1
2 3
2017
Estamos Seguros Report
Check the extended
version of this report at
www.unespa.es
or
www.estamos-seguros.es
(only available in Spanish)
UNESPA. Association of Spanish Insurers.
Núñez de Balboa, 101. 28006 Madrid. Spain.Telephone (+34) 91 745 15 [email protected]
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The best analysis of the insuranceactivity in 2017
INDEX
01. INSURANCE ID
02. INSURANCE AND THE SPANISH PEOPLE
03. LIFE INSURANCE
04. MOTOR INSURANCE
05. HEALTH INSURANCE
06. PROPERTY INSURANCE
07. BURIAL SERVICES INSURANCE
08. BUSINESS INSURANCE
09. INSURANCE AS AN INSTITUTIONAL INVESTOR
10. WHY SOLVENCY IS SO IMPORTANT
11. INSURANCE AND ITS PROVIDERS
12. INSURANCE AND ITS EMPLOYEES
13. A COMMITMENT TO TALENT AND ENTREPRENEURISM
LETTER FROM THE PRESIDENT
2
4
6
8
10
12
14
15
16
18
20
22
24
26
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DID YOU KNOW…? INSURANCE PAYMENTS AS A % OF GDP
PROBLEMS SOLVED BY INSURANCE EVERY HOUR OF THE YEAR.
Worked-related accidentsCLAIMS/HOUR: 1
Miscellaneous pecuniary lossesCLAIMS/HOUR:10
Source: Own calculation of Estamos Seguros based on data from the Dirección General de Seguros y Fondos de Pensiones.
Legal defenceCLAIMS/HOUR: 23
Personal damage
2.80%Damage to goods
1.34%
IncomeprotectionCLAIMS/HOUR: 32
Air and sea transportCLAIMS/HOUR: 95
General public liabilityCLAIMS/HOUR: 99
AssistanceCLAIMS/HOUR: 191
Motor Third Party LiabilityCLAIMS/HOUR: 293
Other motor insuranceCLAIMS/HOUR: 699
Fire and other property damageCLAIMS/HOUR: 1,266
Credit and surety CLAIMS/HOUR: 2,112
Medical servicesCLAIMS/HOUR: 16.660
Insurance manages new personal savings worth
500,000EUROS EVERY HOUR.
LIFE INSURANCEPAYMENTS
ACCOUNT FOR 4%of disposable household income.
01.INSURANCE ID
The purpose of insurance is to help people, businesses, institutions and other econo-mic agents when they suffer an unexpec-ted setback. It helps them get back on their
feet. Insurance protects all types of policy hol-ders from all sorts of danger and is ceaseless in its broad endeavour. This support is increasingly provided through a service. On other occasions, it
comes in the form of compensation. In one form or another, insurance companies return 5.2 million euros lost by their customers as a result of these claims every hour. Insurance contributes around four percentage points to the economic wealth created each year.
4 5
4.46%
3.70%
3.71%
4.61%
5.02%
4.82%
4.40%
4.00%
3.39%4.04%4.40%
4.23%
4.60%
4.36%
4.13%
4.89%
4.32%
4.66%
3.81%
Source: Household Budget Survey. Source: Own calculations of Estamos Seguros based on the Household Budget Survey (EPF) compiled by INE.
4%3.5%3%
0% 20% 40% 60% 80% 100%
4.5% 5% 5.5%
PERCENTAGE OF HOUSEHOLD BUDGETALLOCATED TO INSURANCE.
PERCENTAGE OF HOUSEHOLDS CONTRACTING DIFFERENT TYPES OF INSURANCE. BY AUTONOMOUS REGION.
Andalusia
Galicia
Castilla-La Mancha
Castilla and León
Asturias
Balearic Islands
Catalonia
Madrid
Community of Valencia
Murcia
Extremadura
Canary Islands Ceuta
Aragón
Navarre
Cantabria
La Rioja
Basque Country
Melilla
GAL
CYL
AST
CANT
PV
NAV
CAT
ARA
LR
C. VAL
CLM
MUR
MAD
EXT
AND
BAL
CAN
CEU
MEL
ES
67.60%
71.28%
76.48%
61.99%
54.93%
80.81%
76.47%
67.03%
74.26%
75.22%
70.19%
64.65%
79.13%
75.36%
87.15%
88.15%
80.51%
51.69%
30.51%
73.59%
79.69%
74.62%
75.23%
83.49%
82.30%
77.66%
78.81%
82.85%
78.77%
82.06%
85.35%
81.11%
78.28%
84.23%
81.79%
76.53%
79.84%
77.12%
81.36%
79.85%
28.59%
19.41%
14.66%
37.48%
36.11%
19.32%
14.42%
25.94%
39.73%
15.58%
30.32%
23.69%
45.98%
23.33%
21.15%
31.20%
25.44%
32.20%
38.14%
27.73%
15.89%
3.54%
3.07%
13.11%
23.60%
4.60%
3.66%
14.23%
13.10%
0.94%
22.28%
10.63%
19.42%
17.09%
15.13%
13.54%
13.80%
22.03%
27.97%
12.42%
17.87%
3.34%
5.23%
13.37%
26.35%
5.91%
5.59%
17.32%
13.74%
1.95%
23.70%
11.81%
19.84%
18.84%
16.33%
14.75%
15.56%
22.88%
29.66%
13.80%
18.45%
3.74%
4.43%
17.82%
26.04%
6.04%
8.90%
19.67%
15.58%
1.59%
24.52%
13.36%
20.87%
19.82%
17.54%
14.48%
16.24%
25.42%
36.44%
14.82%
66.78%
30.64%
55.11%
37.61%
66.12%
44.42%
38.03%
56.40%
41.87%
47.55%
71.41%
51.29%
47.13%
63.09%
37.88%
46.45%
36.54%
44.07%
34.75%
49.93%
Property Motor Health Burial Travel assistance
Civil liability Other insurance
02.INSURANCE AND THE SPANISH PEOPLE
The most popular insurance policies are present in 96% of households. Only one in every 25 households in Spain has no insurance whatsoever. Spanish people in-
vest 4.50 of every 100 euros they earn to protect
themselves, their homes, their vehicles, etc. The most common combination is motor and home policies, but the insurance protections favoured by households vary according to region.
6 7
A PRODUCT FOR EVERY CONCERN ANDEVERY NEED
AVERAGE LIFE INSURANCE COMPENSATION PAID ON DEATH, BY AGE OF THE DECEASED.
Up to 25 years From 26 to 40 years From 41 to 50 years From 51 to 60 years From 61 to 70 years From 71 to 80 years
13,042 € 38,829 € 36,162 € 29,648 € 25,791 € 33,664 €
Notice: The present infographic is a summary version. The full description can be found in the 2017 We Are Safe Report (full version). This publication can be downloaded at www.unespa.es
PLAN DE PREVISIÓN
ASEGURADO (PPA)
Investor profile
Conservative
8,000 €
Compatible with otherproducts: PIAS and SIALP
Annual contribution cap
Main tax benefit
Can it be redeemed?
Guaranteed return?
Deferred taxation. Reduction of contributions made
in the taxable income. Payments are taxed as
earned income.
No. It is illiquid until retirement or under certain
especial cases (serious illness, long-term unemploy-
ment, etc.)
Yes, unless it is redeemed before the agreed date.
Average saver profile
56 to 65 years old
Conservative
Main tax benefit
Can it be redeemed?
Guaranteed return?
Capital gains obtained by a person aged 65 are exempt from taxation if the proceeds are reinvested in an annuity. The annuities themselves do also have certain tax benefits.
Yes, but tax benefits are lost.
Yes, unless it is redeemed before the agreed date.
65 to 85years old
240,000€
LIFE AND TEMPORARY ANNUITIES
Investor profile
Annual contribution cap
Average saver profileConservative
Main tax benefit
Can it be redeemed?
Guaranteed return?
Accumulated income is taxed as any other income
from savings.
Yes
Yes, unless it is redeemed before the agreed date.
46 to 55 years old
DEFERRED CAPITAL
No cap
Investor profile
Annual contribution cap
Average saver profile
Conservative
Main tax benefit
Can it be redeemed?
Guaranteed return?
The return accumulated by the customer is exempt
from taxation if it is collected in the form of an
annuity and provided that at least five years have
elapsed since the first contribution.
Yes, but tax benefits are lost.
The product may or may not offer a guaranteed
return. (Unit linked)
18 to 50 years old
PLAN INDIVIDUAL DE
AHORRO SISTEMÁTICO(PIAS)
8,000 €
(max. €240,000 in total) Compatible with other products: PPA and SIALP.
Investor profile
Annual contribution cap
Average saver profile
Moderate
Main tax benefit
Can it be redeemed?
Guaranteed return?
The return accumulated is exempt from taxation if at least five years have elapsed since the first contribution.
Yes, but the tax benefits are lost if the product is redeemed before 5 years have elapsed.
Guarantees at least 85% of the premiums paid on maturity-
46 to 65years old
SEGURO INDIVIDUAL DE AHORRO A LARGO PLAZO
(SIALP)
5.000 €
Compatible with other products: PPA and PIAS.
Investor profile
Annual contribution cap
Average saver profile
Risk-tolerant
Main tax benefit
Can it be redeemed?
Guaranteed return?
Accumulated income is taxed as any other income from savings.
Yes
No
56 to 75years old
UNIT-LINKED
No cap
Investor profile
Annual contribution cap
Average saver profile
03.LIFE INSURANCE
S ophistication is the key feature of life in-surance. What started off as a very simple product has developed over time to create multiple versions of itself in response to
changing customer needs. Today, life insurance
covers unexpected death and disability. But it also ensures well-being after retirement. Savings tools differ because no two savers are the same. There-fore, there is a wide range of insurance products to meet the requirements of each individual.
AN INSURANCE POLICY FOR EVERY NEED
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TRAFFIC CLAIMS SOLVED BY INSURANCE EACH DAY IN SPAIN.
ESTIMATE OF VEHICLES REPAIRED BY INSURANCE COMPANIES EACH YEAR.
Travel assistance11,153 CLAIMS
Fire17 CLAIMS
Revoked licence2 CLAIMS
Legal defence services546 CLAIMS
Personal injury1,581 CLAIMS
Claims for damages265 CLAIMSVehicle damage
5,463 CLAIMSOccupants81 CLAIMS
Own damage6,620 CLAIMS
Broken windows3,833 CLAIMS
Theft394 CLAIMS
Source: Own calculations made by Estamos Seguros.
Source: Own calculations made by Estamos Seguros.
20064,221,275
20074,208,983
20104,470,653
20144,216,343
20153,976,390 2016
3,752,020
20114,500,854
20124,746,881
20134,059,486
20084,893,252
20094,635,609
20174,061,840
04.MOTOR INSURANCE
For a long time now, motor insurance has not only been about the liability that arises when we cause an accident. Motor insu-rance today is a raft of large scale services
of proven efficacy. It aims to address the conse-quences of road accidents on people, vehicles and objects. Given the number of vehicles on the road, it is an activity in constant motion.
A WORLD OF SERVICES
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Source: Own calculations made by Estamos Seguros based on INE data.
Source: Own calculations made by Estamos Seguros based on INE data.
PRESENCE OF HEALTH INSURANCE IN THE GENERAL POPULATION, BY PROVINCE.
PRESENCE OF HEALTH SERVICES INSURANCE IN THE GENERAL POPULATION.
Private insuranceNº of insured:
4,182,704
Mutual insurance for civil servants
Nº of insured:
1,849,831Reimbursement
of medical expenses
Nº of insured:
721,352
TOTALNº of insured:
9,906,084
Other groups (businesses)
Nº of insured:
3,152,1989.0%
4.0%
6.8%
1.5%
2017
21.3%
20%10%0% 30% 40%
Ciudad RealBadajoz
Pontevedra
La CoruñaLugo
Orense
Asturias
León
ZamoraValladolid
Burgos
Palencia
Soria
La Rioja
Cáceres
SevilleHuelva
Cádiz
MálagaGranada
Córdoba
Toledo
SalamancaÁvila Madrid
GuadalajaraSegovia
Saragoza
Huesca Lérida
Teruel
Cuenca
Valencia
Alicante
Albacete
MurciaJaén
Almería
Castellón
Tarragona
Barcelona
Gerona
Guipúzcoa
Biscay
Cantabria
Navarre
Alava
Las Palmas
CeutaMelilla
S. C. Tenerife
Balearic islands
05.HEALTH INSURANCE
Health insurance is becoming increasingly important in Spain. There are 11.5 million health insurance customers. 10 million of these have a health insurance policy.
Therefore, one in five people has health insuran-ce cover through individual or collective policies. It features increasingly among the social benefits offered by companies to their employees.
In addition to the health services cover, the prod-uct includes subsidies insurance. This product guarantees compensation for the insured person in the event they are not able to work due to ill-ness or hospitalisation. The policy is particularly suitable for self-employed workers as it relieves concerns over any potential setbacks in their health.
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Distribution of repair services
Estimated equivalent employment derived from home repairs paid by insurance
Average repair time, by guilds.
Masonry
Carpentry
Locksmith
Windows and glass
Electrician
Plumbing
Multi trade
Other
Parquet and other flooring
Painting
Appliance repair
13.4%
4.9%
4.0%
8.3%
4.8%
31.8%
2.0%
7.5%
1.7%
11.4%
10.1%
7,750
6,493
2,797
4,007
1.960
9,863
4,601
6,763
3,389
6,159
5,439
13days
19days
5days
8days
5days
6days
28days
9days
23days
16days
6days
Source: Own calculations made by Estamos Seguros.
Source: Own calculations made by Estamos Seguros.
THE 10 MOST COMMON REPAIR SERVICES REQUIRED TO RESOLVE CLAIMS FOR HOUSEHOLD INCIDENTS.
% Percentage
% Accumulative
1. Plumbing service
24.9%
24.9% 2. windows and glass service
40.4%
15.5% 8. Locksmith service
81.7%
3.5%6. Plumbing service+Painting service
74.1%
4.2%
3. Masonry service
55.3%
14.9% 5. Electrician service
69.9%
4.4%4. Appliance repair service
65.5%
10.2%9. Masonry service
+plumbing service
83.8%
2.2%
7. Masonry service+plumbing service+painting service
78.2%
4.0%
10. Painting service
85.7%
1.9%
BREAKDOWN OF REPAIR SERVICES REQUIRED BY INSURED HOUSEHOLDS.
06.PROPERTY INSURANCE
Over time, property insurance has develo-ped from paying back the amount of the repair to the customer to carrying out the repair itself. Specifically, multi risk
insurance policies offer a wide variety of services involving a substantial number of repair workers, whose activities and employment are in a large
part sustained by the insurance business. It is im-portant to highlight that all insurance companies require the providers of these services to be cu-rrent with their legal, tax and social security obli-gations to ensure that the work is performed with the highest guarantees and total transparency.
14 15
Source: Own calculations made by Estamos Seguros based on ICEA and INE data.
Source: Own calculations made by Estamos Seguros based on INE data.
PRESENCE OF BURIAL INSURANCE BY PROVINCE.
PRESENCE OF BURIAL INSURANCE AMONG DEATHS EACH YEAR.
40%20%0% 60% 80%
UNINSURED
255,934
ÁlavaAlbaceteAlicanteAlmeríaAsturiasÁvilaBadajozBalearic isl.BarcelonaBurgosCáceresCádizCantabriaCastellónCeutaCiudad RealCórdobaCuencaGeronaGranadaGuadalajaraGuipúzcoaHuelvaHuescaJaénCorunna
Province Presence Province Presence
25.55%59.19%46.19%45.44%64.16%71.39%70.95%22.04%34.28%25.61%69.06%78.79%47.38%34.71%38.57%67.56%56.51%25.97%24.40%48.82%32.36%42.26%66.34%19.88%60.88%48.66%
La RiojaLas PalmasLeonLéridaLugoMadridMálagaMelillaMurciaNavarreOrensePalenciaPontevedraS.C. TenerifeSalamancaSegoviaSevilleSoriaTarragonaTeruelToledoValenciaValladolidBiscayZamoraSaragossa
29.01%61.55%47.52%24.69%26.80%39.12%58.69%18.88%57.84%23.22%41.50%32.01%55.03%49.47%51.72%44.92%61.50%17.70%37.34%20.76%55.44%47.42%34.51%42.84%32.12%39.82%
INSURED
250,9622017
20172016
2016159,649
168,273
07.BURIAL SERVICES INSURANCE
B urial services insurance has a deep-rooted history in Spain. This is reflected in its wi-despread use among the population. Al-most half the Spanish people have burial
services insurance. Estimates suggest that around
60% of deaths in the country are covered by burial insurance. In 2017, around 255,000 funerals were arranged. The aim of this service is to help fami-lies at a very difficult time.
08.BUSINESS INSURANCE
A large part of the insurance industry’s ac-tivity is centred on businesses, to which it provides stability by ensuring that they receive compensation for damages cau-
sed by unexpected incidents. Available data su-
ggest that the volume of assistance provided by insurance cover for this segment during the hard crisis years was largely unchanged. During the hard times, insurance was where it should be.
Transport (goods)
Electronic equipmentTransport (hull)
2,048 €
4,173 €
Industrial multi risk
2,573 €
Theft
15,872,273 €
Industrial fires
36,092,027 €
108,182,794 €
135,870,403 €
83,833,712 € 687,513,040 €
Mechanical breakdown
74,514,596 €
7,557 €3,487 € 3,470 €
1,686 €
2,393 €
Assembly
36,524 €
Construction
ESTIMATED BUSINESS INSURANCE PAYMENTS
Estimated business insurance payments
Average business insurance payments
Source: Own calculations made by Estamos Seguros,
16 17
Source: DGSFP
Source: Own calculations made by Estamos Seguros based on Bank of Spain data.
2,442Loans
932Other
34Mortgages
24,265
Spanish corporate debt
24,196
Foreign public debt
127,334
Spanish public debt
37,019
Foreign corporate
debt
10,414Real Estate
25,028Cash
9,283
Spanish funds10,892
Foreign funds11,920
Spanish securities
4,015
Foreign securities
INSURANCE INVESTMENT PORTFOLIO (IN MILLIONS OF EUROS)
TOTAL
287,774
DAILY NET ACQUISITION OF INSURANCE SECTOR FINANCIAL ASSETS. 1995-2017
Cash and deposits
Short-term fixed income
Long-term fixed income
Short-term loans
Long-term loans
Stock markets
Unlisted shares
Investment funds
Other interests
Financial derivatives
Other
PROPERTY ASSETS OF THE INSURANCE SECTOR, BY REGION.
1,787,993 €
57,084 €
19,126,859 €
195,317 €
110,764 €
625,267 €
510,277 €
2,441,877 €
158,701 €
2,459,007 €
-242,660 €
SPAIN
10,294,316,541 €
MADRID
5,499,831,664 €
BARCELONA
2,100,221,178 €
OTHER PROVINCES
2,694,263,701 €
09.INSURANCE AS AN INSTITUTIONAL INVESTOR
The inherent benefit of insurance for the economy is twofold. Firstly, the claims paid prevent many individual, financial and group projects from failing. However,
insurance money is also used to make pruden-tial investments, with a clear long-term horizon,
while it remains unused. This makes the Spanish insurance sector a provider of stable financing, the type of financing most needed by economic agents. The State is the main beneficiary because there is a clear mission to invest insurance money in public debt.
18 19
Life
Motor
Multi risk
Other
Health
180,469,263,854
2016 2017 (UP TO SEPT.)
11,189,329,760
2,045,468,418
6,358,115,176
14,750,422,697
185,855,627,669
11,623,244,659
3,074,995,183
6,548,893,155
15,330,591,693
SPANISH INSURANCE SECTOR PROVISIONS
Source: DGSFP.
SPANISH INSURANCE SECTOR SOLVENCY REQUIREMENTS
2.01.51.0 2.5 3.0 3.5 4.0LEVEL OF COVERAGE OF THE OBLIGATORY SOLVENCY CAPITAL (CSO) IN THE EUROPEAN ECONOMIC AREA
SPACE SETEUROPEAN ECONOMIC
2.11
Poland2.69
Czech R.2.25
UK1.51
Austria2.76
France2.23
Romania1.62
Bulgaria1.96
Greece1.62
Germany3.23
Sweden2.65
Norway2.06
Finland2.01
Italy2.20
Hungary2.24
Eslovaquia2.29
Cyprus2.70
Lituania1.95
Latvia1.43
Estonia1.93
Ireland1.73
Croatia2.27
Slovenia2.40
Liechtenstein2.34
Denmark3.04
Malta3.98
Luxemburgo2.30
Netherlands1.77
Belgium1.76
Spain2.40
Portugal1.47
Required margin
22,200,007,383 €
Required margin
22,426,268,704 €
Excess funds
30,867,228,775 €
Excess funds
33,494,432,976 €
2016 2017(UP TO SEPT.)
Coverage
2.49
Coverage
2.39
Source: DGSFP,
Source: Own calculations made by Estamos Seguros based on Eiopa data.
10.WHY SOLVENCY IS SO IMPORTANT
Solvency is a topic never or rarely talked about. However, without it, the insuran-ce guarantee, especially for long-term products, would not exist. Solvency is the
hidden, or silent, power used by insurance com-panies to meet their commitments, both present and future. It comprises three basic lines: current payment capacity, reflected in the annual claims payments; future payment capacity, reflected in the technical provisions; and lastly, capacity to
respond to adverse events, which is the solvency margin itself. The rules for calculating the solven-cy requirements have changed recently, becoming much more stringent. Under this new calculation methodology, the Spanish insurance sector is still eminently stable.
20 21
AVERAGE NUMBER OF VEHICLES REPAIRED AT AUTO WORKSHOPS DUE TO TRAFFIC ACCIDENTS COVERED BY INSURANCE COMPANIES
MAINSUPPLIERS OF
SPANISH INSURANCE
IN 2017
Health sector (traffic accidents)
Household repairs
Health sector (health insurance)
Source: Own calculations made by Estamos Seguros.
907050 110 130 150 170
Payments made to the main Spanish insurance providers in 2017
Induced employment equiva-lent deriving from insurance claims paid,
5,611,211,803 € 251,386
74,9031,671,914,736 €
545,032,530 € 24,417
Auto repair workshops160,5003,582,543,412 €
Funeral services
38,413857,422,165 €
80
68
59
76
88
94
72
64
1609476
80
53
52
65
63
68
95
68
Andalusia
Galicia
Castilla-La Mancha
Asturias
Balearic islands
Catalonia
Madrid
Comunidad Valenciana
Murcia
Extremadura
Canary islands Ceuta
Castilla y León
Aragón
Navarre
Cantabria
La Rioja
Basque country
Melilla
SPAIN
74
Source: Own calculations made by Estamos Seguros based on Dirce data,
11.INSURANCE AND ITS PROVIDERS
The insurance measures carried out after an incident give rise to a flurry of interactions between the insurance companies and va-rious professionals, particularly relating
to repairs. Through its operations, the insurance sector becomes a source of work for many of them. Demand for insurance-related services is estima-ted to create between 550,000 and 600,000 jobs.
22 23
Source: Own calculations made by Estamos Seguros based on ICEA and EPA data.
Source: ICEA. Source: INE.Source: ICEA.
LEVEL OF COMPLIANCE WITH LISMI REGULATIONS IN THE INSURANCE SECTOR1
PERCENTAGE OF TEMPORARY STAFF IN THE INSURANCE SECTOR WORKFORCE.
AVERAGE SENIORITY OF EMPLOYEES. BY SECTOR.
1.The LISMI requires that 2% of a company's workforce be differently-abled. This figure is calculated on the basis of the number of employees hired directly, those that act as suppliers and those that benefit from donations or sponsorships extended by the company.
ORDINARY WAGE COST BY SECTOR (INSURANCE = 100)
Public administration, education and healthcare
Insurance
Agriculture, livestock farming and fishing
Mining and electricity
Machine industries
Total economy
Food, textiles, leather, wood and paper industry
Finance (including insurance)
Transport and communications
Construction
Commerce and hospitality
Other services
14.6
13.2
12.4
10.9
11.0
11.3
10.8
10.3
10.4
10.0
9.1
7.9
17.5
14.5
13.7
12.8
12.6
12.7
11.9
12.3
11.3
10.5
11.2
10.8
15.7
13.9
13.4
12.4
12.3
12.0
11.5
11.2
11.1
10.4
10.1
8.7
MEN BOTHGENDERS
WOMAN
Permanent employees
96.04%
Temporary staff
3.96%
Disabled employees
1.28%
Donations / Sponsorships
0.23%
Trade hires
1.25%
155,32
152,82
150,18
118,32
100,00
87,98
78,13
70,37
69,97
65,35
56,47
50,93
36,84
Coke and refined petroleum products
Supply of electricity, gas, steam and air conditioning
Financial services, excluding insurance and pension funds
Telecoms
Insurance, reinsurance and pension funds, excluding Social Security Office
Legal and accounting activities
Public administration and defence; Social Security Office
Education
Building construction
Property activities
Administrative work and other ancillary activities provided to companies
Retail activities, excluding motor vehicles and motorbikes
Building services and gardening activities
YEARS12.INSURANCE AND ITS EMPLOYEES
The insurance sector provides some of the highest quality jobs. This is reflected in the stability of the contracts offered, remune-ration, equality policies, compliance with
regulations on disability, etc. The sector marks an extremely positive, at times excellent, trend in all these fields, reflecting the stability of these high added value positions.
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Source: Own calculations made by Estamos Seguros.
Agents
27.10%
Tied insurance agents - legal entities
Exclusive insurance agents - legal entities
324
Tied insurance agents - natural persons
182
11,890
Exclusive insurance agents - natural persons
63,704
Brokers
17.10%
Reassurance brokers - legal entities 62
Insurance brokers - natural persons 3,553
Insurance brokers - legal entities 1,503
Internet
1.20%
Other channels
3.15%
Bancassurance
38.65%
Insurers branches
15.78%
INSURANCE CHANNELS MARKET SHARE
PROFILES OF INTEREST TO THE INSURANCE SECTOR TODAY
Exclusive bancassurance operators 36
Tied bancassurance operators 14
Post and Qualifications Characteristics
IT SPECIALIST
Object-oriented programming and data bases
ECONOMIST
Economics, Business administration
COMMUNICATIONAND NEW CHANNELS
Marketing, Economics and Advertising
SPECIALIST INBIG DATA
Mathematics/Statistics
LAWYER
Law, Business administration
MARKETING
Marketing, Advertising, Business administration,
Good team player
Data analysis skills
VisualBasic, MatLab
English
Specialised in customer relations models
Analytical skillsInitiative
Proficient in SQL and tools such as HADOOP and HIVE
Flexibility and good judgement
English
Knowledge of analytics and SEO-SEM
Good team player
English
13.A COMMITMENT TO TALENT AND ENTREPRENEURISM
Insurance is a cutting-edge industry, accusto-med to innovation. Therefore, it is always on the lookout for talent. The insurance sector is constantly seeking professionals at the head of
their field that will allow it to forge boldly ahead and respond to its customers’ needs.
Insurance companies also have a strong com-mitment to entrepreneurism, mainly through their marketing component. The sector is centred on training and consolidating its workforce. Each year, 9,000 new entrepreneurs are trained; for an investment that can reach 10,000 euros each.
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Insurance is not the most important activity in an economy. It does not employ the most people. Nor does it have the highest turnover. It is not the most enjoyable or the one prefe-rred by influencers. However, without insurance none of these other revenue-rich, emplo-
yment-generating or influential activities would be the same. The fact that their full potential can be developed is due to the insurance industry.
The sole aim of this publication is to draw back a veil. A veil that usually conceals the insurance sector, making it invisible to many of us. In part, this is the way it should be; insurance is usually only needed in situations that are unpleasant for all concerned. However, it also fair to dedicate a few minutes to this activity because in silence, and seemingly irrelevance, insurance is responsible for rebuilding what has collapsed, and in doing so, is a provider of confidence.
You do not have to be an expert in economics to see that development depends on confidence. People who are more confident bear more risk, and those that risk more, grow more. In the end, we all grow; and our well being and quality of life improve. Here lies the essence of the insurance activity; because if there were no insurance, people who now barely think twice before risking something would think three, four, ten or twenty times; and then would perhaps decide not to make a move.
These pages contain a description of some of the things that insurance does each day, each hour, each minute, to ensure that neither society nor the economy lose the confidence they need to progress. If you can spare the time to read this document, I believe that you will learn some facts that you were not aware of. Facts that will surprise you.
Thank you for reading.
Pilar González de Frutos President of UNESPA.