Portugal General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Portugal General Insurance Market Report Overview
The gross written premium of the Portugal general insurance market was EUR6.2 billion ($6.5 billion) in 2022 and is expected to achieve a CAGR of more than 6% during 2023-2027. The Portugal general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Portugal General Insurance Market Outlook, 2022-2027 (EUR Billion)
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The Portugal general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Portuguese economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | EUR6.2 billion ($6.5 billion) |
CAGR (2023-2027) | >6% |
Forecast Period | 2024-2027 |
Historical Period | 2018-2023 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · General Insurance PA&H |
Key Distribution Channels | · Direct Marketing
· E-Commerce · Bancassurance · Other Distribution Channels |
Leading Companies | · Fidelidade
· Generali Seguros · Ageas Seguros · Allianz Seguros · Zurich Insurance |
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Portugal General Insurance Market Trends
ESG, pet insurance, digital initiatives, and EVs are a few of the recurring trends in the Portugal general insurance market.
- Portugal was one of the first nations in the world to set a goal to become carbon neutral by 2050. The government created the 2050 Carbon Neutrality Roadmap for Portugal (RNC2050) to ensure that climate policy is financed sustainably and to outline the route to carbon neutrality.
- In April 2023, Fidelidade partnered with DXC Technology, a multinational information technology services and consulting company, to implement a new customer data hub that enables the insurer to rapidly access customer information in real-time. This enables quick responses to customer requests along with more agility.
Portugal General Insurance Market Segmentation by Lines of Business
General insurance PA&H was the leading general insurance line of business in 2022
The key lines of business in the Portugal general insurance industry are property, motor, liability, financial lines, MAT, and general insurance PA&H. PA&H insurance had the highest CAGR in the general insurance market during 2018-2022. The COVID-19 pandemic exposed the flaws in Portugal’s public healthcare system, such as long waiting times for specialist consultations and surgeries and the disorganized state of emergency medical services. As a result, private health insurance policies in the country gained new impetus.
Portugal General Insurance Market Analysis by Lines of Business, 2022 (%)
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Portugal General Insurance Market Segmentation by Distribution Channels
Bancassurance was the leading distribution channel in 2022
A few of the key distribution channels in the Portugal general insurance industry are direct marketing, e-commerce, bancassurance, and other distribution channels. The COVID-19 pandemic and the resultant lockdown led to an increase in the sale of non-life insurance products via digital channels. Moreover, with an increase in the use of smartphones and digitally savvy customers, direct marketing channels are changing the way consumers research, compare, and buy insurance.
Portugal General Insurance Market Analysis by Distribution Channels, 2022 (%)
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Portugal General Insurance Market - Competitive Landscape
Fidelidade was the largest general insurer in 2022
A few of the leading general insurance companies in Portugal are:
- Fidelidade
- Generali Seguros
- Ageas Seguros
- Allianz Seguros
- Zurich Insurance
Ageas Seguros had the highest CAGR during 2018-2022. Ageas Seguros developed a strong network of agents during the review period to replace the multiple legacy systems with Duck Creek Billing. This development helped reduce the insurer’s expense ratios and it adopted FRISS Fraud Detection for handling claims digitally.
Portugal General Insurance Market Analysis by Companies, 2022 (%)
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Portugal General Insurance Market - Latest Developments
- In October 2023, the Portuguese Insurance Association (APS) mandated earthquake insurance for residential properties, since Portugal is one of the European countries most exposed to seismic risk.
- On October 12, 2023, the Insurance and Pension Fund Supervision Authority (Autoridade de Supervisão de Seguros e Fundos de Pensões; ASF) released Regulatory Standard No. 9/2023-R, regarding the prior registration requirements for the exercise of regulated functions.
Segments Covered in the Report
Portugal General Insurance Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
Portugal General Insurance Distribution Channels Outlook (Value, EUR Billion, 2018-2027)
- Direct Marketing
- E-Commerce
- Bancassurance
- Other Distribution Channels
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Portugal.
- Historical values for the Portugal general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Portugal and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Portugal’s general insurance segment.
- A comprehensive overview of Portugal’s economy, government initiatives, and investment opportunities.
- Portugal’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Portugal’s general insurance industry’s market structure giving details of lines of business.
- Portugal’s general reinsurance business market structure giving details of premium ceded along with cession rates.
- Distribution channels deployed by Portugal’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Portugal’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Portugal’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Generali Seguros
Ageas Seguros
Companhia de Seguros Allianz Portugal
Zurich Insurance
Liberty Seguros
Lusitania Seguros
Credito Agricola Seguros
Table of Contents
Frequently asked questions
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What was the Portugal general insurance market gross written premium in 2022?
The gross written premium of the Portugal general insurance market was EUR6.2 billion ($6.5 billion) in 2022.
-
What will the Portugal general insurance market growth rate be during the forecast period?
The general insurance market in Portugal is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which line of business held the largest share of the Portuguese general insurance market in 2022?
General insurance PA&H held the largest share of the Portugal general insurance market in 2022.
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Which distribution channel held the highest share of the Portuguese general insurance market in 2022?
Bancassurance was the leading distribution channel for the Portuguese general insurance market in 2022.
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Which are the key companies operating in the Portugal general insurance market?
A few of the leading general insurance companies in Portugal are Fidelidade, Generali Seguros, Ageas Seguros, Allianz Seguros, and Zurich Insurance.
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