The latest from MAPFRE for you;
Financial education and stronger insurance culture are critical drivers of insurance market development, helping improve economic resilience, expand coverage uptake, and strengthen financial stability. This is according to new analysis in MAPFRE Economics’ report on the ‘Trends and elements for the development of insurance markets.’
Insurance is a key mechanism supporting economic progress by protecting individuals, businesses, and institutions from risk while helping maintain economic balance during major disruptive events. The sector also plays an important role as a long-term institutional investor, helping finance productive sectors and supporting financial system stability.
However, insufficient financial knowledge and limited understanding of risk remain major barriers to insurance adoption. Strengthening financial literacy helps individuals make better financial decisions and increases confidence in using insurance as a protection and planning tool.
Evidence shows that countries with strong financial education systems (including Finland, Canada, Australia, the Netherlands, the UK, and the US) tend to demonstrate higher levels of insurance penetration. In more financially literate regions, such as the EU, insurance ownership is significantly higher, with 46% of consumers reporting non-life coverage and 31% holding life insurance.
Financial education also improves broader financial behaviour, encouraging saving, investment, and responsible borrowing. As a result, it strengthens household resilience and supports more stable economic growth across national markets.
MAPFRE continues to support financial and insurance education globally through public and private initiatives, helping individuals and communities make better financial decisions and strengthening trust in insurance as a cornerstone of economic development.
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