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Life Insurance in Portugal, Key Trends and Opportunities to 2020

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Details

Timetric's 'Life Insurance in Portugal, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Portuguese life insurance segment, including:

An overview of the Portuguese life insurance segment

The Portuguese life insurance segment's growth prospects by category

A comprehensive overview of the Portuguese economy and demographics

A comparison of the Portuguese life insurance segment with its regional counterparts

The various distribution channels in the Portuguese life insurance segment

Details of the competitive landscape in the life insurance segment in Portugal

Details of regulatory policy applicable to the Portuguese insurance industry

Summary

Timetric's 'Life Insurance in Portugal, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Portuguese life insurance segment, and a comparison of the Portuguese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Portuguese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Portugal:

It provides historical values for the Portuguese life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Portuguese life insurance segment, and market forecasts to 2020.

It provides a comparison of the Portuguese life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Portugal.

It profiles the top life insurance companies in Portugal and outlines the key regulations affecting them.

Reasons to Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Portuguese life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Portuguese life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Portuguese insurance industry, and their impact on companies and the industry's future.

Key Highlights

Life insurance was the largest segment in the Portuguese insurance industry, accounting for 67.5% of gross written premium in 2015.

During the review period, the fall in life policies sales was caused by long-term low interest rates and a fall in the rate of household savings.

The unemployment rate is high in Portugal due to the adverse effect of the global economic and sovereign debt crises.

The country's aging population is expected to increase demand for pension and annuity products over the forecast period, leading to a shift in the focus of life insurers.

The Portuguese life segment is highly concentrated, with the 10 leading insurers collectively accounting for 88.9% of the segment's direct written premium in 2015.

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Table Of Content

Scope

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Fidelidade Companhia de Seguros SA-company overview

7.1.2 BPI Vida e Pensoes-company overview

7.1.3 GNB Vida Companhia de Seguros SA-company overview

7.1.4 Ocidental-Companhia Portuguesa de Seguros de Vida SA-company overview

7.1.5 Santander Totta Seguros-Companhia de Seguros de Vida-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor vehicle third-party liability insurance

8.4.2 Workers' compensation insurance

8.4.3 Fire insurance for property damage

8.4.4 Air carriers and aircraft operators insurance

8.4.5 Professional indemnity insurance for alternative investment fund managers

8.4.6 Liability insurance for tour operators

8.4.7 Health insurance for foreigners

8.4.8 Professional liability insurance for insurance intermediaries

8.4.9 Environmental liability insurance

8.4.10 Clinical trials liability insurance

8.4.11 Liability insurance for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Federation of European Risk Management Associations

8.5.4 Insurance and Pension Fund Supervision Authority

8.5.5 Portuguese Association of Insurers

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing and E-Commerce

9.5 Insurance Brokers and Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Group Life Insurance

9.1 Group Life Insurance by Product

9.11 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer


List Of Figure

Figure 1: Portuguese Real GDP (EUR Billion), 2011-2020

Figure 2: Portuguese EUR-US$ Exchange Rate, 2011-2020

Figure 3: Portuguese Consumer Price Inflation (%), 2011-2020

Figure 4: Portuguese Current Account Balance as Percentage of GDP (%), 2011-2020

Figure 5: Portuguese Unemployment Rate, 2011-2020

Figure 6: Portuguese Population by Age Group, 1991-2025

Figure 7: Portuguese Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Portuguese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Portuguese Life Insurance-Gross Written Premium (EUR Billion), 2011-2020

Figure 10: Portuguese Life Insurance-Penetration (%), 2011-2020

Figure 11: Portuguese Life Insurance-New Business Direct Written Premium (EUR Billion), 2011-2020

Figure 12: Portuguese Life Insurance-Premium per Capita (EUR), 2011-2020

Figure 13: Portuguese Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 14: Portuguese Life Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 15: Portuguese Life Insurance-Total Investment Income (EUR Billion), 2011-2020

Figure 16: Portuguese Life Insurance-Investment Portfolio (EUR Billion), 2011-2020

Figure 17: Portuguese Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Portuguese Life Insurance-Direct Written Premium by Sub-Segment (EUR Billion), 2011-2020

Figure 19: Portuguese Life Insurance-Direct Written Premium Share by Sub-Segment, 2011-2020

Figure 20: Portuguese Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2011-2020

Figure 21: Portuguese Individual Life Insurance-Direct Written Premium by Category (EUR Billion), 2011-2020

Figure 22: Portuguese Individual Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 23: Portuguese Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Figure 24: Portuguese Individual Life Insurance-Penetration (%), 2011-2015

Figure 25: Portuguese Individual Life Insurance-Penetration (%), 2015-2020

Figure 26: Portuguese Group Life Insurance-Direct Written Premium by Category (EUR Million), 2011-2020

Figure 27: Portuguese Group Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2020

Figure 28: Portuguese Group Life Insurance-Penetration (%), 2011-2015

Figure 29: Portuguese Group Life Insurance-Penetration (%), 2015-2020

Figure 30: Portuguese Life Insurance-New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 31: Portuguese Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 32: Portugal-The Three Pillars of Solvency II

Figure 33: Portugal-Insurance Supervision and Control at Various Levels

Figure 34: Portugal-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

Table 1: Portuguese Life Insurance-Key Facts, 2015

Table 2: Portuguese Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Portuguese Government Credit Ratings

Table 4: Portuguese Life Insurance-Gross Written Premium (EUR Billion and US$ Billion), 2011-2015

Table 5: Portuguese Life Insurance-Penetration (%), 2011-2015

Table 6: Portuguese Life Insurance-Gross Written Premium (EUR Billion and US$ Billion), 2015-2020

Table 7: Portuguese Life Insurance-Penetration (%), 2015-2020

Table 8: Portuguese Life Insurance-New Business Direct Written Premium (EUR Billion and US$ Billion), 2011-2015

Table 9: Portuguese Life Insurance-New Business Direct Written Premium (EUR Billion and US$ Billion), 2015-2020

Table 10: Portuguese Life Insurance-Premium per Capita (EUR and US$), 2011-2015

Table 11: Portuguese Life Insurance-Premium per Capita (EUR and US$), 2015-2020

Table 12: Portuguese Life Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 13: Portuguese Life Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 14: Portuguese Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 15: Portuguese Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 16: Portuguese Life Insurance-Total Investment Income (EUR Billion and US$ Billion), 2011-2015

Table 17: Portuguese Life Insurance-Total Investment Income (EUR Billion and US$ Billion), 2015-2020

Table 18: Portuguese Life Insurance-Investment Portfolio (EUR Billion), 2011-2015

Table 19: Portuguese Life Insurance-Investment Portfolio (EUR Billion), 2015-2020

Table 20: Portuguese Life Insurance-Direct Written Premium by Sub-Segment (EUR Billion), 2011-2015

Table 21: Portuguese Life Insurance-Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020

Table 22: Portuguese Individual Life Insurance-Direct Written Premium by Category (EUR Million), 2011-2015

Table 23: Portuguese Individual Life Insurance-Direct Written Premium by Category (EUR Million), 2015-2020

Table 24: Portuguese Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2015

Table 25: Portuguese Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Table 26: Portuguese Group Life Insurance-Direct Written Premium by Category (EUR Million), 2011-2015

Table 27: Portuguese Group Life Insurance-Direct Written Premium by Category (EUR Million), 2015-2020

Table 28: Portuguese Group Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2015

Table 29: Portuguese Group Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Table 30: Portuguese Life Insurance-New Business Direct Written Premium by Distribution Channel (EUR Million), 2011-2015

Table 31: Portuguese Life Insurance-New Business Direct Written Premium by Distribution Channel (EUR Million), 2015-2020

Table 32: Portuguese Life Insurance-Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020

Table 33: Portuguese Life Segment-Market Shares of Leading Insurers (%), 2015

Table 34: Fidelidade Companhia de Seguros SA-Key Facts

Table 35: Fidelidade Companhia de Seguros SA-Key Financials (EUR Million), 2011-2015

Table 36: BPI Vida e Pensoes-Key Facts

Table 37: BPI Vida e Pensoes-Key Financials (EUR Million), 2011-2015

Table 38: GNB Vida Companhia de Seguros SA-Key Facts

Table 39: GNB Vida Companhia de Seguros SA-Key Financials (EUR Million), 2011-2015

Table 40: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Facts

Table 41: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Financials (EUR Million), 2011-2015

Table 42: Santander Totta Seguros-Companhia de Seguros de Vida-Key Facts

Table 43: Santander Totta Seguros-Companhia de Seguros de Vida-Key Financials (EUR Million), 2011-2015

Table 44: Portugal-Insurance Regulatory Framework Key Features

Table 45: Portugal-Life Insurance Regulatory Framework

Table 46: Portugal-Property Insurance Regulatory Framework

Table 47: Portugal-Motor Insurance Regulatory Framework

Table 48: Portugal-Liability Insurance Regulatory Framework

Table 49: Portugal-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 50: Portugal-Stamp Duty on Insurance Premium

Table 51: Portugal-Corporate Tax Rates for the Financial Year 2017

Table 52: Portuguese Life Insurance-Policies and Premium, 2011-2015

Table 53: Portuguese Life Insurance-Policies and Premium, 2015-2020

Table 54: Portuguese Life Insurance-Claims and Expenses, 2011-2015

Table 55: Portuguese Life Insurance-Claims and Expenses, 2015-2020

Table 56: Portuguese Life Insurance-Assets and Investments, 2011-2015

Table 57: Portuguese Life Insurance-Assets and Investments, 2015-2020

Table 58: Portuguese Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 59: Portuguese Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 60: Portuguese Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 61: Portuguese Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 62: Portuguese Life Insurance-Bancassurance and Other Distribution Channels, 2011-2015

Table 63: Portuguese Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 64: Portuguese Life Insurance-Individual Life Insurance, 2011-2015

Table 65: Portuguese Life Insurance-Individual Life Insurance, 2015-2020

Table 66: Portuguese Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 67: Portuguese Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 68: Portuguese Life Insurance-Group Life Insurance, 2011-2015

Table 69: Portuguese Life Insurance-Group Life Insurance, 2015-2020

Table 70: Portuguese Life Insurance-Group Life Insurance by Product, 2011-2015

Table 71: Portuguese Life Insurance-Group Life Insurance by Product, 2015-2020

Table 72: Portuguese Life Insurance-Linked vs. Non-Linked Policies, 2011-2015

Table 73: Portuguese Life Insurance-Linked vs. Non-Linked Policies, 2015-2020

Table 74: Insurance Industry Definitions

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Products and Companies


Companies

Fidelidade, BPI Vida e Pensoes, Ocidental Vida, GNB-Vida, CA Vida, Allianz, Eurovida, Barclays Vida e Pensiones, Santander Totta Vida, Zurich Vida, ,