Personal Accident and Health Insurance in Portugal, Key Trends and Opportunities to 2020

Published: Mar, 2017 | Pages: 125 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Personal Accident and Health Insurance in Portugal, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Portuguese personal accident and health 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, 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, 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 'Personal Accident and Health Insurance in Portugal, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Portuguese personal accident and health insurance segment, including:

• An overview of the Portuguese personal accident and health insurance segment

• The Portuguese personal accident and health insurance segment’s growth prospects by category

• A comprehensive overview of the Portuguese economy and demographics

• A comparison of the Portuguese personal accident and health insurance segment with its regional counterparts

• The various distribution channels in the Portuguese personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in Portugal

• Details of regulatory policy applicable to the Portuguese insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Portugal:

• It provides historical values for the Portuguese personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Portuguese personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Portugal.

• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Portuguese personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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

• The Portuguese personal accident and health segment accounted for 10.1% of the industry’s gross written premium in 2015. 

• The Portuguese healthcare system came under financial pressure during the European sovereign debt crisis and a fall in healthcare expenditure.

• Travel insurance was the second-largest category, accounting for 11.9% of the segment’s direct written premium in 2015. The category’s growth was supported by an increase in outbound and adventure tourism.

• The rise of low-cost carriers brought a new wave of tourism, and also contributed to the development of domestic tourism in Portugal.

 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 Personal Accident Insurance
5.1.1 Premium
5.1.2 Policies
5.1.3 Claims
5.1.4 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.2.3 Claims
5.2.4 Profitability
5.3 Travel Insurance
5.3.1 Premium
5.3.2 Policies
5.3.3 Claims
5.3.4 Profitability

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 GNB Vida Companhia de Seguros SA – company overview
7.1.3 Ocidental, Companhia Portuguesa de Seguros de Vida SA – company overview
7.1.4 Santander Totta Seguros, Companhia de Seguros de Vida – company overview
7.1.5 Eurovida, Companhia de Seguros de Vida SA – 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 85
8.4.11 Liability insurance for ships with respect to oil pollution 86
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 102
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
9.1.1 Claims and expenses
9.1.2 Assets and investments
9.1.3 Direct marketing and e-commerce
9.1.4 Insurance brokers and agencies
9.1.5 Bancassurance and other distribution channels
9.1.6 Personal accident insurance
9.1.7 Health insurance
9.1.8 Health insurance by product
9.1.9 Travel insurance

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 Tables

Table 1: Portuguese Personal Accident and Health Insurance – Key Facts, 2015
Table 2: Portuguese Government Credit Ratings
Table 3: Portuguese to US Travelers – Thousands, 2012–2015
Table 4: Portuguese Personal Accident and Health Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2011–2015
Table 5: Portuguese Personal Accident and Health Insurance – Penetration (%), 2011–2015
Table 6: Portuguese Personal Accident and Health Insurance – Gross Written Premium (EUR Billion and US$ Billion), 2015–2020
Table 7: Portuguese Personal Accident and Health Insurance – Penetration (%), 2015–2020
Table 8: Portuguese Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2011–2015
Table 9: Portuguese Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2015–2020
Table 10: Portuguese Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2015
Table 11: Portuguese Personal Accident and Health Insurance – Number of Policies Sold (Million), 2015–2020
Table 12: Portuguese Personal Accident and Health Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 13: Portuguese Personal Accident and Health Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 14: Portuguese Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015
Table 15: Portuguese Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020
Table 16: Portuguese Personal Accident and Health Insurance – Total Investment Income (EUR Million and US$ Million), 2011–2015
Table 17: Portuguese Personal Accident and Health Insurance – Total Investment Income (EUR Million and US$ Million), 2015–2020
Table 18: Portuguese Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2015
Table 19: Portuguese Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2015–2020
Table 20: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2015
Table 21: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2015–2020
Table 22: Portuguese Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2011–2015
Table 23: Portuguese Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2015–2020
Table 24: Portuguese Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 25: Portuguese Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 26: Portuguese Personal Accident Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 27: Portuguese Personal Accident Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 28: Portuguese Personal Accident Insurance – Loss Ratio (%), 2011–2015
Table 29: Portuguese Personal Accident Insurance – Loss Ratio (%), 2015–2020
Table 30: Portuguese Health Insurance – Direct Written Premium (EUR Million), 2011–2015
Table 31: Portuguese Health Insurance – Direct Written Premium (EUR Million), 2015–2020
Table 32: Portuguese Health Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 33: Portuguese Health Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 34: Portuguese Health Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 35: Portuguese Health Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 36: Portuguese Health Insurance – Loss Ratio (%), 2011–2015
Table 37: Portuguese Health Insurance – Loss Ratio (%), 2015–2020
Table 38: Portuguese Travel Insurance – Direct Written Premium (EUR Million), 2011–2015
Table 39: Portuguese Travel Insurance – Direct Written Premium (EUR Million), 2015–2020
Table 40: Portuguese Travel Insurance – Number of Policies Sold (Million), 2011–2015
Table 41: Portuguese Travel Insurance – Number of Policies Sold (Million), 2015–2020
Table 42: Portuguese Travel Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015
Table 43: Portuguese Travel Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020
Table 44: Portuguese Travel Insurance – Loss Ratio (%), 2011–2015
Table 45: Portuguese Travel Insurance – Loss Ratio (%), 2015–2020
Table 46: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2011–2015
Table 47: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2015–2020
Table 48: Portuguese Personal Accident and Health Insurance – Percentage of Direct Written Premium, by Distribution Channel, 2011–2020
Table 49: Portuguese Personal Accident and Health Insurance – Leading Insurers, 2015
Table 50: Fidelidade Companhia de Seguros SA – Key Facts
Table 51: GNB Vida Companhia de Seguros SA – Key Facts
Table 52: Ocidental − Companhia Portuguesa de Seguros de Vida SA – Key Facts
Table 53: Santander Totta Seguros - Companhia de Seguros de Vida – Key Facts
Table 54: Eurovida - Companhia de Seguros de Vida SA – Key Facts
Table 55: Portugal – Insurance Regulatory Framework Key Features
Table 56: Portugal – Life Insurance Regulatory Framework
Table 57: Portugal – Property Insurance Regulatory Framework
Table 58: Portugal – Motor Insurance Regulatory Framework
Table 59: Portugal – Liability Insurance Regulatory Framework
Table 60: Portugal – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 61: Portugal – Stamp Duty on Insurance Premium
Table 62: Portugal – Corporate Tax Rates for the Financial Year 2017
Table 63: Portuguese Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015
Table 64: Portuguese Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020
Table 65: Portuguese Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 66: Portuguese Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 67: Portuguese Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 68: Portuguese Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 69: Portuguese Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2011–2015
Table 70: Portuguese Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2015–2020
Table 71: Portuguese Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015
Table 72: Portuguese Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020
Table 73: Portuguese Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2011–2015
Table 74: Portuguese Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020
Table 75: Portuguese Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015
Table 76: Portuguese Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020
Table 77: Portuguese Personal Accident and Health Insurance – Health Insurance, 2011–2015
Table 78: Portuguese Personal Accident and Health Insurance – Health Insurance, 2015–2020
Table 79: Portuguese Personal Accident and Health Insurance – Health by Product, 2011–2015
Table 80: Portuguese Personal Accident and Health Insurance – Health by Product, 2015–2020
Table 81: Portuguese Personal Accident and Health Insurance – Travel Insurance, 2011–2015
Table 82: Portuguese Personal Accident and Health Insurance – Travel Insurance, 2015–2020
Table 83: 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 Motor Insurance – Road Traffic Accident (Thousand), 2011–2015
Figure 8: Portuguese Motor Insurance – Road Accident Deaths, 2011–2015
Figure 9: Portuguese Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015
Figure 10: Portuguese Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 11: Portuguese Personal Accident and Health Insurance – Gross Written Premium (EUR Billion), 2011–2020
Figure 12: Portuguese Personal Accident and Health Insurance – Penetration (%), 2011–2020
Figure 13: Portuguese Personal Accident and Health Insurance – Premium per Capita (EUR), 2011–2020
Figure 14: Portuguese Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2020
Figure 15: Portuguese Personal Accident and Health Insurance – Paid Claims (EUR Million), 2011–2020
Figure 16: Portuguese Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020
Figure 17: Portuguese Personal Accident and Health Insurance – Total Investment Income (EUR Million), 2011–2020
Figure 18: Portuguese Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2020
Figure 19: Portuguese Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 20: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2020
Figure 21: Portuguese Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 22: Portuguese Personal Accident Insurance – Direct Written Premium (EUR Million), 2011–2020
Figure 23: Portuguese Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 24: Portuguese Personal Accident Insurance – Paid Claims (EUR Million), 2011–2020
Figure 25: Portuguese Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020
Figure 26: Portuguese Health Insurance – Direct Written Premium (EUR Million), 2011–2020
Figure 27: Portuguese Health Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 28: Portuguese Health Insurance – Paid Claims (EUR Million), 2011–2020
Figure 29: Portuguese Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020
Figure 30: Portuguese Travel Insurance – Direct Written Premium (EUR Million), 2011–2020
Figure 31: Portuguese Travel Insurance – Number of Policies Sold (Million), 2011–2020
Figure 32: Portuguese Travel Insurance – Paid Claims (EUR Million), 2011–2020
Figure 33: Portuguese Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020
Figure 34: Portuguese Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 35: Portugal – The Three Pillars of Solvency II
Figure 36: Portugal – Insurance Supervision and Control at Various Levels
Figure 37: Portugal – Insurance Regulatory Frameworks for Company Registration and Operation