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Spain Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 24
The Spanish insurance industry has witnessed a steady growth during the period 2001-2008, mainly on account of the expanding economy and increasing private consumption. In addition, investment in real estate and automobiles, demand for life products, particularly group policies and pension products also helped further the growth of the market. The industry has experienced a dramatic restructuring during 1980s and 1990s. Deregulation, integration of financial services, technological changes, and other economic changes together brought about new developments in the industry.
The booming real estate market as well as an increase in the demand for automobiles has helped drive the growth of non-life insurance premium in Spain. In case of life products, the demand for group and individual life (unit-linked & pension) insurance has contributed to market growth. Along with the market factors, economic and political drivers such as increase in employment, higher wages, as well as the provision of third-party liability and insurance of motor vehicles helped further the growth of the sector. With a growth in tourism and improved economic conditions, Spain has witnessed an increase in the total number of vehicles registered. The increase in vehicle sales also boosted the demand for motor insurance in the country. Improving financial market and growing demand for savings/retirement products is anticipated to drive the growth of the life segment in the years to come. However, the non-life segment is expected to see growth on account of rising demand for health and awareness for insuring property, motor, and other multi-peril risks.
The present report gives an overview of the Spanish insurance market along with an analysis of Spanish political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Spanish insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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