Over the past few years, the Life insurance market in Portugal has shown a steady growth trajectory, reflecting changing customer preferences and local special circumstances.
Customer preferences: Portuguese consumers have been increasingly inclined towards financial security and long-term planning, driving the demand for life insurance products. With a growing awareness about the importance of securing the future for their families, customers are seeking comprehensive life insurance coverage that offers not only protection but also investment opportunities.
Trends in the market: One notable trend in the Portuguese life insurance market is the shift towards unit-linked and investment-linked products. Customers are showing a preference for policies that provide both insurance coverage and investment options, allowing them to benefit from potential returns in the financial markets. This trend is in line with the global movement towards investment-oriented insurance products.
Local special circumstances: The demographic profile of Portugal, with an aging population and a low birth rate, has significant implications for the life insurance market. As the population ages, there is a growing need for retirement planning and wealth transfer solutions, driving the demand for life insurance products that cater to these specific needs. Additionally, the cultural emphasis on family and legacy further reinforces the importance of life insurance in the Portuguese market.
Underlying macroeconomic factors: The economic stability and gradual recovery of the Portuguese economy following the financial crisis have also contributed to the growth of the life insurance market. With improving disposable incomes and a favorable interest rate environment, consumers are more willing to invest in long-term financial products like life insurance. Moreover, regulatory changes and tax incentives have made life insurance more attractive as a savings and investment tool in Portugal. Overall, the Life insurance market in Portugal is witnessing a positive growth trajectory driven by changing customer preferences towards financial security and investment-linked products, special demographic circumstances, and supportive macroeconomic factors.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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