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New Market Study Published: Life Insurance in Spain, Key Trends and Opportunities to 2017

New Insurance market report from Timetric: "Life Insurance in Spain, Key Trends and Opportunities to 2017"

 

Boston, MA -- (ReleaseWire) -- 02/13/2014 -- During the review period (2008-2012), the Spanish life insurance segment, as compared to other developed European countries, was moderately affected by the global financial crisis and declined by a CAGR of -0.7%. In comparison, the UK's life insurance segment declined by a CAGR of -3.9% and that of France declined by -2.4% during the same period. High demand for guaranteed return products and the increasing need for pension products supported the segment during the review period. The fast aging population and reduced public spending by government are expected to drive growth in the Spanish life insurance segment over the forecast period (2012-2017). Overall, the segment is expected to grow at a forecast-period CAGR of 3.1%.

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Key Highlights

- Compared to other European countries, the Spanish life insurance segment was only moderately affected by the global financial crisis, declining at a review-period CAGR of -0.7%, compared to the UK with a decline in CAGR of -3.9% and France's decline of -2.4%.
- The demand for guaranteed-return products following the 2008 crisis supported the life insurance segment during the review period.
- However, after the sovereign debt crisis in Spain, the repayment of these products is posing a challenge for life insurers.
- Spain underwent major pension reforms, such as an increase in the number of contribution years to calculate pension benefits and a fixed rise in the annual pensions to regulate the pension category.
- Solvency II, the proposed new European regulatory framework for insurers, aims to change capital requirements in the insurance industry and introduce new risk management standards for insurers. The directive is expected to be implemented in January 2016.

Scope

This report provides a comprehensive analysis of the life insurance segment in Spain:

- It provides historical values for the Spanish life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in the Spanish life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in Spain.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Spain for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Spain and its growth prospects.
- It profiles the top life insurance companies in Spain and outlines the key regulations affecting them.

Reasons to Get This Report

Companies Mentioned in this Report: Vidacaixa, Santander Seguros, BBVA Seguros, Mapfre Vida, Ibercaja Vida, Grupo Caser, Generali Seguros, Allianz, Bansabadell Vida, Unicorp Vida

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