OLDWICK, N.J.–(BUSINESS WIRE)–In this AMBestTV episode, Jessica Botelho-Young, senior
financial analyst, AM Best, said Spain’s economic growth and
insurers’ ability to maintain focus during political uncertainty and
respond to consumer and regulatory developments help support a continued
stable market segment outlook for the country’s nonlife market. Click on http://www.ambest.com/v.asp?v=spanishnonlife_english419
to view the entire program.
Botelho-Young spotlighted three reasons why AM Best is holding over its
stable outlook for 2019.
“The first one, and perhaps the most important one, is the continued
economic growth that has occurred in Spain, which is very much aligned
with the insurance sector and growth in gross rate and premium,” said
Botelho-Young. “The second point is the market’s resilience to the
elevated political instability in Spain. The third is the market’s
ability to adapt to changing customer needs, as well as the changing
regulations.”
As with other sectors, Botelho-Young believes that technology is going
to play a major role in the long-term evolution of the Spain’s nonlife
sector.
She said, “Technology and being able to adapt to the ever-changing
customer needs is going to be very important. Those market participants
that are able to embrace technology and innovation, as well as create a
competitive advantage by being able to effectively use those tools, are
the ones that will be able to capitalize and see some opportunities.
Those players could really have a competitive advantage.”
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