- Premiums in the sector grow thanks to the improvement in the economy and are already at levels similar to those of 2012
- The supervisor processed more than 111,000 documents last year and attended 39,000 user queries
The General Directorate of Insurance and Pension Funds (DGSFP) has published its 2015 Sector Report, which includes the main data on the insurance market and pension plans obtained from the information provided by the entities. In addition, the report includes a detailed study of the different functions carried out by the DGSFP, the collaboration and participation activities in the different international forums, and an analysis of the national and international regulatory framework of the insurance market.
During 2015 the insurance and pension plan sector has continued to demonstrate its strength. There has been a recovery in the volume of premiums that are already at levels similar to those of 2012, with an increase of 1.89% compared to 2014, after a series of years of decline. This recovery is more pronounced for the Life sector, with an increase of 1.86% in year-on-year terms after the fall of -2.29% registered the previous year. In the Non-Life sector, the volume of premiums has also increased, from 1.14% in 2014 to 1.91% in 2015.
In relation to investments by insurers, the trend of progressive reduction of the weight of private fixed income in favor of public fixed income continues, accentuating this effect in the life sector.
In the pension plans and funds sector, during 2015 the process of decreasing the number of managing entities (82 vs. 84) and depository entities (47 vs. 51) continues, as well as the number of pension plans (2,857 vs. 2,914). Also in this year, the number of pension funds has been reduced from 1,716 in 2014 to 1,688 in 2015.
In relation to the degree of development of pension plans and funds, it should be noted that the growth in managed assets continues, reaching 104,000 million euros in 2015 (an increase of 3.28%) as a result of the improvement in financial markets and the economy in general. Contributions to pension plans have decreased (-3.85% compared to 2014) while benefits paid continue with the trend of increasing the previous year (9.73%).
Finally, the work of the DGSFP has been intense in 2015. More than 111,000 documents have been processed and more than 39,000 calls have been received by the call center which is available for inquiries and complaints from citizens. In the past year, more than 10,000 claims against insurance entities, mediators and pension plan managers have been filed with the General Directorate of Insurance and Pension Funds.
See the full report at: