Madrid 2,182 EUR 0,01 (0,46 %)
Madrid 2,182 EUR 0,01 (0,46 %)


MAPFRE remains the largest Spanish insurance group at an international level

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  • MAPFRE Group’s insurance premiums outside Spain (22.16 billion euros) accounted for 70% of the Group’s total premiums in 2022.

  • Insurance demand in Spain grew by 4.8% in 2022, in an environment marked by economic recovery and inflation that reached levels not seen in decades.

  • The economic outlook is for premium growth in the Non-Life segment of the Spanish market to be around 4.3% between 2023 and 2025.

MAPFRE Group continues to be the leading Spanish insurance group internationally, with a 10.8% increase in total premium volume in 2022, exceeding 24.54 billion euros in direct insurance and accepted reinsurance (70% of which is located outside Spain). This increase in premiums reflects a general improvement in the insurance business across nearly all regions, with significant increases in Latin America and North America, as well as in the reinsurance and large risks businesses, with almost all currencies performing favorably against the euro. 

2022: a difficult year for the insurance industry

According to the report The Spanish Insurance Market, prepared by MAPFRE Economics, MAPFRE’s research arm, the aggregate premium volume of the Spanish insurance industry in 2022 grew by 4.8%, in an environment marked by both economic recovery and inflation that reached levels not seen in decades. In this complex environment, the growth of the insurance business did not outpace the growth in prices. In addition, the inflationary process was a drag on profitability in the Non-Life insurance segment that was offset by the good performance of the profitability of the Life business, having overcome the sharp upturn in the loss ratio due to the pandemic in the two previous years.

Going forward, MAPFRE Economics forecasts that the slowdown in global, regional, and Spanish activity, with inflation also easing, albeit at a slower rate, will curb nominal Non-Life premium growth to around 4.3% between 2023 and 2025. In real terms, however, real growth in non-life premiums is expected to average about 2% over the next two years.

Unlike the Non-Life insurance segment, where insurance companies are the only providers of protection, in the Life insurance segment (and particularly in the Life Savings insurance segment), insurance companies are only one of the market players. Therefore, the change in savings remuneration strategies by other savings managers in the market could generate significant changes in the dynamics of the competition within a short period of time. And this could lead to a substantial change in the demand for insurance products that function as savings vehicles. As a result, this segment’s performance is expected to be more erratic in the coming quarters.

Spending per Spanish person on insurance

In addition to taking stock of 2022, the report includes a detailed analysis of structural insurance trends, in other words, penetration, density, and depth. Specifically, density in Spain (premiums per capita) reached 1,347.8 euros in 2022, an increase of 46.6 euros over the previous year, with increases in both market segments. In the case of Non-Life Insurance, density stood at 837.3 euros, with an increase of 31.9 euros, and in the case of Life insurance, the indicator stood at 510.5 euros per capita, versus 495.9 euros in 2021. Thus, density in the life insurance segment increased again for the second consecutive year and is expected to continue this new trend, once again boosted by interest rate hikes.

Of the ten regions with the largest market share, only Catalonia saw a -15.4% drop in premiums in 2022, thus exchanging its position with the Community of Madrid, which moved into first place, reaching 12.01 billion euros in premiums. Andalusia, Valencia, and Galicia were in third, fourth, and fifth place with 7.20, 4.84 and 2.84 billion euros in premiums, respectively.

In premium growth at the national level, Aragón, Galicia, Castilla and León, and the Autonomous Cities of Ceuta and Melilla showed increases of over 10% (17.9%, 15.6%, 11.6% and 10.4% each).

In premiums per capita, Madrid holds the first place with 1,765 euros, followed by Aragon and Catalonia with 1,414 and 1,354 euros, respectively.