Funeral insurance is one of the most deeply rooted forms of insurance in Spain, reaching close to 46% of the population. This figure reflects the cultural and social importance that Spaniards attach to planning ahead for funeral services.UNESPA
Historical origins
The forerunners of funeral insurance date back to the Middle Ages, when brotherhoods and guilds set up mutual societies to guarantee their members a dignified burial and to support families in the event of a death. These early forms of collective protection laid the foundations of what we know today as funeral insurance.
In Spain, some theories place the birth of this type of insurance in Galicia, within the guilds of stonemasons and fishermen. This hypothesis gains weight when one considers that two of the leading companies specialising in funeral insurance, Ocaso and Santa Lucía, were founded in Galicia in 1920 and 1922 respectively.
Evolution and the present day
Initially, funeral insurance was aimed at people on low incomes, offering funeral services that eased the financial burden of a family member's death. Over time, these policies evolved to include additional cover, such as travel assistance, legal advice and psychological support for relatives. Insure Brokers es.wikipedia.org
At the end of 2023, funeral insurance covered 22.3 million people in Spain, representing 46% of the population. The provinces with the highest proportion of insured people are Cádiz (78%), Ávila (76%), Badajoz (73%), Ciudad Real (70%) and Jaén (65%). By contrast, the provinces with the lowest penetration are Soria (19%), Teruel (20%), Huesca (21%), the Balearic Islands (21%) and Navarre (23%).
Coyfer: committed to your peace of mind
At Coyfer, we understand the importance of having funeral insurance that meets the current needs of families in Spain. That is why we offer policies that not only cover funeral expenses but also provide additional services to support loved ones at difficult times. Our commitment is to guarantee our clients' peace of mind and security, standing by them at every stage of life.
Note: this article is based on information provided by UNESPA (the Spanish Association of Insurers) and other specialist sources in the insurance sector.
