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Insurance as a Financial Institution
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Reference: FN-320-E
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Number of pages: 11
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Geographic Setting: España
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Publication Date: Jan 7, 1996
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Fecha de edición: Dec 19, 2016
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Source: IESE (España)
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Type of Document: Technical Note
Description
The note defines insurance and explains its importance to the Spanish economy. The two main types of insurance - life and nonlife - are examined from the point of view of premiums (internal and external), management costs, claims, and underwriting income. Reinsurance and its structure at the national and global level are analyzed.
Special attention is given to the role played by insurance in the financial system, with analysis of the reserves for future policyholders' benefits and investable assets. The note describes the financial guarantees that insurance companies are required to provide and companies' financial performance. Lastly, the note looks at how the Spanish insurance market has adapted to Europe.