AM Best: stable outlook for the Spanish non-life insurance market

AM Best has upgraded its outlook for the Spanish non-life insurance market from negative to stable.

According to the rating agency, this decision is justified by the continued growth of all business sectors, supported by rate increases, particularly in the motor activity, and the increased number of policyholders, especially in the health sector.

AM Best believes that the surge in premium rates is likely to offset the impact of rising claims costs on the overall profitability of non-life insurers.

In 2023, the P&C market turnover was up by 7% to over 40 billion EUR (44.1 billion USD).