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Annual evolution of penetration in the insurance sector of multi-risk insurance in Spain from 2005 to 2023

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Sources

Release date

September 2024

Region

Spain

Survey time period

2005 to 2023

Supplementary notes

Values prior to 2013 taken from previous reports.
Insurance penetration is measured as the ratio of premiums to GDP.

Citation formats

Penetration in the multi-risk insurance sector in Spain 2005-2023

Published by Jenny Yang, Oct 15, 2024

The penetration rate in the multi-risk insurance sector in Spain increased overall from 2005 to 2023, albeit with some fluctuation. During the period under observation, the rate of penetration in this insurance sector climbed steadily from *** percent in 2005 to **** percent in 2012 and 2013. The penetration rate declined slightly in the following years, before reaching a plateau of *** percent from 2016 to 2019. Since peaking at **** percent in 2020, the market penetration in the Spanish multi-risk insurance sector slightly decreased, reaching **** percent in 2023.

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