Portugal Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Portugal Life Insurance Market Report Overview

The gross written premium of Portugal life insurance market was EUR5.8 billion ($6.1 billion) in 2022 and is expected to achieve a CAGR of more than 8% during 2023-2028. The Portugal life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Portugal Life Insurance Market Outlook, 2022-2027 (EUR Billion)

Portugal Life Insurance Market Outlook, 2022-2027 (EUR Billion)

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The Portugal life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Portugal 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) EUR5.8 billion ($6.1 billion)
CAGR (2024-2028) >8%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·        Whole Life

·        General Annuity

·        Universal Life

·        Endowment

·        Term Life

Key Distribution Channels ·        Direct Marketing

·        E-commerce

·        Bancassurance

·        Other Distribution Channels

Leading Companies ·        Fidelidade

·        Ocidental Vida

·        BPI Vida e Pensoes

·        Santander Seguros

·        Zurich Vida

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Portugal Life Insurance Market Trends

Environmental, social, and governance (ESG), inclusive insurance, digital initiatives, and changing demographics are the recurring trends in the Portugal life 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.
  • Portugal is making headwinds toward inclusive insurance with the Right to be Forgotten (RTBF) initiative and adopted national legislation to establish RTBF for those who have overcome serious illnesses, such as cancer, HIV and diabetes, or disabilities.
  • Insurers and other industry stakeholders are implementing digitalization and insurtech in the insurance value chain to improve product innovation, competitiveness, and the overall process.

Portugal Life Insurance Market Segmentation by Lines of Business

Whole life was the leading life insurance line of business in 2022

The key lines of business in the Portugal life insurance industry are whole life, general annuity, universal life , capitalization among others. In Portugal, capitalization policies can used by both individuals and legal entities. Moreover, companies usually take capitalization policies to invest any surplus cash. They can surrender the policies at any time to recover cash or use the contract as collateral for bank loans. Such an increase in use of capitalization will propel the life insurance market in Portugal in the near future.

Portugal Life Insurance Market Analysis by Lines of Business, 2022 (%)

Portugal Life Insurance Market Analysis by Lines of Business, 2022 (%)

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Portugal Life Insurance Market Segmentation by Distribution Channels

Bancassurance was the most preferred channel to purchase life insurance in 2022

A few of the key distribution channels in the Portugal life insurance industry are direct marketing, e-commerce, bancassurance, and other distribution channels .

Portugal Life Insurance Market Analysis by Distribution Channels, 2022 (%)

Portugal Life Insurance Market Analysis by Distribution Channels, 2022 (%)

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Portugal Life Insurance Market - Competitive Landscape

Fidelidade was the largest life insurer in 2022

A few of the leading life insurance companies in Portugal are:

  • Fidelidade
  • Ocidental Vida
  • BPI Vida e Pensoes
  • Santander Seguros
  • Zurich Vida

Portugal Life Insurance Market Analysis by Companies, 2022 (%)

Portugal Life Insurance Market Analysis by Companies, 2022 (%)

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Portugal Life Insurance Market - Latest Developments

  • On October 10, 2023, the ASF issued Regulatory Norm No. 8/2023-R—approved on September 28, 2023—that amended the Regulatory Standard No. 14/2010-R, which governs the central registration of life insurance contracts, personal accident insurance contracts, and capitalization operations with beneficiaries in the case of death.
  • On September 4, 2023, the ASF issued Regulation (EU) 2023/1672 of August 30, 2023 which established new technical information for calculating technical provisions and own funds by insurance and reinsurance companies in the EU.

Segments Covered in the Report

Portugal Life Insurance Lines of Business Outlook (Value, EUR Billion, 2018-2027)

  • Life Insurance
  • Whole Life
  • General Annuity
  • Universal Life

Portugal Life Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)

  • Direct Marketing
  • E-commerce
  • Bancassurance
  • Other Distribution Channels

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Portugal.
  • Historical values for the Portugal life insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top life insurance companies in Portugal and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Portugal’s life 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 life insurance segment’s market structure gives details of lines of business.
  • Portugal’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Portugal’s life 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 life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Portugal’s life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Fidelidade - Companhia De Seguros
Ocidental Seguros de Vida
BPI Vida e Pensoes
Zurich Seguros Vida
GamaLife
Una Vida
Credito Agricola Vida
Santander Totta Seguros

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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