Spain Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Spain Life Insurance Market Report Overview
The gross written premium (GWP) of the Spain life insurance market was EUR26.9 billion ($27.5 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The Spain life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Spain Life Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Spain life insurance market report also analyzes distribution channels operating in the segment. It gives a comprehensive overview of Spain’s economy and demographics and provides detailed information on the competitive landscape in the country.
Market Size (2022) | EUR26.9 billion ($27.5 billion) |
CAGR (2024-2028) | >5% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business (LI) | · Whole Life
· Endowment · Term Life · Capitalization · Pension · Life PA&H |
Leading Companies | · VidaCaixa
· Santander Seguros · Mapfre Vida Sobre la Vida Humana · Ibercaja Vida |
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Spain Life Insurance Market Trends
Focus on Environmental, Social, and Governance (ESG), and inclusive insurance are the recurring trends impacting the Spanish life insurance market.
- ESG is expected to remain a focus area with more insurers set to launch green bonds, increase their investments in clean energy projects, and cut their investments in areas that contribute towards carbon emissions.
- In January 2023, Mapfre joined the Net-Zero Asset Owner Alliance to achieve net-zero greenhouse gas emissions by 2050; meaning net-zero emissions in its insurance and reinsurance underwriting and investment portfolios.
Spain Life Insurance Market Segmentation by Lines of Business
Endowment was the leading life insurance line of business in 2023
The key lines of business in the Spain life insurance industry are whole life, endowment, term life, capitalization, pension, and life PA&H. Endowment held around a significant share in life insurance DWP in 2023. While the insurance’s growth flattened during 2019–23, mainly due to the impact of COVID-19, it is expected to pick up pace over 2024–28.
Spain Life Insurance Market Analysis by Lines of Business, 2023 (%)
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Spain Life Insurance Market - Competitive Landscape
VidaCaixa had the highest share in 2022
A few of the leading life insurance companies in Spain are:
- VidaCaixa
- Santander Seguros
- Mapfre Vida Sobre la Vida Humana
- Ibercaja Vida
- Others
Spain Life Insurance Market Analysis by Companies, 2022 (%)
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Spain Life Insurance Market – Deals and Jobs
- In Feb 2024, Medvida acquired the life insurance portfolio of Metropolis as part of its expansion strategy.
- In January 2024, Generali acquired Liberty Seguros from Liberty Mutual. The deal improved Generali’s financial position and helped fulfill its expansion strategy in Ireland.
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Segments Covered in the Report
Spain Life Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)
- Whole Life
- Endowment
- Term Life
- Pension
- Life PA&H
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in Spain.
- It provides historical values for Spain life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top life insurance companies in Spain and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Spain’s life insurance segment.
- A comprehensive overview of Spain’s economy, government initiatives and investment opportunities.
- Spain’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Spain’s life insurance segment’s market structure gives details of lines of business.
- Spain’s life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Spain’s life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Spain’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Spain’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Santander Seguros
Mapfre Vida Sobre la Vida Humana
Ibercaja Vida
Bansabadell Vida
AXA Aurora Vida
BBVA Seguros Spain
Allianz Seguros y Reaseguros
Table of Contents
Frequently asked questions
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What was the Spain life insurance market gross written premium in 2023?
The gross written premium of the Spanish life insurance market was EUR26.9 billion ($27.5 billion) in 2023.
-
What will the Spain life insurance market growth rate be during the forecast period?
The life insurance market in Spain is expected to achieve a CAGR of more than 5% during 2024-2028.
-
Which line of business held the largest share of the Spain life insurance market in 2023?
Endowment accounted for the largest share of the Spain life insurance market in 2023.
-
Which are the key companies operating in the Spain life insurance market?
A few of the leading life insurance companies in Spain are VidaCaixa, Santander Seguros, Mapfre Vida Sobre la Vida Humana, and Ibercaja Vida among others.
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