Specialist Costa del Sol insurance brokers discuss the expat market in 2023

Insurance brokers working with foreign residents on the Costa del Sol got together recently in Malaga for a brunch meeting organised by Liberty Seguros.

As part of a round of meetings with insurance brokers around Spain, particularly in coastal areas such as Levante, Murcia and Almeria, Costa Brava, the Balearic Islands and the Canary Islands, the meeting offered the firm the chance to report the results of its Expatriates segment for the first half of this year and its outlook for the rest of 2023.

Brokers heard how Liberty's premium volume in this segment grew by 10.5% between January and June 2023, standing at €42 million in car, home and miscellaneous premiums. This growth arose from new customers and renewals of existing policies, explained the company's representatives.

The expatriates segment encompasses foreign residents in Spain who are real estate owners, tenants or spend long and alternate periods in the country and the insurance company works with brokers specialising in the sector.

Jesús Núñez, Executive Director of Distribution and Sales at Liberty Seguros in Europe, pointed out that “this positive performance reflects the long-standing and trusting partnership between Liberty and its brokers” and also “a unique business model that provides brokers with Liberty's digital and data analytics knowledge and capabilities so they can further develop their businesses”.

On this point, Jesús Núñez reiterated his “absolute commitment to brokers”, who “are at the heart of offering customers a policy best suited to their needs”.

Rafael Nadales, Regional Director for the Expatriates segment, said the results of the first half of the year were “proof of just how successful Liberty's model can be, combined with the support we give to brokers so they can respond quickly to customers' needs and develop their business through their knowledge and closeness with their customers”.

He also said, “The expatriates segment holds great growth potential, so we expect a second half of the year with plenty of opportunities."