Savings insurance takes advantage of weak deposit offers to grow 78%

2023-04-20 19:34:06

Savings insurance has experienced a growth of 78.02% in the first quarter of 2023 Compared to the same period of the previous year. Specifically, insurers have launched themselves against the liabilities of families with campaigns to promote investment products at a fixed rate before the banks, the profitability of bank deposits in these first months of the year despite the rise in rates. In fact, data from the Insurance Business Association (UNESPA) indicates that insurers’ income from premiums has grown by almost 26%, encouraged by the revival of this conservative savings product.

The boost of this type of product, explains UNESPA, allowed during the first quarter that the total billing of the life branch (the sum of savings and risk) increased by 57.42%. While the volume of savings managed by insurers through life insurance rose 1.68% from one year to the next. The premium income reached 21,880 million.

For its part, the turnover of the non-life branch (set of insurance modalities) was positive in all its branches, by noting a year-on-year rise of 6.44%; health insurance grew 7.53% from one year to the next and contributed 2,944 million; business policies, included in the ‘other non-life’ category, totaled 3,151 million euros and grew another 7.34% in the last 12 months; multi-risk insurance rose 6.21% in interannual terms, up to 2,401 million; and, finally, automobile insurance contributed 3,105 million euros in the first three months of the year, 4.72% more.

Specifically, of the total turnover achieved throughout the year, 11,601 million euros corresponded to the non-life branch, and the remaining 10,278 million, to life, according to provisional data collected by the Cooperative Investigation of Insurance Entities (ICEA). . by what you see certain balance in the income generated by each type.

New insurance production

Throughout the first quarter several campaigns followed one another. For example, Mapfre launched its ‘Million Life 2’ product in February with an annual return of 2.28% and a duration of two years and only required a minimum investment of 3,000 euros. In parallel, Mutua Madrileña put on the market the ‘Plan Ahorro Plus Fidelidad II’ with a return of 2.60%, which included coverage for death.