Spain Insurance Q1 2018
BMI View: Spain's insurance market is feeling the impact of pent-up demand as consumer and business sentiment continue to strengthen in the wake of the country's economic crisis. We expect to see healthy levels of growth in a number of key consumer lines, most notably the life and health insurance segments, while an improving business climate will boost the credit/financial guarantee segment and other corporate lines. A relatively low level of penetration compared with other Western European markets will further incentivise investors who will be attracted by the fragmented nature of the insurance competitive landscape and the lack of clear leaders. However, with unemployment still just below 20%, the fragility of the country's economic recovery presents considerable downside risks.
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