Spanish insurance had a total net profit of 5,526 million euros, 9% more than in the previous year, according to ICEA.
This sharp rise in sector profit occurs despite the 42.7% drop in the technical result of the Automobile line, which falls to 510 million. It was also important descent of the technical result of the branch of Health14.3%, to 613 million.
The results in the Life, Multi-Peril and Rest of Non-Life lines offset these falls. So, Life achieved a technical result of 3,169 million, almost a 25% further; Multirriesgos earned 397 million, a 16,6% more, and the Rthis non-life1,626 million, a 18,2% further.
The result of the non-technical account of the sector was 9.16% of the earned premiums of retained business, compared to 8.7% in 2021.
The accident rate especially affects Autos
The fall in the result of Cars must be attributed to the increase of 5.4 points in the accident rate of Auto insurance, up to representing 76.5% of premiums last year. The accident rate in Health and Other Non-Life also increased, but to a lesser extent.
The other side of the coin is the an improvement of almost 4 points in the multi-risk accident rate.
In Non-Life as a whole, the claims ratio rose slightly less than 2 points, reaching 67.4% of premiums; while in the sector as a whole, the accident rate fell by more than 5 points, to 78%.
