Spain Insurance Q4 2019
Two major trends are underway in Spain’s insurance sector. One is the continuing advance of life insurance as a majorconduit for organised savings. This is partly due to low interest rates on bank deposits and the mixed performance of real estate overrecent years. It is also due to innovations and efforts by the life insurers to promote their products. The second theme is thecomparatively strong growth in motor vehicle insurance, which accounts for around one third of non-life premiums. This is due tohigher volumes, higher values of insured vehicles and higher prices. However, price competition in the important property andhealth insurance sub-sectors will likely mean that non-life insurance premiums rise more slowly than nominal GDP.
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