Motor vehicle insurers under the microscope: these are the best and worst companies in Spain

Being involved in a road traffic accident is, in itself, a stressful situation which, in many cases, causes both physical and psychological damage to those affected. Added to this is the inevitable need to manage the insurance claim, facing the difficult task of clarifying responsibilities and calculating the corresponding compensation.

All of this can generate a level of stress that is difficult to manage, as indicated by the results of the annual ranking of vehicle insurers 2024 presented by the legal operator specialised in traffic accident claims www.calculatuindemnizacion.es, which measures the efficiency of the main insurers in Spain in the management of claims. Among the data analysed were the speed in issuing reasoned offers, efficiency in making payments and legal defence, resolution times and levels of customer satisfaction.

According to the study, Lagun Aro Seguros is the best insurer of the year with a final score of 7.1. It stands out especially in terms of speed in management and compliance with legal obligations, although it shows a more moderate performance in terms of payment times.

It is closely followed by Mutua Tinerfeña Seguros, with a rating of 6.9, thanks to its outstanding efficiency in issuing offers and legal defence, although its resolution time is shorter than that of other leading companies.

Mutua Madrileña and Reale Seguros tied for third place with a score of 6.5. Both stand out for their efficiency in payments and claims management, although there are areas for improvement in claims resolution times.

The list also includes insurers such as Pelayo Mutua de Seguros (6.0), Allianz Seguros (5.8) and Helvetia Seguros (5.7), which maintain good levels of operational efficiency, although with room for improvement in meeting deadlines.

The report also points to some shortcomings in the sector, such as long claim resolution times. In 45.8% of cases, resolution times exceed 120 days, reflecting the need to optimise processes. It also highlights that only 25.7% of companies make payments on account to facilitate customer management.

The analysis reveals that, in most cases, the first offer of compensation from insurers is lower than the amount finally obtained after negotiation. On average, compensation increases by 17% after the intervention of legal teams, demonstrating the need for active management by claimants to obtain fair compensation. Insurers such as Mapfre register initial offers 17.8% lower than the traffic accident scale.

Lagun Aro Seguros is also the insurer with the shortest payment time, averaging 6.3 days, which is 44.9% less than the average. At the other extreme, Allianz Direct and SegurCaixa - Adeslas have the longest delays in this respect, in some cases exceeding 30 days.

In terms of rating of the legal operator, the highest rated insurers were Consorcio de Compensación de Seguros and MGS Seguros, with an average rating of 4.8 and 5 stars respectively. In contrast, BBVA Seguros and Divina Seguros obtained the lowest scores, reflecting dissatisfaction in key areas such as satisfaction with the handling process and the attention received.

Another factor analysed was the volume of claims. The average closing amount of compensation was 2,695.37 euros, with some companies such as Zurich Seguros and Liberty Seguros standing out with amounts above 3,000 euros on average. However, insurers such as Mutua Madrileña and Pelayo Mutua de Seguros have closing amounts significantly below the average, at around 2,300 euros.

Conclusion

The 2024 report provides a clear view of the evolution of the insurance industry in Spain, highlighting the most efficient companies and pointing out areas for improvement. Speed and customer satisfaction continue to be key factors in insurers' competitiveness, while delays in claims settlement remain a challenge for many companies.

As the sector moves forward, the digitisation of processes and the adoption of technologies to optimise response times and improve the customer experience will be crucial. Competition among insurers will remain high, and those that prioritise efficiency and transparency will have an advantage in the market.