Spain Insurance is a mandatory for all persons residing in Spain, to get the utmost benefit as a citizen of Spain. In Spain there are abundance of insurance policies to safe guard the economic interest of the country and individual interests. Insurance in Spain cover life insurance, household insurance, motor insurance, health insurance, Travel Insurance and private medical insurance.
Spain Insurance is largely contributed by its life insurance. This is followed by automobile insurance and health insurance both of which share a significant portion of the insurance industry in spain. There are some unique insurance policies in Spain that covers pet insurance, marine insurance and above all the most striking Funeral Assistance and insurance.
The Health Insurance in Spain are basically of two types. One is Medical assistance and the second is the reimbursement of expenses . Although these medical Insurance in Spain does not cover illness or medical expenses related to drug addiction or transmissible diseases. People over 60 years of age find it hard to get Medical Insurance in Spain.
Health and Medical coverage in Spain by the public health service (National Health Service Spain) is of a good quality but is not as good as that of the private medical system and this is why many people take out private medical insurance.
Life Insurance in Spain is same as in other countries that agrees upon paying a certain amount of money after the insurer’s death, depending on the amount of premium paid per year. There are two types of life insurance policy in Spain : one is term insurance in which you have a time period and another one is whole life insurance for the entire duration of policy holder’s life.
Car Insurance in Spain is also divided into two categories, first, the Third party liability Insurance and Full Comprehensive .
The House hold insurance in Spain stands to cover any loss to the house and the valuable properties in case of any natural disaster or mishap.
In the recent years, the life and health insurance sector has experienced a fast rate of growth. The General Directorate of Insurance works as the regulatory body for the insurance business of Spain.
All the workers residing in Spain need to be enrolled with the General Social Security Fund to get social security Insurance.
The Major insurance companies in spain are as follows :
MAPFRE Vida Insurance
BBVA Seguros Insurance
Zurich Vida Insurance
AXA Aurora Iberica Insurance
Zurich Espana Insurance
CajaMadrid Sequro Renta Inversion
Santa Lucia Insurance
Mutua Madrilena Automovilista Insurance
Knight Insurance Services
Last Updated on : 26th August 2013