Boston, MA -- (SBWIRE) -- 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.
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- 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
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