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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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Spain: International Influence on The Domestic Insurance Market

Spain: International Influence on The Domestic Insurance Market

Chapter:
(p.189) Chapter 8 Spain: International Influence on The Domestic Insurance Market
Source:
World Insurance
Author(s):

Jerònia Pons Pons

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0008

This chapter traces the history of the Spanish insurance industry. One distinguishing characteristic of the Spanish insurance market has been the continuing influence of foreign companies. Whilst elsewhere the level of foreign investment generally decreased heavily as the domestic insurance industry developed, in Spain by 1940 the quota was still relatively high at over 30 per cent in life and accident insurance. It was only during the Franco era (1940–75) and the first years of the transition to democracy (1976–85) that these figures dropped to below 15 per cent. The important international insurance groups again came to the fore with the liberalization of the financial markets in the 1990s, after Spain had joined the EEC in 1986.

Keywords:   Spanish insurance industry, insurance business, insurance market, foreign companies, foreign investment, insurance history

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