Apart from the background going back to 1928 regarding mandatory insurance for passengers and for export credit insurance, in 1941 the Concorcio de Compensación de Riesgos de Motín (Riot Risk Compensation Consortium) was created provisionally to provide a response to the need to indemnify those affected by riots during the Civil War (1936-1939). As of 1945 this initiative became permanent with views to the future, taking on the characteristics of what is now the Consorcio de Compensación de Seguros, not without having first intervened, in response to circumstances, in other significant claims; fire in Santander in February 1941; fire in Canfranc in April 1944; fire in El Ferrol in May 1944, explosion of Naval mines in Cádiz in August 1947; explosion of an explosives magazine in Alcalá de Henares in September 1948.

Since that time the Consorcio appears to be inextricably linked to extraordinary risks, being the central figure in a system for indemnifying catastrophic losses that is unique in the world. However, during its historical career it has taken on other commitments, such as those relating to export credit insurance, the obligatory third party motor insurance, the combined agrarian insurance, obligatory passenger insurance, obligatory hunters' insurance, and the nuclear risks liability insurance, all within a catalogue of activities of a subsidiary nature as well as a guarantee fund. Furthermore, since 1998 its activities also extend to the field of environmental liability, having formed part of the Spanish Pool of Environmental Risks. Finally, and under the auspices of Law 44/2004 dated 22nd November, the Consorcio has taken on the function of liquidating insurance entities, an activity that had previously been carried out by the CLEA (Insurance Entities' Liquidating Commission).

Of prime importance, undoubtedly, and also a logical consequence of the mandatory adaptation to Community regulations, was the transformation represented by the Consorcio's Legal Statutes coming into effect in 1991. As of that moment, apart from losing the exclusive cover of extraordinary risks, the Consorcio ceased to be an autonomous organism to become a State entity, and falls today within the category of a public corporate entity as recognised by Law 6/1997 dated 14th April which regulates the Organisation and Functioning of the General State Administration.