The DANA of the Mediterranean arc has exposed as never before the need to have the house insured, with sufficient coverage and with a high capital to avoid surprises. The reason is that, as the employers’ association Unespa and the Government have indicated on repeated occasions, in order to receive compensation you must have valid insurance and the maximum insured capital that each person has will be received. But the truth is that there is still a large margin to sell more insurance in Spain in the home sector since one in four homes is not insured in our territory. According to the 2023 report prepared by the employers’ association Unespa, in our country the average housing insurance rate is 74% – with data that goes up to 2022, the last year available. In the case of the province of Valencia, the percentage rises to 77.4%, above the average, which provides those affected with greater protection against the disaster that occurred. Sector sources point out that the insurance percentage in Spain cannot be considered low but they do suggest that there is room for growth. In the case of car insurance, as it is mandatory and in the event of disasters the contracted modality is practically indifferent, there is no room for growth with catastrophes. Related News standard Yes The OECD asks the Government to increase the tax incentive for pension plans individual Daniel CaballeroThe panorama, however, is very different depending on the province that is analyzed. Vizcaya, Madrid and Barcelona have rates above 94%, and above 85% are Valladolid, Burgos, Álava, Gipúzcoa, Cantabria, Navarra and Zaragoza. Very high rates that leave a narrower margin to sell more insurance. In the lower part of the insurance average are other provinces such as Lugo, Orense, Zamora, Ávila, Cáceres, Badajoz, Ciudad Real, Teruel, Toledo, Cuenca, Almería, the two in the Canary Islands, Ceuta and Melilla; all of them below 65% of the houses protected with insurance. Sources from the sector insist on the need to value insurance in recent weeks as a safety net against DANA, something that has also been insisted on by the Government since the Insurance Compensation Consortium has come into play here. . Thus, the problem lies rather in those provinces that are below the average and to which insurers could especially target to attract clients in the future. The sector points out that when natural disasters occur, the degree of insurance always tends to increase. The sector, aware of where they can have room for growth, they expect to be able to take advantage of the boost that home insurance will experience in these weeks and months following DANA. Because, as usual, citizens always demand more insurance after natural disasters; This is clear from the historical experience that the companies have, as happened after the 2019 DANA, the earthquake that affected Lorca and even after Filomena in Madrid. In this case, industry sources predict that there will be an increase in demand sooner or later in all companies. In fact, there are groups that are already detecting an increase in the hiring they register through their ‘call centers’, although at the moment it is not widespread. Sector sources insist that a peak in demand has yet to arrive, which is what several insurers are waiting for. And not only in greater sales in the number of insurances, but also in the coverage that each client contracts and in the insured capital. Greater demand When this type of disaster happens, many clients usually realize that they do not have some coverage contracted and what they usually What to do is, when the time comes for the annual renewal, to take the opportunity to include those protections that were missing. Something similar happens with the insured sum, which increases during renewals; The insured capital is the amount that the client will receive by contract as a maximum in the event of an accident. In the case of major disasters, having insurance is essential but so are the contracted coverages and the sum insured, especially since which is the maximum amount to be received, for example for the total loss of a home. Likewise, the General Directorate of Insurance, dependent on the Ministry of Economy, also expects this trend to occur, as highlighted by its head, José Antonio Fernández de Pinto, in a recent event organized by the APIE. Although it is still early, he said, for it to be detected.
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