Iberian companies are having to innovate to beat the recession
Spain is in crisis. A growth boom fuelled by years of cheap credit led to economic turmoil when the global financial situation exploded in 2008.
The four years since have seen Spain’s economy contract to such a level that one in four people are now without work and the unemployment rate among the under-25s is more than 50%.
Such are the country’s difficulties that many financial experts believe Spain is likely to become the next, and by far the largest, eurozone member to seek a bail-out from the EU and the International Monetary Fund.
Spain has a relatively sophisticated insurance market, but it is also one that is developing and changing constantly. This can be partly explained as a response to the current financial challenges - the rest is to accommodate new threats such as compliance, cyber and other technological changes.
One key area of focus is to protect the emerging markets into which many Spanish companies are venturing in an attempt to grow their business away from the troubled domestic economy.
This report considers how insurers, brokers and risk managers are dealing with the many challenges they face and examines in detail how those that have best adapted have achieved success for their business through innovative thinking.
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