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Life Insurance in Spain, Key Trends and Opportunities to 2020

  • Published Date: 30 Apr 2017
  • Number of Pages: 144
  • Category: Finance and Banking
  • Country: Spain

Synopsis


Timetrics Life Insurance in Spain, Key Trends and Opportunities to 2020 report provides a detailed outlook by product category for the Spanish life insurance segment, and a comparison of the Spanish insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Spanish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary


Timetrics Life Insurance in Spain, Key Trends and Opportunities to 2020 report provides in-depth market analysis, information and insights into the Spanish life insurance segment, including:

An overview of the Spanish life insurance segment

The Spanish life insurance segments growth prospects by category

A comprehensive overview of the Spanish economy and demographics

A comparison of the Spanish life insurance segment with its regional counterparts

The various distribution channels in the Spanish life insurance segment

Details of the competitive landscape in the life insurance segment in Spain

Details of regulatory policy applicable to the Spanish insurance industry

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 reports 20112015 review period, and projected figures for the 20152020 forecast period.

It offers a detailed analysis of the key categories in the Spanish life insurance segment, and market forecasts to 2020.

It provides a comparison of the Spanish life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Spain.

It profiles the top life insurance companies in Spain and outlines the key regulations affecting them.

Reasons To Buy


Make strategic business decisions using in-depth historic and forecast market data related to the Spanish life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Spanish life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Spanish insurance industry, and their impact on companies and the industrys future.

Key Highlights


The Spanish public pension system consists of two different programs: non-contributory (Beveridgean), and contributory (Bismarckian).


The life segment is better developed than the non-life and personal accident and health segments, and posted a penetration rate of 2.4% in 2015.


The life segment recorded a review-period growth in investment income, primarily due to a strong investment portfolio and a mix of equities and bonds.


The countrys weak economic conditions affected the sale of life products particularly endowment, individual life and group superannuation causing a decline in the written premium.
Publisher Name : Timetric

Table of Contents


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
5 Segment Outlook
5.1 Regional Comparison
5.2 Segment Indicators
5.2.1 Gross written premium and penetration
5.2.2 Policies sold
5.2.3 Claims
5.2.4 Assets and investments
6 Outlook by Category
6.1 Individual Life Insurance
6.1.1 Premium
6.1.2 Policies sold
6.1.3 Penetration
6.2 Group Life Insurance
6.2.1 Premium
6.2.2 Policies sold
6.2.3 Penetration
7 Distribution Channel Outlook
7.1 Analysis by Distribution Channel
8 Competitive Landscape
8.1 Company Profiles
8.1.1 VidaCaixa company overview
8.1.2 BanSabadell Vida company overview
8.1.3 BBVA Seguros company overview
8.1.4 Mapfre Vida company overview
8.1.5 Ibercaja Vida company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Marine liability insurance
9.4.3 Marine passenger liability insurance
9.4.4 Social insurance system
9.4.5 Air carriers and aircraft operators insurance
9.4.6 Professional indemnity insurance for alternative investment fund managers
9.4.7 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Federation of European Risk Management Associations
9.5.4 Directorate General of Insurance and Pension Funds
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Direct Marketing and E-Commerce
10.5 Insurance Brokers and Agencies
10.6 Bancassurance and Other Distribution Channels
10.7 Individual Life Insurance
10.8 Individual Life Insurance by Product
10.9 Group Life Insurance
10.1 Group Life Insurance by Product
10.11 Individual Life Single vs. Non-Single Premium
10.12 Group Life Single vs. Non-Single Premium
10.13 Linked vs. Non-Linked Policies
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetrics Services
12.4 Disclaimer


List of Tables


Table 1: Spanish Life Insurance Key Facts, 2015
Table 2: Spanish Life Insurance Segment Shares of the Top Insurers, 2015
Table 3: Spanish Government Credit Ratings
Table 4: Spanish Life Insurance Gross Written Premium (EUR Billion and US$ Billion), 20112015
Table 5: Spanish Life Insurance Penetration (%), 20112015
Table 6: Spanish Life Insurance Gross Written Premium (EUR Billion and US$ Billion), 20152020
Table 7: Spanish Life Insurance Penetration (%), 20152020
Table 8: Spanish Life Insurance New Business Direct Written Premium (EUR Billion and US$ Billion), 20112015
Table 9: Spanish Life Insurance New Business Direct Written Premium (EUR Billion and US$ Billion), 20152020
Table 10: Spanish Life Insurance Premium per Capita (EUR and US$), 20112015
Table 11: Spanish Life Insurance Premium per Capita (EUR and US$), 20152020
Table 12: Spanish Life Insurance Number of Policies Sold (Million), 20112015
Table 13: Spanish Life Insurance Number of Policies Sold (Million), 20152020
Table 14: Spanish Life Insurance Paid Claims (EUR Billion and US$ Billion), 20112015
Table 15: Spanish Life Insurance Paid Claims (EUR Billion and US$ Billion), 20152020
Table 16: Spanish Life Insurance Total Assets (EUR Billion and US$ Billion), 20112015
Table 17: Spanish Life Insurance Total Assets (EUR Billion and US$ Billion), 20152020
Table 18: Spanish Life Insurance Total Investment Income (EUR Billion and US$ Billion), 20112015
Table 19: Spanish Life Insurance Total Investment Income (EUR Billion and US$ Billion), 20152020
Table 20: Spanish Life Insurance Investment Portfolio (EUR Billion), 20112015
Table 21: Spanish Life Insurance Investment Portfolio (EUR Billion), 20152020
Table 22: Spanish Life Insurance Direct Written Premium by Category (EUR Billion), 20112015
Table 23: Spanish Life Insurance Direct Written Premium by Category (EUR Billion), 20152020
Table 24: Spanish Individual Life Insurance Direct Written Premium by Sub-Category (EUR Billion), 20112015
Table 25: Spanish Individual Life Insurance Direct Written Premium by Sub-Category (EUR Billion), 20152020
Table 26: Spanish Individual Life Insurance Number of Policies Sold by Sub-Category (Million), 20112015
Table 27: Spanish Individual Life Insurance Number of Policies Sold by Sub-Category (Million), 20152020
Table 28: Spanish Group Life Insurance Direct Written Premium by Category (EUR Billion), 20112015
Table 29: Spanish Group Life Insurance Direct Written Premium by Category (EUR Billion), 20152020
Table 30: Spanish Group Life Insurance Number of Policies Sold by Sub-Category (Thousand), 20112015
Table 31: Spanish Group Life Insurance Number of Policies Sold by Sub-Category (Thousand), 20152020
Table 32: Spanish Life Insurance New Business Direct Written Premium by Distribution Channel (EUR Billion), 20112015
Table 33: Spanish Life Insurance New Business Direct Written Premium by Distribution Channel (EUR Billion), 20152020
Table 34: Spanish Life Insurance Percentage of New Business Direct Written Premium, by Distribution Channel, 20112020
Table 35: Spanish Life Segment Market Shares of Leading Insurers (%), 2015
Table 36: VidaCaixa Key Facts
Table 37: VidaCaixa Key Financials (EUR Billion), 20112014
Table 38: BanSabadell Vida Key Facts
Table 39: BanSabadell Vida Key Financials (EUR Million), 20112014
Table 40: BBVA Seguros Key Facts
Table 41: BBVA Seguros Key Financials (EUR Million), 20112014
Table 42: Mapfre Vida Key Facts
Table 43: Mapfre Vida Key Financials (EUR Million), 20112014
Table 44: Ibercaja Vida Key Facts
Table 45: Ibercaja Vida Key Financials (EUR Million), 20112014
Table 46: Spain Insurance Regulatory Framework Key Features
Table 47: Spain Life Insurance Regulatory Framework
Table 48: Spain Property Insurance Regulatory Framework
Table 49: Spain Motor Insurance Regulatory Framework
Table 50: Spain Liability Insurance Regulatory Framework
Table 51: Spain Minimum Coverage for Aircraft Third-Party Liability per Accident Per Aircraft
Table 52: Spain Insurance Premium Taxation
Table 53: Spain Corporate Tax Rates for the Financial Year 2017
Table 54: Spanish Life Insurance Policies and Premium, 20112015
Table 55: Spanish Life Insurance Policies and Premium, 20152020
Table 56: Spanish Life Insurance Claims and Expenses, 20112015
Table 57: Spanish Life Insurance Claims and Expenses, 20152020
Table 58: Spanish Life Insurance Assets and Investments, 20112015
Table 59: Spanish Life Insurance Assets and Investments, 20152020
Table 60: Spanish Life Insurance Direct Marketing and E-Commerce, 20112015
Table 61: Spanish Life Insurance Direct Marketing and E-Commerce, 20152020
Table 62: Spanish Life Insurance Insurance Brokers and Agencies, 20112015
Table 63: Spanish Life Insurance Insurance Brokers and Agencies, 20152020
Table 64: Spanish Life Insurance Bancassurance and Other Distribution Channels, 20112015
Table 65: Spanish Life Insurance Bancassurance and Other Distribution Channels, 20152020
Table 66: Spanish Life Insurance Individual Life Insurance, 20112015
Table 67: Spanish Life Insurance Individual Life Insurance, 20152020
Table 68: Spanish Life Insurance Individual Life Insurance by Product, 20112015
Table 69: Spanish Life Insurance Individual Life Insurance by Product, 20152020
Table 70: Spanish Life Insurance Group Life Insurance, 20112015
Table 71: Spanish Life Insurance Group Life Insurance, 20152020
Table 72: Spanish Life Insurance Group Life Insurance by Product, 20112015
Table 73: Spanish Life Insurance Group Life Insurance by Product, 20152020
Table 74: Spanish Life Insurance Individual Life Insurance by Premium, 20112015
Table 75: Spanish Life Insurance Individual Life Insurance by Premium, 20152020
Table 76: Spanish Life Insurance Group Life Insurance by Premium, 20112015
Table 77: Spanish Life Insurance Group Life Insurance by Premium, 20152020
Table 78: Spanish Life Insurance Linked vs. Non-Linked Policies, 20112015
Table 79: Spanish Life Insurance Linked vs. Non-Linked Policies, 20152020
Table 80: Insurance Industry Definitions


List of Figures


Figure 1: Spanish Real GDP (EUR Trillion), 20112020
Figure 2: Spanish Consumer Price Inflation (%), 20112020
Figure 3: Spanish Current Account Balance as Percentage of GDP (%), 20112020
Figure 4: Spanish Unemployment Rate, 20112020
Figure 5: Spanish Population by Age Group, 19912025
Figure 6: Spanish Non-Life Insurance Penetration Regional Comparison (%), 2015
Figure 7: Spanish Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 8: Spanish Life Insurance Penetration Regional Comparison (%), 2015
Figure 9: Spanish Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 10: Spanish Life Insurance Gross Written Premium (EUR Billion), 20112020
Figure 11: Spanish Life Insurance Penetration (%), 20112020
Figure 12: Spanish Life Insurance New Business Direct Written Premium (EUR Billion), 20112020
Figure 13: Spanish Life Insurance Premium per Capita (EUR), 20112020
Figure 14: Spanish Life Insurance Number of Policies Sold (Million), 20112020
Figure 15: Spanish Life Insurance Paid Claims (EUR Billion), 20112020
Figure 16: Spanish Life Insurance Total Assets (EUR Billion), 20112020
Figure 17: Spanish Life Insurance Total Investment Income (EUR Billion), 20112020
Figure 18: Spanish Life Insurance Investment Portfolio (EUR Billion), 20112020
Figure 19: Spanish Life Insurance Investment Portfolio Dynamics by Category, 20112020
Figure 20: Spanish Life Insurance Direct Written Premium by Category (EUR Billion), 20112020
Figure 21: Spanish Life Insurance Direct Written Premium Share by Category, 20112020
Figure 22: Spanish Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 23: Spanish Individual Life Insurance Direct Written Premium by Sub-Category (EUR Billion), 20112020
Figure 24: Spanish Individual Life Insurance Direct Written Premium Share by Sub-Category, 20112020
Figure 25: Spanish Individual Life Insurance Direct Written Premium Dynamics by Sub-Category, 20112020
Figure 26: Spanish Individual Life Insurance Number of Policies Sold by Sub-Category (Million), 20112020
Figure 27: Spanish Individual Life Insurance Penetration (%), 20112015
Figure 28: Spanish Individual Life Insurance Penetration (%), 20152020
Figure 29: Spanish Group Life Insurance Direct Written Premium by Sub-Category (EUR Billion), 20112020
Figure 30: Spanish Group Life Insurance Direct Written Premium Share by Sub-Category (EUR Billion), 20112020
Figure 31: Spanish Group Life Insurance Direct Written Premium Dynamics by Sub-Category (EUR Billion), 20112020
Figure 32: Spanish Group Life Insurance Number of Policies Sold by Sub-Category (Thousand), 20112020
Figure 33: Spanish Group Life Insurance Penetration (%), 20112015
Figure 34: Spanish Group Life Insurance Penetration (%), 20152020
Figure 35: Spanish Life Insurance New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 36: Spanish Life Segment Market Shares of Leading Insurers (%), 2015
Figure 37: Spain The Three Pillars of Solvency II
Figure 38: Spain Insurance Supervision and Control at Various Levels
Figure 39: Spain Insurance Regulatory Frameworks for Company Registration and Operation


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