Strong demand for insurance of vehicles, property, health and other insurances across Spain are driving the revenues of insurance companies in the country. Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments.
On the global front, the world insurance market is dominated by vehicle insurance with the market for motor vehicle insurance is expected to register growth at a CAGR of 6.45% during the forecast period owing to increasing regulatory requirement for vehicle insurance.
Spain's insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. The companies generally compete mainly based on two factors including the quality of the services and price that they provide. Many large organizations self-insure for most of their employee benefits like health coverage that lowers market scope for insurance companies.
Economic growth, rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in Spain. The government's policy of insuring the uninsured has progressively pushed the insurance penetration in Spain and the proliferation of insurance schemes.
The increasing number of digital distribution channels is favoring the insurers to easily obtain insurance policies. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country.
Through different distribution channels, insurance companies in Spain are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations. This will provide ways to meet the emerging demands of every end-use customer and propel net sales.
Local market players in the country are focusing on marketing their competitive edge by rolling out more plans customized to diverse sectors and developing more innovative digital features.
The Spain Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 presents a comprehensive analysis of the country’s Insurance activities. The report focuses on market dynamics, recent trends, and insights on the insurance market.
The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026. Insurance Market research identifies that the competition continues to intensify year-on-year with emerging applications.
Spain Life Insurance Premiums, Spain Motor Vehicle Insurance, Spain Property Insurance, Spain Personal Accident Insurance, Spain Health Insurance, Spain General Liability Insurance, Spain Credit/Financial Guarantee Insurance, and Other Insurance Markets are analyzed and forecast to 2026 in the report.
Spain population and economic outlook are also presented in the report to provide insights and forecasts of macroeconomic factors shaping the future of Insurance markets.
Spain Insurance Market is compared against five of its competitive markets in the region to analyze the role of Spain on the regional front and benchmark its operations.
Global Insurance, Asia Pacific, Europe, Middle East Africa, North America, and South & Central America Insurance market outlook is also presented in the report to provide a global perspective of the industry.
Business and SWOT profiles of three of the leading Insurance companies in Spain are detailed in the report along with strategic initiatives, recent developments and their impact on overall market growth. The report also analyzes the competitive landscape of companies in the Spain insurance market.
1.1 Market Scope and Definition
1.2 Study Assumptions
1.3 Research Methodology
2. Spain Insurance Industry Insights
2.1 Industry Overview, 2019
2.2 Spain Total Insurance Market Value Outlook, 2016- 2026
2.3 Spain Insurance Market Trends and Insights
2.4 Key strategies Planned by Market Leaders
2.5 SWOT Analysis
2.5.1 Key Strengths
2.5.2 Key Weaknesses
2.5.3 Potential Opportunities
2.5.4 Potential Threats
3. Spain Insurance Demand Outlook to 2026
3.1 Spain Life Insurance Premiums Market Outlook, 2016- 2026
3.2 Spain Motor vehicle insurance Market Outlook, 2016- 2026
3.3 Property insurance Market Outlook, 2016- 2026
3.4 Transport insurance Market Outlook, 2016- 2026
3.5 Personal accident insurance Market Outlook, 2016- 2026
3.6 Health insurance Market Outlook, 2016- 2026
3.7 General liability insurance Market Outlook, 2016- 2026
3.8 Credit/financial guarantee insurance Market Outlook, 2016- 2026
3.9 Other insurance Market Outlook, 2016- 2026
4. Spain Insurance Industry Benchmarking
4.1 Overall Ranking
4.2 Demand Index
4.3 Supply Index
4.4 Growth Index
5. SWOT Profiles of Insurance Companies in Spain
5.1 Company A
5.2 Company B
5.3 Company C
6. Spain Demographic and Macroeconomic Outlook to 2026
6.1 Spain GDP (Gross Domestic Product, Current Prices) Outlook, 2006- 2026
6.2 Private Final Consumption Growth, 2016- 2026
6.3 Spain Disposable Income Outlook, 2006-2026
6.4 Spain Population Growth Outlook, 2006-2026
6.4.1 Population Outlook by Age, 2006-2026
6.4.2 Population Outlook by Gender, 2006-2026
6.4.3 Population Outlook by Area, 2006-2026
7. Latest Insurance Industry Trends and Developments
8.1 LNGAnalysis Expertise
8.2 Sources and Research Methodology
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.