Best’s Market Segment Report: AM Best Maintains Stable Outlook on Spanish Non-Life Market
A new Best’s Market Segment Report, titled “Market Segment Outlook: Spanish Non-Life”, states the Spanish insurance market has shown resilient performance, producing solid underwriting results despite competitive market conditions and slowing economic growth. Good technical discipline, together with modest rate increases across key lines of business, and the role of the Consorcio de Compensación de Seguros (CCS) in absorbing catastrophe losses, are expected to help companies maintain strong technical profitability.
After gross domestic product growth peaked at 3.6% in 2015, the Spanish economy has been slowing down, nevertheless remains resilient. In this context, Spanish non-life gross written premium grew by 4% to
In the face of various pressures, the Spanish insurance market continues to display strong credit fundamentals. In spite of past political turmoil, the financial markets have remained resilient, with limited volatility in spreads of government bond yields observed over the last couple of years. Furthermore, the non-life insurance segment has displayed solid underwriting discipline, which alongside the stabilising effect of the CCS, has resulted in continuous strong technical profits. In general, Spanish insurers have diversified portfolios, and are among the most profitable in
To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=284367 .
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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