ECONOMICS & INSURANCE

In this new issue of Economy and Insurance magazine, we highlight five articles that address key current topics: the evolution of insurance markets in Spain and Latin America in 2024, a preview of 2025, and global projections for economic growth and insurance-market performance. We also present an analysis of how the geographic distribution of premiums has evolved among the main European insurance groups operating under the Solvency II regulatory regime, based on data from their Solvency and Financial Condition Reports (SFCR) between 2022 and 2024.

The first two articles, “Global Economic Outlook” and “Industry Outlook for the Insurance Market,” examine the report 2025 Economic and Industry Outlook: Fourth-Quarter Forecast Update, which describes a global economy that continues to adapt to uncertainty, maintaining a solid trajectory of growth with inflation beginning to stabilize. It also presents baseline and stressed scenarios for economic growth forecasts for 2025 and 2026. The global insurance industry continues to demonstrate strong resilience in the face of geopolitical uncertainty, which is starting to moderate. The sector is benefiting from a resilient economy, more favorable financing conditions, and controlled inflation. These circumstances are driving growth in both Life and Non-Life insurance, with positive prospects for profitability. The analysis also examines the evolution and forecasts of nominal growth in insurance premiums worldwide, highlighting that the recovery process has not been uniform across the Life and Non-Life segments.

A summary of the report The Spanish Insurance Market in 2024 is presented in the third article, showing how the insurance sector remained solid despite geopolitical uncertainty. In Spain, Non-Life insurance grew thanks to the favorable economic backdrop, while the Life savings segment contracted. Even so, the sector recorded strong profitability and solvency figures.

The fourth article, based on the report The Latin American Insurance Market in 2024, analyzes an industry that demonstrated strength in a complex global environment marked by moderate growth and geopolitical uncertainty. Despite fiscal and exchange-rate challenges, it maintained positive real growth, supporting technical and financial profitability. The Life insurance segment stood out for its stronger performance at a regional level. Structural advances were recorded that strengthen the maturity and sustainability of the insurance market in Latin America.

The fifth and final article, a summary of Premiums and Solvency Ratios of the Main European Insurance Groups, analyzes the geographic distribution of premiums among the leading European insurers operating under the Solvency II framework between 2022 and 2024. The findings highlight moderate expansion in Life and greater diversification in Non-Life.

We hope this new issue of our magazine will capture the interest of our readers and provide them with an updated and in-depth perspective on the challenges and opportunities facing the insurance industry.