Property Insurance - Portugal | Statista Market Forecast

The Property Insurance market market in Portugal is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is estimated to reach US$1.18bn in 2024.
This indicates a promising future for the industry in the country.
In terms of individual spending, the average per capita expenditure in the Property Insurance market market is projected to amount to US$115.00 in 2024.
This figure reflects the importance placed on property protection in Portugal and highlights the potential for further growth and development in the sector.
Furthermore, the gross written premium is anticipated to exhibit a compound annual growth rate (CAGR 2024-2029) of 5.38%.
This steady growth trajectory is expected to result in a market volume of US$1.53bn by 2029.
These figures demonstrate the positive outlook for the Property Insurance market market in Portugal over the forecast period.
In a global context, it is worth noting that the United States is projected to generate the highest gross written premium in the Property Insurance market market, amounting to US$240.4bn in 2024.
This highlights the significant market share held by the United States in the global Property Insurance market industry.
Overall, the Property Insurance market market in Portugal is poised for growth, with strong potential for increased gross written premiums and market volume in the coming years.
Despite a recent increase in property insurance premiums in Portugal, the market remains highly competitive with a wide range of coverage options available to consumers.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

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.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

Portugal, known for its rich history and stunning landscapes, has seen a steady growth in the Property Insurance market in recent years. Customer preferences in the Portuguese Property Insurance market lean towards comprehensive coverage that not only protects against traditional risks such as fire and theft, but also includes coverage for natural disasters like earthquakes and floods. Customers are increasingly seeking tailor-made solutions that cater to their specific needs and provide a sense of security for their valuable assets. Trends in the market indicate a shift towards digitalization and the use of technology to streamline processes and enhance customer experience. Insurers in Portugal are investing in online platforms and mobile apps to make it easier for customers to purchase policies, make claims, and access support services. Additionally, there is a growing focus on sustainability and green initiatives within the industry, with more insurers offering eco-friendly options and promoting environmentally conscious practices. Local special circumstances, such as Portugal's susceptibility to natural disasters like wildfires and floods, have also influenced the development of the Property Insurance market. Insurers have had to adapt their offerings to provide adequate coverage for these specific risks, leading to a rise in demand for specialized policies that address the country's unique challenges. Underlying macroeconomic factors, including a stable economic environment and steady growth in the real estate sector, have further supported the expansion of the Property Insurance market in Portugal. As the housing market continues to thrive and property values increase, there is a greater need for insurance products that safeguard investments and provide financial protection for homeowners and businesses. Overall, the Property Insurance market in Portugal is evolving to meet the changing needs of customers and adapt to local circumstances, while also capitalizing on the opportunities presented by a growing economy and a dynamic real estate sector.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.