Spanish insurance sector sees premium growth amid widening protection gap

The Spanish insurance sector is experiencing significant growth, characterized by rising premiums and strong solvency levels. During the first half of 2026, health insurance premiums reached 7,251 million euros, a 6.91% increase compared to the same period the previous year, according to UNESPA data.

There is a growing trend among families toward health insurance with copayments. This shift is driven by the uneven use of medical services within households; for instance, in 2024, approximately 6.3% of insured individuals with serious health issues accounted for more than half of all health insurance benefits. As of the end of 2024, roughly 12.6 million people, or 26% of the Spanish population, were covered by private health insurance.

Despite this growth, experts from KPMG España highlight a widening protection gap. In 2025, the insurance coverage deficit in Spain approached 46,000 million euros, up from 41,000 million the year prior. This gap is evident in household coverage for disability and dependency, as well as in the business sector, where only about 700,000 out of three million SMEs are considered adequately covered against risks including cyber threats and artificial intelligence.