Spanish insurance market forecasts for 2027

GlobalData expects the Spanish insurance market [4]'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.