Insurance is a tool that supports economic progress and represents an investment in stability. Through its role in protecting against and compensating risks, it reduces the impact of adverse events and enables the continuity of activity across all sectors.

Moreover, in catastrophic situations, insurance and reinsurance mechanisms are essential to maintaining economic balance. Insurance also acts as a key institutional investor, channeling long-term resources toward the financing of productive sectors and contributing to financial system stability.

Its ability to raise standards of well-being in society and support the smooth functioning of economic activity makes the continued expansion of insurance—especially in regions where penetration is lower and potential is therefore greater—an unavoidable challenge.

Strengthening the presence of insurance

The latest report by Mapfre Economics, ‘Trends and elements for the development of insurance markets,’ identifies the factors that can contribute to the advancement of the sector, including financial education.

Beyond other key factors influencing its development—such as prudential regulation, innovation and new insurance products, cost efficiency, distribution mechanisms and channels, public policies, and financial inclusion, all of which are also addressed in the study—in an environment like the current one, the population’s lack of financial knowledge and understanding of risk, as well as the absence of the tools needed to manage personal and household finances, represent a significant barrier to the expansion of insurance.

“Strengthening financial literacy, in addition to promoting better economic decision-making, can encourage the use of insurance as a tool for protection and risk compensation. This makes financial education a fundamental pillar for economic development and social resilience,” notes the Mapfre Economics report.

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The Organisation for Economic Co-operation and Development (OECD) argues that financial education is a key factor not only for citizens’ economic well-being, but also for the strength of national economies. Moreover, it helps improve economic decision-making, encourages saving, and reduces excessive household indebtedness.

The Mapfre Economics study presents the ten countries with the highest levels of financial education in 2025, including Finland (which integrates applied financial content from an early age), Canada (where public schools incorporate practical workshops and real-economy simulations), Australia (with government support for interactive platforms and training in vulnerable communities), and the Netherlands (where financial education is taught from primary school).

The list also includes Germany, Singapore, Norway, South Korea, the United Kingdom, and the United States, all of which stand out for integrating financial education from an early age, incorporating economic workshops and simulations, combining technology with financial education, and strong state involvement, among other key elements.

It is no coincidence that insurance enjoys a stronger presence in many of these markets, as countries that implement robust financial education strategies tend to achieve higher levels of insurance penetration. One example is the European Union—a geographic area with a higher level of financial literacy than other emerging regions—where, according to data published in the study, 46% of respondents report that they currently hold or have previously held a non-life insurance policy (home, motor, etc.), and 31% state that they have or have had a life insurance policy. Regarding financial products more broadly, 24% say they have invested in funds, equities, or bonds, while 22% hold a private pension or retirement plan, among other products.

Key impacts on insurance

In an increasingly uncertain environment, it is essential for people to have the knowledge and skills needed to manage their personal finances and to understand the importance of insurance as a tool for protection and prevention against unforeseen events.

Financial education and financial culture have a positive impact on insurance markets by empowering individuals to understand risk and helping them identify which products best suit their needs and personal circumstances.

Citizens with higher levels of financial education better understand the benefits provided by insurance solutions and therefore tend to take out more coverage, integrating these products with greater confidence into their savings and investment plans. In this way, they build a solid financial foundation and greater resilience to emergencies and unexpected events, increasing security and gaining greater control over their future.

In short, financial education and culture transform the perception of insurance from a necessity into a strategic investment—essential for asset protection and long-term peace of mind. A society that is better prepared in these areas is key to strengthening economic stability, reducing risks, and ensuring more balanced social development.

Our purpose

Public and private institutions, at both national and international levels, have implemented various strategies to promote financial education. At Mapfre, primarily through our Foundation, we actively promote financial and insurance education to ensure that society has sufficient knowledge to make sound decisions today that also have a positive impact on the future.

We are also committed to fostering an environment of trust around a fundamental pillar such as insurance, which is essential for economic development.