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The investments of the Spanish insurance Companies, 1984-2015

Ferran Camprubí i Baiges () and Manuela Bosch Príncep ()
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Ferran Camprubí i Baiges: Universitat de Barcelona, Spain
Manuela Bosch Príncep: Universitat de Barcelona, Spain

No 1804, Documentos de Trabajo (DT-AEHE) from Asociación Española de Historia Económica

Abstract: The goal of this research is to analyse how the Spanish insurance companies have managed their investments from the moment the liberalization of the sector begins in view of the future integration in the EEC until the implementation of the Solvency II regime (1984 -2015). The structure of the investment portfolio has been characterized by instruments of conservative risk profile. The main conclusions are summarized as follows: The main asset in the period under review is Spanish public debt, accounting for 27% of the sector's investments. The performance of the portfolio has performed very similar to the average interest rate on Treasury debt. Contrary to what might be expected, the recent sovereign debt crisis in the Eurozone has had no impact on credit risk management, as the deterioration in the credit rating of the Kingdom of Spain has not led to a decline in investment in Spanish public bonds. The sector has redoubled its commitment to this asset, leaving out the dire economic consequences of a degradation of the rating of Spanish public debt to the category of junk bonds.

Keywords: Insurance Investment; Spanish Sovereign Debt Crisis; Credit Risk Management (search for similar items in EconPapers)
JEL-codes: G11 G22 N24 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-ias and nep-rmg
Date: 2018-06
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