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

Published: Mar, 2017 | Pages: 149 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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.

Synopsis

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

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.

 Table Of Content

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 Açoreana 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 Tables

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: Açoreana Seguros, SA – Key Facts
Table 65: Açoreana 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

List of Figures

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