Spain is one of the countries with the greatest potential for growth and development in the insurance market. The Indicator of Insurance Potential by Demographic Impulse (IPAID) places Spain in 35th position out of a total of 179 countries, representing 98% of the world's population.
The indicator evaluates the capacity for growth and development of the insurance market, analyzing the opportunities derived from the process of demographic evolution and per capita income, which positions Spain in a very positive scenario for the insurance sector due to the need to meet the demand of citizens in terms of health and savings.
This is what is contained in the study 'Demography: An analysis of its impact on insurance activity', which was carried out by Mapfre Economics, in collaboration with Fundación Mapfre and which was presented yesterday. The study highlights the changes that are currently taking place in the world's population structure and that directly influence the development of the economy. More specifically, in the insurance business, mainly because of its direct impact on areas such as healthcare, private savings, and the automobile and real estate sectors, among others.
The report reveals that the lengthening of life expectancy in Spain (placing it above the most advanced economies, 84.2 years in 2024 and 86.8 by 2045) and the reduction of the labor force increase the demand for healthcare services, private savings and pension plans. "The higher the proportion of people aged 65 and over and the higher the level of GDP per capita, so does the capacity for growth in healthcare spending which favors the development of private health insurance. On the other hand, the growth of private savings as a complement to public pension systems, as a higher percentage of the population is closer to retirement age," the study points out.
Other data included in the report is that China, India and the United States lead the global IPAID ranking. In addition, Europe's largest economies are above the middle of the table, with Germany (20th position), the United Kingdom (22nd), France (23rd) and Italy (30th) all in better positions than Spain.
Source: Mapfre Economics Report
