Insurances - Spain

Spain

The Insurances market in Spain is projected to reach a market size (gross written premium) of US$56.07bn by 2024.
Among the different segments, Non-Life Insurances dominates the market with a projected market volume of US$29.48bn in 2024.
On average, each person in Spain is expected to spend US$1.18k on Insurances market in 2024.
When compared globally, it is evident that the United States holds the highest nominal value, with a projected gross written premium of US$4,642.0bn in 2024.
The gross written premium in the Spanish Insurances market is expected to demonstrate an annual growth rate (CAGR 2024-2028) of -2.22%, resulting in a market volume of US$51.26bn by 2028.
In global comparison, the United States will continue to generate the highest gross written premium, reaching US$4,642.0bn in 2024.
In Spain, there is a growing trend towards digital insurance platforms, with consumers increasingly opting for online insurance purchases and management.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in Spain has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Spain are shifting towards digital platforms and online purchasing. Customers are increasingly looking for convenience and efficiency in their insurance transactions, leading to a rise in the popularity of online insurance services. This trend aligns with the global shift towards digitalization in the insurance industry, as customers seek seamless and user-friendly experiences. Trends in the market in Spain indicate a growing demand for innovative insurance products tailored to specific needs. Insurers are adapting to this trend by introducing new and specialized insurance offerings, such as cyber insurance and personalized health insurance plans. This trend reflects a broader movement in the insurance sector towards customization and niche products to meet evolving customer requirements. Local special circumstances in Spain, such as regulatory changes and market dynamics, are influencing the insurance landscape. Regulatory reforms aimed at increasing transparency and consumer protection are shaping the way insurance products are marketed and sold in the country. Additionally, the competitive nature of the insurance market in Spain is driving insurers to differentiate themselves through unique value propositions and customer-centric strategies. Underlying macroeconomic factors, including economic stability and demographic shifts, are also impacting the insurance market in Spain. A stable economic environment is fostering consumer confidence and driving overall demand for insurance products. Moreover, demographic changes, such as an aging population and changing lifestyles, are influencing the types of insurance products that are in demand, with a growing interest in retirement planning and health-related coverage.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.