Non-Life Insurance in Spain, Key Trends and Opportunities to 2020

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Published: April 27, 2017 Report Code: GD-IS1452MR-ST

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Spanish insurance industry, 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 non-life insurance segment in Spain:

• It provides historical values for the Spanish non-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 non-life insurance segment, and market forecasts to 2020.

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

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

• It analyzes various natural hazards and their impact on the Spanish insurance industry

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

Key Highlights

• Non-life insurance is the second-largest segment in the Spanish insurance industry, representing 38.5% of the country’s overall gross written premium in 2015.

• The Spanish non-life segment is moderately concentrated, with the 10 leading insurers accounting for 55.4% of the total non-life direct written premium in 2015.

• The rise of low-cost carriers has brought a new wave of tourism to Spain, and contributed to the development of domestic tourism.

• The Spanish construction industry is expected to improve slowly over the forecast period, supported by economic recovery and increased foreign investments.

• Telematics, or usage-based insurance, is an upcoming global technological development. It is used by motor insurers to measure a motorist’s driving behavior.

Reasons to Buy

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

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

• Assess the competitive dynamics in the non-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.

Mapfre Familiar
Segurcaixa Adeslas
Allianz Seguros
Axa Seguros Generales
Generali Seguros
Sanitas
Asisa
Santalucia
Mutua Madrileña
Zurich Insurance

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Direct marketing

6.1.4 Bancassurance

6.1.5 E-commerce

7 Natural Hazards

7.1 Flooding

7.2 Storms

7.3 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Mapfre Familiar – company overview

8.1.2 Segurcaixa Adeslas – company overview

8.1.3 Allianz Seguros – company overview

8.1.4 Axa Seguros Generales – company overview

8.1.5 Generali Seguros – 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 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

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 Non-Life Insurance – Key Facts, 2015

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

Table 3: Spanish Government Credit Ratings

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

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

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

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

Table 8: Spanish Non-Life Insurance – Premium per Capita (EUR and US$), 2011–2015

Table 9: Spanish Non-Life Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 10: Spanish Non-Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 11: Spanish Non-Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 12: Spanish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 13: Spanish Non-Life Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 14: Spanish Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 15: Spanish Non-Life Insurance – Profitability Ratio (%), 2015–2020

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

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

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

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

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

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

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

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

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

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

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

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

Table 28: Spanish Property Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 29: Spanish Property Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 30: Spanish Property Insurance – Loss Ratio (%), 2011–2015

Table 31: Spanish Property Insurance – Loss Ratio (%), 2015–2020

Table 32: Spanish Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2015

Table 33: Spanish Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2015–2020

Table 34: Spanish Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2015

Table 35: Spanish Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2015–2020

Table 36: Spanish Motor Insurance – Paid Claims (EUR Billion and US$ Billion), 2011–2015

Table 37: Spanish Motor Insurance – Paid Claims (EUR Billion and US$ Billion), 2015–2020

Table 38: Spanish Motor Insurance – Loss Ratio (%), 2011–2015

Table 39: Spanish Motor Insurance – Loss Ratio (%), 2015–2020

Table 40: Spanish Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 41: Spanish Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 42: Spanish Liability Insurance – Number of Policies Sold (Million), 2011–2015

Table 43: Spanish Liability Insurance – Number of Policies Sold (Million), 2015–2020

Table 44: Spanish Liability Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 45: Spanish Liability Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 46: Spanish Liability Insurance – Loss Ratio (%), 2011–2015

Table 47: Spanish Liability Insurance – Loss Ratio (%), 2015–2020

Table 48: Spanish Transport Network – Global Rankings

Table 49: Spanish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 50: Spanish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 51: Spanish Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 52: Spanish Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 53: Spanish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 54: Spanish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 55: Spanish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 56: Spanish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 57: Spanish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Billion), 2011–2015

Table 58: Spanish Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Billion), 2015–2020

Table 59: Spanish Non-Life Insurance – Percentage of Direct Written Premium, by Distribution Channel, 2011–2020

Table 60: Spanish Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Table 61: Mapfre Familiar – Key Facts

Table 62: Mapfre Familiar – Key Financials (EUR Million), 2011–2014

Table 63: Segurcaixa Adeslas – Key Facts

Table 64: Segurcaixa Adeslas – Key Financials (EUR Million), 2011–2014

Table 65: Allianz Seguros – Key Facts

Table 66: Allianz Seguros – Key Financials (EUR Million), 2011–2014

Table 67: Axa Seguros Generales – Key Facts

Table 68: Axa Seguros Generales – Key Financials (EUR Million), 2011–2014

Table 69: Generali Seguros – Key Facts

Table 70: Generali Seguros – Key Financials (EUR Million), 2011–2014

Table 71: Spain – Insurance Regulatory Framework Key Features

Table 72: Spain – Life Insurance Regulatory Framework

Table 73: Spain – Property Insurance Regulatory Framework

Table 74: Spain – Motor Insurance Regulatory Framework

Table 75: Spain – Liability Insurance Regulatory Framework

Table 76: Spain – Minimum Coverage for Aircraft Third-Party Liability per Accident Per Aircraft

Table 77: Spain – Insurance Premium Taxation

Table 78: Spain – Corporate Tax Rates for the Financial Year 2017

Table 79: Spanish Insurance Industry – Policies and Premium, 2011–2015

Table 80: Spanish Insurance Industry – Policies and Premium, 2015–2020

Table 81: Spanish Non-Life Insurance – Claims and Expenses, 2011–2015

Table 82: Spanish Non-Life Insurance – Claims and Expenses, 2015–2020

Table 83: Spanish Non-Life Insurance – Assets and Investments, 2011–2015

Table 84: Spanish Non-Life Insurance – Assets and Investments, 2015–2020

Table 85: Spanish Non-Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 86: Spanish Non-Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 87: Spanish Non-Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 88: Spanish Non-Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 89: Spanish Non-Life Insurance – Bancassurance and Other Distribution, 2011–2015

Table 90: Spanish Non-Life Insurance – Bancassurance and Other Distribution, 2015–2020

Table 91: Spanish Non-Life Insurance – Property Insurance, 2011–2015

Table 92: Spanish Non-Life Insurance – Property Insurance, 2015–2020

Table 93: Spanish Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 94: Spanish Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 95: Spanish Non-Life Insurance – Motor Insurance, 2011–2015

Table 96: Spanish Non-Life Insurance – Motor Insurance, 2015–2020

Table 97: Spanish Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 98: Spanish Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 99: Spanish Non-Life Insurance – Liability Insurance, 2011–2015

Table 100: Spanish Non-Life Insurance – Liability Insurance, 2015–2020

Table 101: Spanish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 102: Spanish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 103: 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 Non-Life Insurance – Gross Written Premium (EUR Billion), 2011–2020

Figure 9: Spanish Non-Life Insurance – Penetration (%), 2011–2020

Figure 10: Spanish Non-Life Insurance – Premium per Capita (EUR), 2011–2020

Figure 11: Spanish Non-Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 12: Spanish Non-Life Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 13: Spanish Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Spanish Non-Life Insurance – Total Assets (EUR Billion), 2011–2020

Figure 15: Spanish Non-Life Insurance – Total Investment Income (EUR Billion), 2011–2020

Figure 16: Spanish Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2020

Figure 17: Spanish Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Spanish Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2011–2020

Figure 19: Spanish Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 20: Spanish Property Insurance – Construction Value Output by Category (EUR Billion), 2011–2015

Figure 21: Spanish Property Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 22: Spanish Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 23: Spanish Property Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 24: Spanish Property Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 25: Spanish Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 26: Spanish Motor Insurance – Total Vehicle Registrations, 2011–2016

Figure 27: Spanish Motor Insurance – Road Fatalities, 2011–2015

Figure 28: Spanish Road Accident Fatalities – Regional Comparison (%), 2015

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

Figure 30: Spanish Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 31: Spanish Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2011–2020

Figure 32: Spanish Motor Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 33: Spanish Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 34: Spanish Liability Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 35: Spanish Liability Insurance – Number of Policies Sold (Million), 2011–2020

Figure 36: Spanish Liability Insurance – Paid Claims (EUR Million), 2011–2020

Figure 37: Spanish Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 38: Spanish Travel & Tourism Competitiveness Index Ranking 2015 – Global Comparison, 2015

Figure 39: Spanish Marine, Aviation and Transit Insurance – Exports and Imports (EUR Billion), 2011–2015

Figure 40: Spanish Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 41: Spanish Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 42: Spanish Marine, Aviation and Transit Insurance – Paid Claims (EUR Million), 2011–2020

Figure 43: Spanish Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 44: Spanish Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 45: Spanish Mortality by Hazards Type, 1990–2014

Figure 46: Spanish Economic Loss by Hazards Type, 1990–2014

Figure 47: Spanish Total Losses by Type, 1987–2015

Figure 48: Spanish Non-Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 49: Spain – The Three Pillars of Solvency II

Figure 50: Spain – Insurance Supervision and Control at Various Levels

Figure 51: Spain – Insurance Regulatory Frameworks for Company Registration and Operation

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