Boston, MA -- (ReleaseWire) -- 01/31/2014 -- During the review period (2008-2012), the Spanish non-life segment was adversely affected by recession. The segment declined at a review-period CAGR of -3.5%, but critically remained competitive. The segment's combined ratio remained at 92.2% in 2012, lower than other European nations such as the UK and France which registered respective combined ratios of 103.4% and 106.6%.
Collectively, the motor and property insurance categories accounted for 93.1% of the segment's gross written premiums in 2012. During the review period, both the life and non-life insurance segments registered negative growth due to the financial crisis. This affected the demand for motor insurance products, which registered a review-period CAGR of 4.7%. Property insurance posted a review-period CAGR of -0.5% on account of the nation's weak property and construction markets. As the economy gradually recovers, an increase in disposable income and the implementation of Solvency II will support the non-life segment, which is projected to post a forecast-period (2012-2017) CAGR of 1.4% to value EUR23.0 billion (US$29.4 billion) in 2017. Recovery in the automobile market and rising awareness of cover against natural disasters is expected to increase demand for motor and property insurance.
View Full Report Details and Table of Contents
- The Spanish non-life insurance segment declined at a review-period CAGR of -3.5%, but critically remained competitive.
- Following the global financial crisis in 2008-2009 and the European debt crisis of 2010-2011, smaller insurers may not be able to compete and will be forced to merge with larger insurers.
- Spain's average premium per capita declined from EUR541.8 (US$793.6) in 2008 to EUR464.2 (US$596.8) in 2012, at a review-period CAGR of -3.8%.
- Mandatory civil liability insurance supplements third-party liability insurance.
- The volume of natural disasters during the review period increased the public's awareness of the benefits of non-life insurance products, especially in the property insurance category.
This report provides a comprehensive analysis of the non-life insurance segment in Spain:
- It provides historical values for Spain's non-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 categiories in Spain's non-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 non-life insurance products in Spain.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Spain for the non-life insurance segment.
Companies Mentioned in this Report: Mapfre Familiar, Segurcaixa Adeslas, Axa Seguros Generales, Allianz Seguros, Generali Seguros, Sanitas, Mutua Madrilena, Santalucia, Zurich Insurance, Grupo Caser
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Insurance research reports at Fast Market Research
You may also be interested in these related reports:
- Life Insurance in Russia, Key Trends and Opportunities to 2017
- Life Insurance in Austria, Key Trends and Opportunities to 2017: The Austrian life segment's written premium fell from EUR7.4 billion in 2008 to EUR6.5 billion in 2012.
- Non-Life Insurance in Austria, Key Trends and Opportunities to 2017: The Austrian non-life segments written premium value grew from EUR6.5 billion in 2008 to EUR7.1 billion in 2012.
- Personal Accident and Health Insurance in Thailand, Key Trends and Opportunities to 2017
- Life Insurance in South Africa, Key Trends and Opportunities to 2017
- Life Insurance in China, Key Trends and Opportunities to 2017
- Life Insurance in India, Key Trends and Opportunities to 2017
- Non-Life Insurance in China, Key Trends and Opportunities to 2017
- Non-Life Insurance in India, Key Trends and Opportunities to 2017
- Personal Accident and Health Insurance in South Africa, Key Trends and Opportunities to 2017