Insurance companies, like banks, have experienced an exceptional year in 2023, in their case after the problems in 2022 due to the increase in claims costs derived from inflation. The recently concluded fiscal year has been a record in terms of income and is explained, according to those responsible, by the good performance of the economy.
Insurers earned 76,463 million euros last year, 18% more, which represents not only the highest billing figure to date, but also the largest percentage increase since 2020. Life insurance, health insurance or multi-peril risk reached historic highs last year.
In a press conference held this morning in Madrid, the president of the insurance association Unespa, Mirenchu ??del Valle, explained that the strong growth in income from non-life insurance, such as health or automobile insurance, “is closely linked to the evolution of economic activity and the income of individuals and families”.
Life insurance, whose income increased by 36%, to 33,452 million euros, owes its good performance to “the good performance of the financial markets.” In this area, as in savings-related products, interest rate increases have played in favor of insurers.
José Antonio Sánchez, general director of Icea, dedicated to preparing statistics on insurers, assured that in 2023 both the customer base and insurance prices have increased, although “the sector has not passed on all of the the costs”.
Neither Unespa nor Icea report precisely the other part of the income statement, that of costs and, by extension, that of benefits. Sánchez has assured that, “despite growing non-life insurance premiums, margins have narrowed a little.”
Automobile insurance continues to face “the increase in the average costs of claims”, although price increases and increased registrations increased revenues last year by 6.6%, to 12,108 million euros, Sánchez indicated. . The vehicle fleet increased by 1.4%.
Health insurance brought in 11,238 million euros, 6.5% more, in this case due to a trend that Unespa attributes to “the preferences of Spanish society”, that is, to the increase in clients. Insurers estimate that there are already 14.3 million people with private health insurance in Spain.
