Non-life insurances - Portugal | Statista Market Forecast

The Non-life insurance market in Portugal is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$4.73bn.
This indicates a positive trend in the demand for Non-life insurance policies among the Portuguese population.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$462.70 in 2024.
This signifies the willingness of individuals in Portugal to invest in insurance coverage to protect their assets and mitigate risks.
The market is anticipated to experience a steady annual growth rate of 4.08% from 2024 to 2029, according to the compound annual growth rate (CAGR).
This growth is predicted to contribute to a market volume of US$5.78bn by 2029, reflecting the increasing importance of Non-life insurance in the country.
In a global perspective, it is noteworthy that the United States leads in terms of gross written premium generation.
In 2024, the United States is expected to generate a staggering US$2.5tn in gross written premium, surpassing other countries in the Non-life insurance market.
The Non-life insurance market in Portugal is poised for growth and presents lucrative opportunities for insurers and consumers alike.
Portugal's non-life insurance market is experiencing a surge in demand for property insurance due to an increase in real estate investments.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Portugal is experiencing a significant growth in its Non-life insurances market.

Customer preferences: Customers in Portugal are increasingly seeking comprehensive and customized non-life insurance products to protect their assets and mitigate risks. They are looking for policies that offer a wide range of coverage options tailored to their specific needs, such as home, motor, and health insurance. Additionally, there is a growing demand for digital solutions and online platforms that provide easy access to insurance products and services.

Trends in the market: One of the key trends in the Non-life insurances market in Portugal is the rising adoption of innovative technologies, such as artificial intelligence and big data analytics, to assess risks more accurately and streamline the claims process. Insurers are also focusing on developing sustainable and environmentally friendly insurance products to align with the increasing awareness of climate change and sustainability among customers. Moreover, partnerships between insurance companies and insurtech startups are becoming more common, leading to the introduction of new and innovative insurance products in the market.

Local special circumstances: Portugal's Non-life insurances market is influenced by the country's regulatory environment, which plays a crucial role in shaping the insurance landscape. The regulatory framework in Portugal emphasizes consumer protection and transparency, which encourages insurers to offer competitive pricing and high-quality services to gain customer trust. Additionally, the competitive nature of the market drives insurers to differentiate themselves through innovative product offerings and excellent customer service.

Underlying macroeconomic factors: The growth of the Non-life insurances market in Portugal is also supported by favorable macroeconomic conditions, such as steady economic growth, low interest rates, and increasing disposable income levels. As the economy continues to expand, more individuals and businesses are willing to invest in non-life insurance products to safeguard their assets and ensure financial security. Additionally, the stability of the financial sector and the government's efforts to promote insurance awareness contribute to the overall development of the insurance market in Portugal.

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.