Insurance goes back in 2021, but fails to leave the crisis behind

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Premium income increased by 5% last year, although it is still 3.6% lower than in 2019

Jose Maria Waiter

Insurers’ revenues stood at 61,835 million euros in 2021, 5% more than a year earlier. However, the business is still 3.65% lower than the data prior to the start of the pandemic. The sector shows signs of recovery, but has not yet covered all the lost ground.

In the income part, 38,277 million euros corresponded to the non-life branch and the remaining 23,558 million to life, according to provisional data collected by the Cooperative Research of Insurance Entities (ICEA). Lines linked to business activity, as well as health and multi-risk, are the ones showing the greatest dynamism.

The turnover of the life business, reflected in income from premiums, increased by 7.88% in year-on-year terms. If it is compared with the data for 2019, on the other hand, it points to a drop of 14.41%. The volume of savings managed through insurance increased slightly from one year to the next. Technical provisions stood at 195,707 million at the end of last December, 0.82% more.

The turnover of the non-life branch has remained positive. It records a year-on-year rise of 3.30% compared to December 2020, and 4.43% compared to the same month in 2019. Miscellaneous insurance contributed 9,320 million euros in the year. This category, which includes protections linked to business activity, increased by 5.57% in the last year and is a true reflection of the gradual economic recovery. It appears in the tables of this press release under the term “other non-life”. It also highlights the evolution of health insurance, which grew by 4.93% and totaled 9,849 million. Policies that protect real estate rose another 4.70% year-on-year, to 8,117 million.

The car insurance situation is different. They closed 2021 with revenues of 10,990 million euros. This magnitude is 0.87% lower than that registered at the end of 2020, and 2.85% lower than the same figure for 2019.

In the case of the Mutua Group, it closed 2021 as the leading general insurance company for the fourth consecutive year. The insurer chaired by Ignacio Garralda ended the year with a volume of Non-Life premiums of 5,573 million euros, which represents a growth of 2.86% compared to the previous year, according to ICEA data. The group already has a Non-Life market share of over 14.5%.

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