In the third quarter, the billing of the insurance sector reached 56,572 million euros, which constitutes a decrease of 1.1% compared to the same period of the previous yearaccording to figures published by the specialized sector consultancy Icea and released by the insurance employer, Unespa. Of this income, 34,660 million (61.3%) come from non-life products and the remaining 21,911 million come from the life branch (38.7%).
Automobiles and the non-life industry in general were the main culprit that the insurance industry has been able to practically match the extraordinary billing of 2023 to date. This business has grown until September at a rate of 8.9% and already contemplates a premium volume of more than 9,809 million euros, being the one with the most growth of the entire range of products.
This is mainly due to the fact that automobile insurance has been, along with health, the one that has suffered the most from inflationary processes and, therefore, has made turnover grow. According to data from the Kelisto.es comparator, although rates are already beginning to stabilize and even in quarter-on-quarter terms there are slight decreases, on average insuring a car is 70 euros more expensive than a year ago.
The other great branch of non-life is healthwhich grows to a lesser extent than autos (7.7%) and earns a total of 9,108 million. This sector has been in high demand in recent years due to the increase in waiting lists in public healthcare and, together with the increase in costs, policies are expected to grow by more than 10% next year.
Multi-riskmainly led by home insurance, also earned 8.7% more. Specifically, the insurance of private homes increased its turnover by 9.6%; that of commerce 7.6%; communities 8.6%; industrial insurance 6.3% and other multi-risk insurance, which is more minority, reported an increase of 11.8%.
Life insurance improves
The burden on insurance billing in 2024 is being the non-life branch, since last year it had an extraordinarily good performance due to increases in interest rateswhich called on investors to deposit savings in these products.
Until September, income has fallen by 12.7% compared to the same date in 2023, better than in the previous quarter, when it fell more than 14%. But in terms of managed savings, life products continue to progress and exceed 209,247 millionwhich implies a growth of more than 4.2%.
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