: Spanish Life Insurance – Total Assets (EUR Billion), 2011–2020

Figure 17: Spanish Life Insurance – Total Investment Income (EUR Billion), 2011–2020

Figure 18: Spanish Life Insurance – Investment Portfolio (EUR Billion), 2011–2020

Figure 19: Spanish Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 20: Spanish Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2020

Figure 21: Spanish Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 22: Spanish Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 23: Spanish Individual Life Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 24: Spanish Individual Life Insurance – Direct Written Premium Share by Sub-Category, 2011–2020

Figure 25: Spanish Individual Life Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 26: Spanish Individual Life Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 27: Spanish Individual Life Insurance – Penetration (%), 2011–2015

Figure 28: Spanish Individual Life Insurance – Penetration (%), 2015–2020

Figure 29: Spanish Group Life Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 30: Spanish Group Life Insurance – Direct Written Premium Share by Sub-Category (EUR Billion), 2011–2020

Figure 31: Spanish Group Life Insurance – Direct Written Premium Dynamics by Sub-Category (EUR Billion), 2011–2020

Figure 32: Spanish Group Life Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 33: Spanish Group Life Insurance – Penetration (%), 2011–2015

Figure 34: Spanish Group Life Insurance – Penetration (%), 2015–2020

Figure 35: Spanish Life Insurance – New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 36: Spanish Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 37: Spain – The Three Pillars of Solvency II

Figure 38: Spain – Insurance Supervision and Control at Various Levels

Figure 39: Spain – Insurance Regulatory Frameworks for Company Registration and Operation

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