Insurance brokerage grew by 3.15% in Catalonia last year.
Automobile policies account for around a third of all brokered business.
BarcelonaThe traditional private insurance distribution sector in Catalonia closed the 2024 financial year with a turnover of €841.8 million in intermediated premiums, 3.15% more than the previous year. Of the total, €749 million came from non-life insurance and €92.7 million from life insurance, with growth above the total recorded in the previous year of 2.60% and 7.82%, respectively. As is the case every year, around a third of the total business corresponds to automobile insurance. One notable aspect is the growth in new policy production, with an increase of over 9%.
These data can be found in the "Annual Report on Statistical and Accounting Documentation (DEC)", published annually by the Directorate General of Financial Policy, Insurance and Treasury of the Department of Economy and Finance of the Generalitat (Catalan Government). It is prepared based on information provided by the 475 insurance brokers and 84 linked insurance agents registered in Catalonia, who have exercised their activity during the 2024 financial year under the supervision of the Generalitat.
"In addition to a growth of 3.15% compared to the total portfolio volume of 2024, it is worth highlighting the good performance of new production, which grew by 9.50%," explains the Deputy Director of Insurance Entities and Mediators of the Generalitat, Xavier Erbàs.
In this sense, he emphasizes that the activity registered in 2024 is at similar levels to that of previous years: "The sector has managed to present a positive trend during the five-year period 2020-2024 with an average annual portfolio of 846 million euros."
For Erbàs, "this is a milestone that should be highlighted, given the concentration the sector has experienced in recent years, which appears to be consolidating as a structural change in the market." In 2024, the number of entities fell by 2.78%, with a total of sixteen fewer entities.
Homogeneous evolution
The evolution of the brokered portfolios between the two types of intermediaries shows a fairly homogeneous pattern. Thus, insurance brokers, with a 3.46% reduction in entities compared to 2023, increased the volume of brokered premiums in Life by 7.53% (10.41% in new production) and in Non-Life by 2.76% (10.47% in new production).
On the other hand, linked insurance agents, with a 1.20% growth in the number of entities compared to 2023, increased the volume of brokered premiums in Life by 11.8% and in Non-Life by 0.2%.
Regarding the weight of the different Non-Life lines, automobiles continue to lead the list, year after year, with 34.35% of the total. This is followed by healthcare (13.18%); home comprehensive insurance (11.04%); civil liability (8.98%) and industrial comprehensive insurance (8.21%); community comprehensive insurance (7.02%); combined agricultural insurance (3.21%) and commercial comprehensive insurance (2.85%). These types of insurance represent 88.84% of total activity.
The sector employs 2,786 people (2,985 in 2023): 1,384 men (49.68%) and 1,402 women (50.32%). Women make up 78.44% of the employed personnel category and men make up 68.22% of management staff. The majority of these companies (44.36%) have distribution contracts with between 7 and 15 insurance companies, and 89.25% have a turnover below €3 million.
On the other hand, sixty companies (10.75%) report a turnover above €3 million and account for 50.35% of total brokered premiums. Finally, the total sums insured for professional liability insurance amount to €3.572 billion.
