Insurers manage more than 237.3 billion in savings from their clients

According to data compiled by ICEA and published by Unespa, insurers managed more than 237.3 billion euros in customer savings until last June, which is 3.45% more than in the same period of a year earlier.

Specifically, the 193,489 million euros corresponded to insurance products, 3.75% more, while the remaining 43,833 million euros (+ 2.16%) constitute the assets of the pension plans whose management has been entrusted to entities of the sector.

Lifetime and temporary income is the most relevant product in terms of managed savings, since they accumulate technical provisions of 89,838 million euros, 2.02% more than a year ago.

On the other hand, the strength of individual long-term savings insurance (SIALP) stands out. These policies, popularly known as Savings Plans 5, moved 4,164 million at the end of June, which implies an annual growth of 19.44%.

It also highlights the evolution of individual systematic savings plans (PIAS), which reached 13,806 million euros at the end of the second quarter (+ 7.82%). On the other hand, deferred capital recorded an increase of 2.91%, to accumulate 50,450 million euros.

On the other hand, the data reflects that 29,023 people over 65 years of age transformed the money made with the sale of some asset, such as a second home or shares, into a guaranteed source of income for life.

These people took advantage of the tax advantages that were established for this product as a result of the last IRPF reform. At the end of last June, these annuities accumulated a volume of savings under management of 2,580 million euros.

In Mexico, the insurance sector works together with the Ministry of Finance and Public Credit to review the current market regulation, in order to increase coverage to more Mexicans.

Manuel Escobedo, president of the Mexican Association of Insurance Institutions, said they are looking for more incentives for insurers, so they are working with the Ministry of Finance and the National Insurance and Finance Commission.

He said that the current regulatory framework, called Solvency II, is working properly, so it is prudent to maintain it.

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