General Liability Insurance - Portugal

The projected market size of General Liability Insurance market in Portugal is expected to reach US$175.70m in 2024.
The average spending per capita in the General Liability Insurance market market for Portugal is estimated to be US$17.19 in 2024.
It is anticipated that the gross written premium will demonstrate an annual growth rate (CAGR 2024-2029) of 4.23%, resulting in a market volume of US$216.20m by 2029.
When compared globally, the United States is forecasted to generate the highest gross written premium of US$178.4bn in 2024.
Portugal's General Liability Insurance market is witnessing a surge in demand due to increasing awareness of risk management among businesses.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Portugal has been experiencing significant growth and evolution in recent years. Customer preferences in the General Liability Insurance market in Portugal are shifting towards more comprehensive coverage options that provide protection against a wide range of risks. Customers are increasingly seeking tailored solutions that address their specific needs and offer added value in terms of coverage and services. Trends in the market indicate a growing demand for General Liability Insurance in Portugal, driven by the increasing awareness among businesses about the importance of mitigating risks and protecting their assets. As the business landscape becomes more complex and regulations more stringent, companies are turning to insurance providers to safeguard their operations and finances. Local special circumstances, such as the unique regulatory environment and industry dynamics in Portugal, are influencing the development of the General Liability Insurance market. Insurers in the country are adapting their products and services to meet the specific needs of Portuguese businesses, taking into account factors such as local business practices, legal requirements, and market conditions. Underlying macroeconomic factors, including the overall economic stability and growth prospects of Portugal, are also playing a role in shaping the General Liability Insurance market. As the economy continues to expand and businesses thrive, the demand for insurance products, including General Liability Insurance, is expected to rise further, driving market growth and innovation.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.