Last 7th of july, Cardif Spain organised for the second time an event for partners to discuss the phenomenon of unemployment in the Spanish market with a focus of financial experts on the current situation of the economy and the prospects for transition in the Labour market.

As unemployment is today the major concern of Spanish society, we want to show to our partners and prospects, our know-how and expertise in the evolution of the labour market, bringing them the opportunity to share our experience and the view of specialists in economy, sociology or public finances. Through this event, our goal is to consolidate the position and image of our brand as leader in creditor insurance in the Spanish market, providing to partners a solid analysis on what's going on.

The event took place on the 7th of July and gathered over 40 participants.in the Fundación Pons, a modern little palace located in the centre of Madrid.  As last year, the agenda scheduled for the event combined presentations from experts and round table debate about the future of social protection and unemployment in Spain with the company's approach of key players in the bank assurance market for PPI products.

Spanish economy is suffering a lot due to the financial crisis in the eurozone, that we are living in the battlefront, and to the consequences of the real estate bubble explosion. The experts put different and interesting views on the coming trends, and the key messages were: labour market will take a long time to get back to the pre-crisis situation; structural reforms are still needed to update our economic structure and to improve productivity; and last but not least. trust and confiance are the keystone upon which credit market will recover.

Bancassurance is living a very deep process of change in our market: of course products bundled to loans are suffering the lack of credit activity. But I would say that the most important process is the new panorama of bancassurance alliances which is about ot emerge in 2012 after the full restructuration of the Spanish Saving Banks. The industry did not only reduce the number of entities through mergers, but also started a process of desinvestment in captive insurance companies, of which some players took advantage in a kind of chess match. The end of this process is still far to be concluded and we will have to look for our own opportunities!