AM Best has maintained its stable outlook on Spain’s non-life insurance segment, noting that while the segment continues to grow profitably, rising claims costs could narrow margins.

In its new Best’s Market Segment Report, “Market Segment Outlook: Spain Non-Life Insurance,” AM Best states that it expects Spain's non-life segment to achieve moderate growth in 2026, supported by growth in the country's gross domestic product, as well as by further rate increases.

Juan Villaescusa, senior financial analyst at AM Best and one of the authors of the outlook, said, “AM Best notes that motor and health remain the largest business lines, driving most of the premium growth, but all major business lines are expected to continue expanding.”

Eli Sanchez, director, analytics, AM Best, added, “Spain’s non-life segment is expected to remain profitable in 2026, although margins could narrow due to increased competition in terms of pricing and high claims costs due to inflationary pressures.”

To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=365376.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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