Best's Market Segment Report: AM Best Revises Outlook on Spain’s Non-Life Insurance Segment to Stable
May 16 2024 - 3:00AM
Business Wire
AM Best is revising its market segment outlook on Spain’s
non-life insurance segment to stable from negative.
In its new Best’s Market Segment Report, “Market Segment
Outlook: Spain Non-Life Insurance”, AM Best notes that economic
development is supporting continued growth in all lines of business
in the segment, driven by further increases in premium rates,
especially for motor, combined with growth in policyholder numbers;
in particular, in the health line of business.
The report also says that while inflationary pressures will
continue to pose challenges for non-life insurers, premium rate
increases are expected to offset the impact of increasing claims
costs on overall profitability.
On the other hand, increasingly volatile weather conditions in
recent years have posed a challenge to the segment’s profitability,
and it is expected that evolving climate risks will worsen the
frequency and severity of weather-related events in the years to
come. In this context, increased support from Spain’s natural
catastrophe scheme, the Consorcio de Compensación de Seguros, is
under discussion to further reduce volatility on the segment’s
bottom line.
To access a complimentary copy of this market segment report,
please visit
http://www3.ambest.com/bestweek/purchase.asp?record_code=342869.
AM Best is a global credit rating agency, news publisher and
data analytics provider specialising in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
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Jose Berenguer Associate Director, Analytics
+31 20 808 2276 jose.berenguer@ambest.com
Juan Villaescusa Financial Analyst +31 20 808
1162 juan.villaescusa@ambest.com
Richard Banks Director, Industry Research – EMEA
+44 20 7397 0322 richard.banks@ambest.com
Edem Kuenyehia Director, Market Development &
Communications +44 20 7397 0280
edem.kuenyehia@ambest.com