Spain has one of the largest insurance markets in the world and is led by domestic insurance companies, such as VidaCaixa, Mapfre, and Grupo Mutua Madrilena. The Spanish insurance market was the ninth largest insurance market among OECD countries in 2021. Car insurance is the most commonly owned insurance type in Spain, which sets the Spanish insurance market apart from its German and French neighbors. Health insurance was the most commonly owned insurance type in Germany, and the same was true for France.
Who are the market leaders?
Generally speaking, the insurance market consists of two main segments: life insurance and non-life insurance. A life insurance contract means that a beneficiary will receive a payment in the event of the policyholder’s death or terminal illness, whereas non-life insurance covers a multitude of other areas of activity, including car insurance, property and casualty insurance, and homeowner insurance. VidaCaixa was the Spanish life insurance market leader and outperformed the second largest life insurer, Santander Seguros, by approximately five billion euros in 2022. When it comes to premiums written in Spain, the annual volume of life insurance premiums issued in Spain had declined significantly since its peak in 2016. Meanwhile, Mutua Madrilena and Mapfre led the non-life insurance market in Spain. The Spanish non-life insurance market continues to grow and reached a 15-year peak in 2022.
Why is car insurance so popular in Spain?
The vast majority of Spanish consumers owned a car in 2023. All vehicles in Spain must have at least third-party liability insurance to cover any injuries or damage caused by the driver. The Iberian country is also one of the least expensive countries in Europe to own a car. Meanwhile, its closest neighbor, Portugal, is one of the most expensive on the continent. Motor insurance premiums in Spain fell during the 2008-2014 Spanish financial crisis. The market began to recover from 2015 onwards, but has not bounced back to pre-2008 levels yet.
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