Premium Volume Decreases in 2020
The XI Meeting of the Financial Sector held on October by streaming has announced the results of the insurance sector.
According to the data obtained by ICEA in the third quarter of the year, with a volume of 43.114 million premiums, the sector has experienced a fall of 11% over the same period last year.
LIFE, THE MOST AFFECTED BRANCH
The life branch, as in previous periods, has been the most affected with a decline of 24,8% in year-on-terms (15,561 million euros) along with life, the most affected sectors have been automobiles wiht a decrease of 2,01% and a turnover of 8,329 million euros and Miscellaneous sector wich has fallen by 2,15% compared to September 2019.
On the other hand, the non-life branch continues to mantain positive results with an improvement of 0,65%, thanks in part to the premiums in January and February and the resilience of some lines of business.
According to the insurance company UNESPA, this data is influenced by "the economic paralysis generated by the outbreak of the Covid-19 pandemic and the measures taken to contain it" Similarly, it adds that sector "maintains high levels of solvency that far exceed the requirements set by the regulation and that it maintains the service to its customers normally".
MIXED RESULTS IN THE NON-LIFE INDUSTRY
On the other hand, multi-risk insurance has presented an increase of 2,94% to 5.719 million, at the same time, Health Insurance, thanks to the growth of insured by more than 3,6% exceeds 7.000 million with an increase of 2.9% compared to 2018.
Within the "rest of non-life", the insurances, linked to the economic activity present very different results; while the policies of guarantee, fire and transport have experienced positive results: while the policies of guarantee, fire and transport have experience positive results with an increase of 14,7%, 5,2% and 3,6% respectively, on the other hand, the insurances of Pecuniary Losses and Assistance have decreased by 15% and 26% with respect to the previous period.
Source: Grupo Aseguranza.