Insurers have lost 6 million savers and almost 10,000 million assets managed in just twelve months. Pension plans have lost fiscal attractiveness after the latest changes in the Spanish government, which has caused thousands of people to unsubscribe. But neither have other long-term savings products, focused on retirement, which, being linked to the evolution of the markets, have made savers lose a lot of money.
Thus, the ‘Social Security Report 2022’ published by Unespa highlights that at the end of last year they had taken out savings insurance 13 million people compared to more than 19 million the previous year. Almost 32% of the insured unsubscribed, which also influenced the managed assets, which fell to 242,461 million euros, almost 10,000 million less than a year earlier.
Pension plans, the product par excellence for saving in Spain for retirement, lost more than 21,000 customers according to these data. Pension plan subscribers could deduct up to 8,000 euros in the income statement until 2020, but taxation dropped to 2,000 euros in 2021 and in 2022 it went down again to 1,500 euros.
In other words, those who had contracted a pension plan last year can deduct a maximum of 1,500 euros in their income statement compared to 8,000 euros just two years ago, which has meant that this product loses appeal among savers. But it is not the one that has registered the most casualties.
Group insurance that implement pension commitments (those paid by companies to their employees to complete the retirement pension) are the ones that lose the most customers, almost 2.3 million. And in general all group insurance, as Unespa reveals that other products in these categories also lose 3.4 million policyholders.
The only long-term savings product that wins over customers is the Unit Linked. Its recruitment grows by 5% and reaches 1.43 million people. It is an insurance linked to shares or bonds where the insured assumes the investment risk. But by being linked to life insurance and guaranteeing 6,000 euros in the event of death or permanent disability, it is more attractive.
Life insurance is the only one that grows every year, closed the year with 20.5 million policyholders compared to 20 million a year earlier. This type of insurance guarantees the payment of an amount to the relatives of the policyholder if he dies or suffers from some type of disability, which is why it is the most popular. And of them the one that has the most followers is that of deaths.
As explained this Thursday by the new president of Unespa, Mirenchu del Valle, almost half of the population of this country currently has death insurance. “Only the car has a greater social presence, but the one for the car is mandatory and the one for deaths is not“, he recalled. Unespa data shows that 47% of the population currently has one, in those under 30 years of age the proportion is lower (only 30%) while in those over 70 years of age, said percentage rises at 60%.
The same is the case with private health insurance, Del Valle added. Since the pandemic it has grown strongly and currently has it hired 1 in 4 residents in Spain. “Each year a greater space is being gained in the trust of citizens due to its service capacity and response to the needs of its clients,” she added. Problems with public health in some regions have also contributed to this increase.
At the end of 2022 he had been hired more than 25% of the population (some 12 million people) above the 24% of the previous year. In this case, health insurance is more popular among people between 41 and 50 years of age (30% of them have it) and Madrid (40%) and Catalonia (34%) are where it is purchased the most.
2023-05-05 09:29:55
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