Spain Insurance Industry, Insurance Sector of Spain, Spanish Insurance Industry

By: EconomyWatch   Date: 26 May 2010

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Spanish Life Insurance

According to the Bank of Spain, the proportion of savings dedicated to life insurance or pension plans remains constant at approximately 10% of the total portfolio. A stalemate is being marked in Life insurance Industry of Spain. For the year 1997, pension funds and life insurance plans accounted for 11% of family savings in Spain in contrast to the European Union (EU) average of 17%. In 2000, the EU average had increased to 22% while the Spanish figure remained stagnant at 11%.

Spanish Non-life insurance

In the field of non-life insurance, automobile insurance plays a significant role.

Health insurance increased by 8% for the year 2001. However, in general terms, this type of insurance maintains a stable client base volume of approximately 6 million clients, of which 2 million are workers from the MUFACE (government employees) system.

A recent survey on insurance In Spain

 A recent survey on insurance revealed some interesting details on insurance in Spain, which are as follows:

  • 60% of the new clients are males;

  • The purchase of individual life insurance linked to loan coverage is very low.

  • While 50% of Spanish homes are protected by insurance policies, only 17% of the owners have direct insurance not linked to loans. Another 19% have linked insurance and 12% are insured by their companies.

  • Over half of all the individuals that do not own life insurance indicated that they have not received any promotional information.

  • Current holders of life insurance are often unaware of the complementary coverage their insurance company offers such as disability, accidents, etc.More information about the scope of coverage and complementary insurance would definitely contribute to higher customer satisfaction /loyalty levels.


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