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Surety Bonds in Spain

Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables

 

0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The series focuses on surety bonds and associated guarantees issued in relation to commercial activities

Rationale

Several factors provide rationale for the development of research about this market…

… including its size plus a predicted shift in favour of insurance-backed surety bonds…

… and the lack of alternative sources that analyse the entire market as opposed to just parts of it

Definitions

Surety bonds and related guarantees

Surety bonds and related guarantees add up to a quite complex family of financial products…

… including several different types of contract bond…

… and various forms of commercial bond…

… with competing products available from banks and other entities as well as from insurance providers

Abbreviations

Methodology

Research program

Market data analysis

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2.0 MARKET ANALYSIS

Introduction

Market characteristics

Key regulations

Surety bond types and substitutes

Typical period of validity

Market value and segmentation

Construction sector

The Spanish construction market experienced a long slump up to 2013…

… although activity appears to be picking up again…

Surety bonds and related guarantees

… which should benefit the associated market for surety bonds and related guarantees

The loss ratio associated with insurance-backed bonds has fluctuated wildly in recent years

The value of construction-related bonds has shrunk to less than a half of the total market value…

… within which bank guarantees continue to account for over a half of the total market value

… with insurers and reciprocal guarantee companies picking up the remaining business

Little insurance-backed surety bond business is placed with underwriters outside of Spain…

... and most of the value of this market arrives with insurers via brokers

Underwriter utilisation by brokers and market shares

MAPFRE and Crédito y Caución benefit from the most regular usage by surety bond brokers…

… although a further ten insurers are also named as frequent providers by brokers investigated

One of the market leaders has seen rapid growth in its Spanish premium income in recent years

Leading brokers

Numerous brokers are active as intermediaries of surety bonds in Spain

Market forecast

Relatively strong growth is predicted for the Spanish market for surety bonds and related guarantees…

… especially in the insurance-backed segment

 

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for surety bonds in Spain, 2011, 2015 and 2019 (forecast)

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Value of the construction market in Spain, 2011 to 2015 (EUR billion)

Value of the market for surety bonds and related guarantees in Spain, 2011 to 2015

Segmentation of the value of the market for surety bonds and related guarantees in Spain between construction and other activities, 2015

Segmentation of the value of the market for surety bonds and related guarantees in Spain between insurance companies, banks and other institutions, 2015

Gross written premiums for insurance-backed surety bonds in Spain, segmented between domestic and non-domestic underwriters, 2015

Segmentation of the value of the insurance-backed surety bond market in Spain between surety bonds issued directly and surety bonds intermediated by brokers, 2015

Percentage of brokers surveyed making regular use of particular underwriters of insurance-backed surety bonds in Spain, 2015

Estimated market shares of gross written premiums of underwriters of insurance-backed surety bonds in Spain, 2015

Estimated market shares of gross written premiums of underwriters of insurance-backed surety bonds in Spain, 2015 (table)

Value of the market for surety bonds and related guarantees in Spain segmented between insurance companies, banks and other institutions, 2019 (forecast)

Value of the market for surety bonds and related guarantees in Spain segmented between insurance companies, banks and other institutions, 2019 (forecast) (table)

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