A new report on the Spanish reinsurance market shows better than expected results, and bright prospects for future growth.
Reportstack, a market research firm, produced the report, titled “Reinsurance in Spain, Key Trends and Opportunities to 2017”.
The Spanish reinsurance segment continued to grow at stable rate during the review period, despite the variable nature of the industry during this time.
The report finds that despite the global financial and European debt crises, the Spanish reinsurance segment registered a review-period compound annual growth rate of 9.6 percent, increasing from $4.6 billion in 2008 to $5.9 billion in 2012.
The data has enabled Reportstack to forecast growth figures for the 2012 to 2017 period.
With gradual economic improvement and increasing public confidence in insurance products, the segment is expected to post a forecast-period growth of 7.1 percent between 2012 and 2017.
The report also notes that the implementation of Solvency II is expected to increase demand for reinsurance as minimum capital requirements will rise and firms will concentrate on adopting risk mitigation strategies.
