Résumé

The modernisation of the Spanish insurance market began around 1870, during the first period of globalisation, when the first French, British, American and German multinationals established themselves in the country. Along with these, some indigenous companies emerged from the mergers of firms seeking to compete in a slow-growth market. Thus were created the two Spanish insurance companies that led the sector until 1980, La Unión y El Fénix Español and El Banco Vitalicio de España. After the law of 1908, the market was characterised by the continuous growth of insurance businesses and, in particular national ones. These firms benefited from the economic nationalism of successive governments, the system of autarky that was adopted during the early years of the Franco regime, and a very bureaucratised and interventionist law that only exercised minor control over solvency and insurance operations. Moreover, scant requirements were maintained for the capital, reserves and deposits of small companies operating on a local and regional scale and for mutual societies. As a result, there were 666 insurance entities operating in the Spanish insurance market in 1970. This fragmentation of the market only began to change when Spain joined the EEC in 1986 and adapted to European law. This coincided with the second wave of globalisation and the increasing interest of international groups in the Spanish market. The sector initiated a wave of mergers, acquisitions and liquidations that have led to significant market concentration.