Importance and characteristics of the bancassurance business in Spain
Fecha: enero 2023
SEFO, Spanish and International Economic & Financial Outlook, V. 12 N.º 1 (January 2023)
Of the 199 insurance providers doing business in Spain, 33 have ties to the main banking groups. Their weight in the country’s insurance business, especially the life insurance segment, and their contribution to
their parent banks’ domestic earnings are very significant. As a result, the bancassurance business has been key to propping up the banks’ earnings during periods of significant loan loss provisioning. That is true of the banking crisis of the last decade and, more recently, the COVID-19 crisis. Even during more normal times, the relative contribution of the bancassurance business to the banking sector’s earnings is very substantial, lending earnings stability and solidity to the banks with the most developed such businesses.