Spanish insurance industry's DWP to surpass $100bn in 2027

Written by Adam Cadle

21/03/2023

The Spanish insurance industry is expected to grow at a compound annual growth rate (CAGR) of 5.3% from €64.1bn ($76.6bn) to €82.9bn ($101.1bn) in 2027, in terms of direct written premiums (DWP), driven by the demand for life and health insurance, GlobalData has forecast.

GlobalData said the Spanish insurance industry grew by 5.3% in 2021 and 5.2% in 2022, after declining by 8.6% in 2020.

General insurance was the leading segment in Spain and accounted for a 61.2% share of Spain's insurance industry DWP in 2022. The segment is expected to grow at a CAGR of 5.5% over 2022-27.

The life insurance and pension segment is expected to grow at a CAGR of 5% over 2022-27.

Sutirtha Dutta, senior insurance analyst at GlobalData, commented: “High inflation and the ongoing economic impact of Russia-Ukraine crisis is expected to have a negative impact on the profitability of Spanish insurers in 2023. However, the Spanish insurance industry is poised for higher growth from 2024 onwards backed by continued economic recovery.”

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