Spain’s insurance sector: Underpinning market confidence in the broader financial system
Insurance sector
Fecha: noviembre 2025
Daniel Manzano
SEFO, Spanish and International Economic & Financial Outlook, V. 14 N.º6 (November 2025)
Spain’s insurance sector remains one of the most robust segments of the financial system, combining sustained profitability with exceptionally strong solvency positions. Capital ratios comfortably exceed European averages, supported by prudent asset allocation and limited exposure to market risk. Premium growth continues across both life and non-life segments, with the latter showing particular dynamism driven by auto and health lines. While the low-interest rate legacy still onstrains returns on older portfolios, higher yields are gradually improving investment income and supporting new product growth. The sector’s cautious risk management and focus on long-term stability have made it a key stabilizing force within Spain’s financial landscape, underpinning confidence among policyholders, regulators, and investors alike.