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Non-Life Insurance in Portugal, Key Trends and Opportunities to 2020

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Details

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

The Portuguese non-life segment's detailed outlook by product category

A comprehensive overview of the Portuguese economy and demographics

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

The various distribution channels in the Portuguese non-life insurance segment

Detailed analysis of natural hazards and their impact on the Portuguese insurance industry

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

Details of regulatory policy applicable to the Portuguese insurance industry

Summary

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Portuguese insurance industry, 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 non-life insurance segment in Portugal:

It provides historical values for the Portuguese non-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 non-life insurance segment, and market forecasts to 2020.

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

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

It analyzes various natural and man-made hazards and their impact on the Portuguese insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

Portuguese insurers offer special motor insurance packages based on age group or profession. This includes young people, students and senior citizens.

Property insurance was the second-largest category, accounting for 29.0% of the segment's gross written premium in 2015.

Stabilizing economic conditions, infrastructure investments, commercial construction projects, and renewed investor confidence will support the growth of property insurance over the forecast period.

Liability insurance accounted for 19.3% of the segment's direct written premium in 2015.

The segment is highly concentrated, with the 10 leading companies accounting for 81.2% of the segment's direct written premium in 2015.

READ MORE

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 Profitability

4.2.5 Investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Bancassurance

6.1.4 Direct marketing

6.1.5 E-commerce

7 Natural Hazards

7.1 Extreme Temperature

7.2 Wildfire

7.3 Floods

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Fidelidade Companhia de Seguros SA-company overview

8.1.2 Companhia de Seguros Allianz Portugal SA-company overview

8.1.3 Companhia de Seguros Tranquilidade SA-company overview

8.1.4 Acoreana Seguros SA-company overview

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

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor vehicle third-party liability insurance

9.4.2 Workers' compensation insurance

9.4.3 Fire insurance for property damage

9.4.4 Air carriers and aircraft operators insurance

9.4.5 Professional indemnity insurance for alternative investment fund managers

9.4.6 Liability insurance for tour operators

9.4.7 Health insurance for foreigners

9.4.8 Professional liability insurance for insurance intermediaries

9.4.9 Environmental liability insurance

9.4.10 Clinical trials liability insurance

9.4.11 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Federation of European Risk Management Associations

9.5.4 Insurance and Pension Fund Supervision Authority

9.5.5 Portuguese Association of Insurers

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

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

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

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

Figure 11: Portuguese Non-Life Insurance-Premium per Capita (EUR), 2011-2020

Figure 12: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 13: Portuguese Non-Life Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 14: Portuguese Non-Life Insurance-Profitability Ratio (%), 2011-2020

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

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

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

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

Figure 19: Portuguese Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Portuguese Property Insurance-Construction Value Output by Project Type (EUR Billion), 2011-2015

Figure 21: Portuguese Agricultural Production-Average Output Components (2013-2015)

Figure 22: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2020

Figure 23: Portuguese Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 24: Portuguese Property Insurance-Paid Claims (EUR Million), 2011-2020

Figure 25: Portuguese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 26: Portuguese Motor Insurance-Total Vehicle Registrations, 2011-2016

Figure 27: Portuguese Motor Insurance-Road Traffic Accident (Thousand), 2011-2015

Figure 28: Portuguese Motor Insurance-Road Accident Deaths , 2011-2015

Figure 29: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2020

Figure 30: Portuguese Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 31: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2020

Figure 32: Portuguese Motor Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 33: Portuguese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 34: Portuguese Liability Insurance-Direct Written Premium (EUR Million), 2011-2020

Figure 35: Portuguese Liability Insurance-Number of Policies Sold (Million), 2011-2020

Figure 36: Portuguese Liability Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 37: Portuguese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 38: Portuguese Marine, Aviation and Transit Insurance-Exports and Imports (EUR Billion), 2011-2015

Figure 39: Portuguese Marine, Aviation and Transit Insurance-Road Freight Transport, 2011-2015

Figure 40: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium (EUR Million), 2011-2020

Figure 41: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 42: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million), 2011-2020

Figure 43: Portuguese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011-2020

Figure 44: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 45: Portuguese-Frequency of Hazards by Type, 1990-2014

Figure 46: Portuguese Mortality by Hazards Type, 1990-2014

Figure 47: Portuguese Economic Loss by Hazards Type, 1990-2014

Figure 48: Portuguese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 49: Portugal-The Three Pillars of Solvency II

Figure 50: Portugal-Insurance Supervision and Control at Various Levels

Figure 51: Portugal-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

Table 1: Portuguese Non-Life Insurance-Key Facts, 2015

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

Table 3: Portuguese Government Credit Ratings

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

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

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

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

Table 8: Portuguese Non-Life Insurance-Premium per Capita (EUR and US$), 2011-2015

Table 9: Portuguese Non-Life Insurance-Premium per Capita (EUR and US$), 2015-2020

Table 10: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 11: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 12: Portuguese Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 13: Portuguese Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 14: Portuguese Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: Portuguese Non-Life Insurance-Profitability Ratio (%), 2015-2020

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

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

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

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

Table 20: Portuguese Non-Life Insurance-Direct Written Premium by Category (EUR Million),2011-2015

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

Table 22: Portuguese Housing Price Changes-January, 2016

Table 23: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 24: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 25: Portuguese Property Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 26: Portuguese Property Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 27: Portuguese Property Insurance-Loss Ratio (%), 2011-2015

Table 28: Portuguese Property Insurance-Loss Ratio (%), 2015-2020

Table 29: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 30: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 31: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2015

Table 32: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2015-2020

Table 33: Portuguese Motor Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 34: Portuguese Motor Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 35: Portuguese Motor Insurance-Loss Ratio (%), 2011-2015

Table 36: Portuguese Motor Insurance-Loss Ratio (%), 2015-2020

Table 37: Portuguese Liability Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 38: Portuguese Liability Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 39: Portuguese Liability Insurance-Number of Policies Sold (Million), 2011-2015

Table 40: Portuguese Liability Insurance-Number of Policies Sold (Million), 2015-2020

Table 41: Portuguese Liability Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 42: Portuguese Liability Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 43: Portuguese Liability Insurance-Loss Ratio (%), 2011-2015

Table 44: Portuguese Liability Insurance-Loss Ratio (%), 2015-2020

Table 45: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 46: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 47: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 48: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 49: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 50: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 51: Portuguese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 52: Portuguese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 53: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2011-2015

Table 54: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2015-2020

Table 55: Portuguese Non-Life Insurance-Percentage of Direct Written Premium, by Distribution Channel, 2011-2020

Table 56: Portuguese Average Annual Loss by Hazard

Table 57: Portuguese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 58: Fidelidade Companhia de Seguros SA-Key Facts

Table 59: Fidelidade Companhia de Seguros SA-Key Financials (EUR Million), 2011-2015

Table 60: Companhia de Seguros Allianz Portugal SA-Key Facts

Table 61: Companhia de Seguros Allianz Portugal SA-Key Financials (EUR Million), 2011-2015

Table 62: Companhia de Seguros Tranquilidade SA-Key Facts

Table 63: Companhia de Seguros Tranquilidade SA-Key Financials (EUR Million), 2011-2015

Table 64: Acoreana Seguros, SA-Key Facts

Table 65: Acoreana Seguros, SA-Key Financials (EUR Million), 2011-2015

Table 66: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Facts

Table 67: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Financials (EUR Million), 2011-2015

Table 68: Portugal-Insurance Regulatory Framework Key Features

Table 69: Portugal-Life Insurance Regulatory Framework

Table 70: Portugal-Property Insurance Regulatory Framework

Table 71: Portugal-Motor Insurance Regulatory Framework

Table 72: Portugal-Liability Insurance Regulatory Framework

Table 73: Portugal-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 74: Portugal-Stamp Duty on Insurance Premium

Table 75: Portugal-Corporate Tax Rates for the Financial Year 2017

Table 76: Portuguese Insurance Industry-Policies and Premium, 2011-2015

Table 77: Portuguese Insurance Industry-Policies and Premium, 2015-2020

Table 78: Portuguese Non-Life Insurance-Claims and Expenses, 2011-2015

Table 79: Portuguese Non-Life Insurance-Claims and Expenses, 2015-2020

Table 80: Portuguese Non-Life Insurance-Assets and Investments, 2011-2015

Table 81: Portuguese Non-Life Insurance-Assets and Investments, 2015-2020

Table 82: Portuguese Non-Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 83: Portuguese Non-Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 84: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 85: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 86: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 87: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 88: Portuguese Non-Life Insurance-Property Insurance, 2011-2015

Table 89: Portuguese Non-Life Insurance-Property Insurance, 2015-2020

Table 90: Portuguese Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 91: Portuguese Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 92: Portuguese Non-Life Insurance-Motor Insurance, 2011-2015

Table 93: Portuguese Non-Life Insurance-Motor Insurance, 2015-2020

Table 94: Portuguese Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 95: Portuguese Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 96: Portuguese Non-Life Insurance-Liability Insurance, 2011-2015

Table 97: Portuguese Non-Life Insurance-Liability Insurance, 2015-2020

Table 98: Portuguese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 99: Portuguese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 100: Insurance Industry Definitions

Licence Rights

Section Purchase

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Products and Companies


Companies

Fidelidade Companhia de Seguros SA, Companhia de Seguros Allianz Portugal SA, Companhia de Seguros Tranquilidade SA, Acoreana Seguros SA, Ocidental-Companhia Portuguesa de Seguros de Vida SA, Liberty Seguros, AXA Seguros, Zurich Insurance PLC, Lusitania Seguros, Generali Companhia de Seguros ,

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

The Portuguese non-life segment's detailed outlook by product category

A comprehensive overview of the Portuguese economy and demographics

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

The various distribution channels in the Portuguese non-life insurance segment

Detailed analysis of natural hazards and their impact on the Portuguese insurance industry

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

Details of regulatory policy applicable to the Portuguese insurance industry

Summary

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Portuguese insurance industry, 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 non-life insurance segment in Portugal:

It provides historical values for the Portuguese non-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 non-life insurance segment, and market forecasts to 2020.

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

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

It analyzes various natural and man-made hazards and their impact on the Portuguese insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

Portuguese insurers offer special motor insurance packages based on age group or profession. This includes young people, students and senior citizens.

Property insurance was the second-largest category, accounting for 29.0% of the segment's gross written premium in 2015.

Stabilizing economic conditions, infrastructure investments, commercial construction projects, and renewed investor confidence will support the growth of property insurance over the forecast period.

Liability insurance accounted for 19.3% of the segment's direct written premium in 2015.

The segment is highly concentrated, with the 10 leading companies accounting for 81.2% of the segment's direct written premium in 2015.

READ MORE

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 Profitability

4.2.5 Investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Bancassurance

6.1.4 Direct marketing

6.1.5 E-commerce

7 Natural Hazards

7.1 Extreme Temperature

7.2 Wildfire

7.3 Floods

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Fidelidade Companhia de Seguros SA-company overview

8.1.2 Companhia de Seguros Allianz Portugal SA-company overview

8.1.3 Companhia de Seguros Tranquilidade SA-company overview

8.1.4 Acoreana Seguros SA-company overview

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

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor vehicle third-party liability insurance

9.4.2 Workers' compensation insurance

9.4.3 Fire insurance for property damage

9.4.4 Air carriers and aircraft operators insurance

9.4.5 Professional indemnity insurance for alternative investment fund managers

9.4.6 Liability insurance for tour operators

9.4.7 Health insurance for foreigners

9.4.8 Professional liability insurance for insurance intermediaries

9.4.9 Environmental liability insurance

9.4.10 Clinical trials liability insurance

9.4.11 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Federation of European Risk Management Associations

9.5.4 Insurance and Pension Fund Supervision Authority

9.5.5 Portuguese Association of Insurers

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

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

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

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

Figure 11: Portuguese Non-Life Insurance-Premium per Capita (EUR), 2011-2020

Figure 12: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 13: Portuguese Non-Life Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 14: Portuguese Non-Life Insurance-Profitability Ratio (%), 2011-2020

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

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

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

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

Figure 19: Portuguese Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Portuguese Property Insurance-Construction Value Output by Project Type (EUR Billion), 2011-2015

Figure 21: Portuguese Agricultural Production-Average Output Components (2013-2015)

Figure 22: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2020

Figure 23: Portuguese Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 24: Portuguese Property Insurance-Paid Claims (EUR Million), 2011-2020

Figure 25: Portuguese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 26: Portuguese Motor Insurance-Total Vehicle Registrations, 2011-2016

Figure 27: Portuguese Motor Insurance-Road Traffic Accident (Thousand), 2011-2015

Figure 28: Portuguese Motor Insurance-Road Accident Deaths , 2011-2015

Figure 29: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2020

Figure 30: Portuguese Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 31: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2020

Figure 32: Portuguese Motor Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 33: Portuguese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 34: Portuguese Liability Insurance-Direct Written Premium (EUR Million), 2011-2020

Figure 35: Portuguese Liability Insurance-Number of Policies Sold (Million), 2011-2020

Figure 36: Portuguese Liability Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 37: Portuguese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 38: Portuguese Marine, Aviation and Transit Insurance-Exports and Imports (EUR Billion), 2011-2015

Figure 39: Portuguese Marine, Aviation and Transit Insurance-Road Freight Transport, 2011-2015

Figure 40: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium (EUR Million), 2011-2020

Figure 41: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 42: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million), 2011-2020

Figure 43: Portuguese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011-2020

Figure 44: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 45: Portuguese-Frequency of Hazards by Type, 1990-2014

Figure 46: Portuguese Mortality by Hazards Type, 1990-2014

Figure 47: Portuguese Economic Loss by Hazards Type, 1990-2014

Figure 48: Portuguese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 49: Portugal-The Three Pillars of Solvency II

Figure 50: Portugal-Insurance Supervision and Control at Various Levels

Figure 51: Portugal-Insurance Regulatory Frameworks for Company Registration and Operation


List Of Table

Table 1: Portuguese Non-Life Insurance-Key Facts, 2015

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

Table 3: Portuguese Government Credit Ratings

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

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

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

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

Table 8: Portuguese Non-Life Insurance-Premium per Capita (EUR and US$), 2011-2015

Table 9: Portuguese Non-Life Insurance-Premium per Capita (EUR and US$), 2015-2020

Table 10: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 11: Portuguese Non-Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 12: Portuguese Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 13: Portuguese Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 14: Portuguese Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: Portuguese Non-Life Insurance-Profitability Ratio (%), 2015-2020

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

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

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

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

Table 20: Portuguese Non-Life Insurance-Direct Written Premium by Category (EUR Million),2011-2015

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

Table 22: Portuguese Housing Price Changes-January, 2016

Table 23: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 24: Portuguese Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 25: Portuguese Property Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 26: Portuguese Property Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 27: Portuguese Property Insurance-Loss Ratio (%), 2011-2015

Table 28: Portuguese Property Insurance-Loss Ratio (%), 2015-2020

Table 29: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 30: Portuguese Motor Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 31: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2015

Table 32: Portuguese Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2015-2020

Table 33: Portuguese Motor Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 34: Portuguese Motor Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 35: Portuguese Motor Insurance-Loss Ratio (%), 2011-2015

Table 36: Portuguese Motor Insurance-Loss Ratio (%), 2015-2020

Table 37: Portuguese Liability Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 38: Portuguese Liability Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 39: Portuguese Liability Insurance-Number of Policies Sold (Million), 2011-2015

Table 40: Portuguese Liability Insurance-Number of Policies Sold (Million), 2015-2020

Table 41: Portuguese Liability Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 42: Portuguese Liability Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 43: Portuguese Liability Insurance-Loss Ratio (%), 2011-2015

Table 44: Portuguese Liability Insurance-Loss Ratio (%), 2015-2020

Table 45: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 46: Portuguese Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 47: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 48: Portuguese Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 49: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 50: Portuguese Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 51: Portuguese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 52: Portuguese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 53: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2011-2015

Table 54: Portuguese Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2015-2020

Table 55: Portuguese Non-Life Insurance-Percentage of Direct Written Premium, by Distribution Channel, 2011-2020

Table 56: Portuguese Average Annual Loss by Hazard

Table 57: Portuguese Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 58: Fidelidade Companhia de Seguros SA-Key Facts

Table 59: Fidelidade Companhia de Seguros SA-Key Financials (EUR Million), 2011-2015

Table 60: Companhia de Seguros Allianz Portugal SA-Key Facts

Table 61: Companhia de Seguros Allianz Portugal SA-Key Financials (EUR Million), 2011-2015

Table 62: Companhia de Seguros Tranquilidade SA-Key Facts

Table 63: Companhia de Seguros Tranquilidade SA-Key Financials (EUR Million), 2011-2015

Table 64: Acoreana Seguros, SA-Key Facts

Table 65: Acoreana Seguros, SA-Key Financials (EUR Million), 2011-2015

Table 66: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Facts

Table 67: Ocidental-Companhia Portuguesa de Seguros de Vida SA-Key Financials (EUR Million), 2011-2015

Table 68: Portugal-Insurance Regulatory Framework Key Features

Table 69: Portugal-Life Insurance Regulatory Framework

Table 70: Portugal-Property Insurance Regulatory Framework

Table 71: Portugal-Motor Insurance Regulatory Framework

Table 72: Portugal-Liability Insurance Regulatory Framework

Table 73: Portugal-Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 74: Portugal-Stamp Duty on Insurance Premium

Table 75: Portugal-Corporate Tax Rates for the Financial Year 2017

Table 76: Portuguese Insurance Industry-Policies and Premium, 2011-2015

Table 77: Portuguese Insurance Industry-Policies and Premium, 2015-2020

Table 78: Portuguese Non-Life Insurance-Claims and Expenses, 2011-2015

Table 79: Portuguese Non-Life Insurance-Claims and Expenses, 2015-2020

Table 80: Portuguese Non-Life Insurance-Assets and Investments, 2011-2015

Table 81: Portuguese Non-Life Insurance-Assets and Investments, 2015-2020

Table 82: Portuguese Non-Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 83: Portuguese Non-Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 84: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 85: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 86: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 87: Portuguese Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 88: Portuguese Non-Life Insurance-Property Insurance, 2011-2015

Table 89: Portuguese Non-Life Insurance-Property Insurance, 2015-2020

Table 90: Portuguese Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 91: Portuguese Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 92: Portuguese Non-Life Insurance-Motor Insurance, 2011-2015

Table 93: Portuguese Non-Life Insurance-Motor Insurance, 2015-2020

Table 94: Portuguese Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 95: Portuguese Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 96: Portuguese Non-Life Insurance-Liability Insurance, 2011-2015

Table 97: Portuguese Non-Life Insurance-Liability Insurance, 2015-2020

Table 98: Portuguese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 99: Portuguese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 100: Insurance Industry Definitions

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Companies

Fidelidade Companhia de Seguros SA, Companhia de Seguros Allianz Portugal SA, Companhia de Seguros Tranquilidade SA, Acoreana Seguros SA, Ocidental-Companhia Portuguesa de Seguros de Vida SA, Liberty Seguros, AXA Seguros, Zurich Insurance PLC, Lusitania Seguros, Generali Companhia de Seguros ,