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Spain Insurance Report Q1 2016

Spain Insurance Report Q1 2016

BMI View: Both life and non-life insurance are well-established in Spain and the market is large inabsolute terms, though rates of penetration and density are relatively low. This indicates potential forsubstantial longer term growth, though in the short term the market faces considerable challenges. WhileSpain's economic recovery is gaining traction, high levels of unemployment, combined with high levels ofhousehold debt is placing consumer demand under pressure and spending on non-essential items has beenheavily curtailed. As such, growth will remain low, particularly in the life sector, for much of the forecastperiod. Some subsectors in the life sector, such as personal accident insurance, do present stronger growthopportunities, but these forecasts are heavily dependent upon Spain remaining in positive economicterritory.

Key Updates And Forecasts

Facing limited opportunities in the domestic market, Spain's leading insurers are turning to overseasgrowth potential. Mutua Madrilena recently announced plans to acquire a 40% share in three Chileaninsurance companies: Bci Seguros Generales, Bci Seguros Vida and Zenit Seguros for EUR209mn(USD221.69mn).

In the domestic market, we expect life insurance to show only limited growth during the forecast period,increasing from EUR25.1bn (USD27.6bn) in 2015 to EUR26.0bn (USD31.2bn) in 2019.

The slightly larger non-life sector is expected to record more positive growth, driven primarily bydemand for motor insurance, and we expect gross non-life premiums to reach EUR44.6bn (USD53.6bn)in 2019, up from EUR32.8bn (USD36.1bn) in 2015.


BMI Industry View
Table: Headline Insurance Forecasts (Spain 2012-2019)
SWOT
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Spain 2012-2019)
Table: Life Insurance Claims (Spain 2007-2013)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Spain 2012-2019)
Table: Non-Life Insurance Claims (Spain 2008-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Spain 2012-2019)
Industry Risk Reward Ratings
Developed States Insurance Risk/Reward Index
Table: Developed States Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market (USDmn) 2011-2013
Non Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non Life Insurance Market (USDmn) 2011-2013
Company Profile
Aviva
MAPFRE
Mutua Madrileña
Santander Seguros
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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