Spanish insurance market forecasts for 2027

GlobalData expects the Spanish insurance market's turnover to reach 82.9 billion EUR (101.1 billion USD) in 2027 against 64.1 billion EUR (76.6 billion EUR) in 2022. The average annual growth rate is estimated at 5.3%.

The market is dominated by the non-life class of business, which accounted for 61.2% of the total written premiums in 2022. This activity is projected to grow by 5.5% over the period 2022-2027, in particular thanks to the rising demand for health insurance and the expanding marketing of vehicles.

The remaining 38.8% was underwritten by the life and pension class of business, which is likely to record an average 5% improvement in written premiums over the next five years.