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Synopsis
Timetric’s 'Non-Life Insurance in Portugal, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Portuguese non-life insurance segment, and a comparison of the Portuguese insurance industry with its regional counterparts.

It provides values for 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 (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Portuguese economy and demographics, explains the various types of natural hazard and their impact on the Portuguese insurance industry, 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.

Summary
Timetric’s ' Non-Life Insurance in Portugal, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Portuguese non-life insurance segment, including:

- The Portuguese non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the Portuguese economy and demographics

- A comparison of the Portuguese insurance industry with its regional counterparts

- Detailed analysis of natural hazards and their impact on the Portuguese insurance industry

- Details of the competitive landscape in the non-life insurance segment in Portugal

- Details of regulatory policy applicable to the Portuguese insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Portugal:

- It provides historical values for the Portuguese non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Portuguese non-life insurance segment, and market forecasts to 2019.

- It profiles the top non-life 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 non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Portuguese non-life insurance segment.

- Assess the competitive dynamics in the non-life 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
- Portugal’s non-life insurance penetration stood at 1.43% in 2014.

- The non-life segment accounted for 18.8% of the industry's gross written premium in 2014.

- According to the Portugal National Statistics Office, positive growth was recorded in domestic tourism in January 2015.

- At the end of 2014, a new decree was adopted which aims to establish a new agriculture insurance system, SSA, to replace the 20-year-old Sistema Integrado de Proteção contra as Aleatoriedades Climáticas.

- Motor insurance was the largest category in the segment during the review period, in terms of gross written premium.

- The Portuguese automotive industry recorded consecutive growth in 2013 and 2014, as vehicle sales rose.

Table Of Contents

Non-Life Insurance in Portugal, Key Trends and Opportunities to 2019
Table of Contents
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 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies
5.4.4 Claims
5.4.5 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Direct marketing
6.1.2 E-commerce
6.1.3 Bancassurance
6.1.4 Other channels
7 Natural Hazards
7.1 Extreme Temperature
7.2 Wildfire
7.3 Floods
7.4 Exposure
8 Competitive Landscape
8.1 Overview
8.2 Leading Companies in the Portuguese Non-Life Insurance Segment
8.2.1 Fidelidade Companhia de Seguros SA - company overview
8.2.2 Companhia de Seguros Tranquilidade SA - company overview
8.2.3 Companhia de Seguros Allianz Portugal SA - company overview
8.2.4 Axa Portugal Companhia de Seguros SA - company overview
8.2.5 Companhia de Seguros Açoreana SA - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor vehicle third-party liability insurance
9.4.2 Fire insurance for property damage
9.4.3 Air carriers and aircraft operators insurance
9.4.4 Professional indemnity insurance for alternative investment fund managers
9.5 Supervision and Control
9.5.1 International regulatory authority
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Insurance and Pension Fund Supervision Authority
9.5.4 Portuguese Association of Insurers
9.5.5 Federation of European Risk Management Associations (FERMA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Portuguese Non-Life Insurance - Key Facts, 2014
Table 2: Portuguese Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Portuguese Government Credit Ratings
Table 4: Portuguese Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2010-2014
Table 5: Portuguese Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Portuguese Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2014-2019
Table 7: Portuguese Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Portuguese Non-Life Insurance - Premium per Capita (EUR and US$), 2010-2014
Table 9: Portuguese Non-Life Insurance - Premium per Capita (EUR and US$), 2014-2019
Table 10: Portuguese Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 11: Portuguese Non-Life Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 12: Portuguese Non-Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2010-2014
Table 13: Portuguese Non-Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2014-2019
Table 14: Portuguese Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 15: Portuguese Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 16: Portuguese Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2010-2014
Table 17: Portuguese Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2014-2019
Table 18: Portuguese Non-Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2010-2014
Table 19: Portuguese Non-Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2014-2019
Table 20: Portuguese Non-Life Insurance - Investment Portfolio (EUR Billion), 2010-2014
Table 21: Portuguese Non-Life Insurance - Investment Portfolio (EUR Billion), 2014-2019
Table 22: Portuguese Non-Life Insurance - Gross Written Premium by Category (EUR Billion), 2010-2014
Table 23: Portuguese Non-Life Insurance - Gross Written Premium by Category (EUR Billion), 2014-2019
Table 24: Portuguese Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014
Table 25: Portuguese Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019
Table 26: Portuguese Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 27: Portuguese Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 28: Portuguese Property Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 29: Portuguese Property Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 30: Portuguese Property Insurance - Loss Ratio (%), 2010-2014
Table 31: Portuguese Property Insurance - Loss Ratio (%), 2014-2019
Table 32: Portuguese Motor Insurance - Gross Written Premium by Sub-Category (EUR Billion), 2010-2014
Table 33: Portuguese Motor Insurance - Gross Written Premium by Sub-Category (EUR Billion), 2014-2019
Table 34: Portuguese Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 35: Portuguese Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 36: Portuguese Motor Insurance - Paid Claims (EUR Billion and US$ Billion), 2010-2014
Table 37: Portuguese Motor Insurance - Paid Claims (EUR Billion and US$ Billion), 2014-2019
Table 38: Portuguese Motor Insurance - Loss Ratio (%), 2010-2014
Table 39: Portuguese Motor Insurance - Loss Ratio (%), 2014-2019
Table 40: Portuguese Liability Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 41: Portuguese Liability Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 42: Portuguese Liability Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 43: Portuguese Liability Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 44: Portuguese Liability Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 45: Portuguese Liability Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 46: Portuguese Liability Insurance - Loss Ratio (%), 2010-2014
Table 47: Portuguese Liability Insurance - Loss Ratio (%), 2014-2019
Table 48: Portuguese Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2014
Table 49: Portuguese Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2014-2019
Table 50: Portuguese Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 51: Portuguese Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 52: Portuguese Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014
Table 53: Portuguese Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019
Table 54: Portuguese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 55: Portuguese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 56: Portuguese Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2010-2014
Table 57: Portuguese Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2014-2019
Table 58: Portuguese Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2010-2019
Table 59: Portuguese Average Annual Loss by Hazard
Table 60: Portuguese Economic Loss by Hazards, 1990-2014
Table 61: Portugal - Mortalities by Natural Hazards, 1990-2014
Table 62: Portuguese Non-Life Insurance - Shares of Key Insurers (%), 2014
Table 63: Fidelidade Companhia de Seguros SA - Key Facts
Table 64: Fidelidade Companhia de Seguros SA - Key Financials (EUR Million), 2010-2014
Table 65: Companhia de Seguros Tranquilidade SA - Key Facts
Table 66: Companhia de Seguros Tranquilidade SA - Key Financials (EUR Million), 2010-2014
Table 67: Companhia de Seguros Allianz Portugal SA - Key Facts
Table 68: Companhia de Seguros Allianz Portugal SA - Key Financials (EUR Million), 2010-2014
Table 69: Axa Portugal Companhia de Seguros SA - Key Facts
Table 70: Axa Portugal Companhia de Seguros SA - Key Financials (EUR Million), 2010-2014
Table 71: Companhia de Seguros Açoreana SA - Key Facts
Table 72: Companhia de Seguros Açoreana SA - Key Financials (EUR Million), 2010-2014
Table 73: Portugal - Insurance Regulatory Framework Key Features
Table 74: Portugal - Life Insurance Regulatory Framework
Table 75: Portugal - Property Insurance Regulatory Framework
Table 76: Portugal - Motor Insurance Regulatory Framework
Table 77: Portugal - Liability Insurance Regulatory Framework
Table 78: Portugal - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 79: Portugal - Stamp Duty on Insurance Premium
Table 80: Portugal - Corporate Tax Rates for the Financial Year 2015
Table 81: Portuguese Insurance Industry - Policies and Premium, 2010-2014
Table 82: Portuguese Insurance Industry - Policies and Premium, 2014-2019
Table 83: Portuguese Non-Life Insurance - Policies and Premium, 2010-2014
Table 84: Portuguese Non-Life Insurance - Policies and Premium, 2014-2019
Table 85: Portuguese Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 86: Portuguese Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 87: Portuguese Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 88: Portuguese Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 89: Portuguese Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 90: Portuguese Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 91: Portuguese Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 92: Portuguese Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 93: Portuguese Non-Life Insurance - Gross Written Premium by Sub-Category (EUR), 2010-2014
Table 94: Portuguese Non-Life Insurance - Gross Written Premium by Sub-Category (EUR), 2014-2019
Table 95: Portuguese Non-Life Insurance - Direct Written Premium by Sub-Category (EUR), 2010-2014
Table 96: Portuguese Non-Life Insurance - Direct Written Premium by Sub-Category (EUR), 2014-2019
Table 97: Portuguese Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 98: Portuguese Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 99: Portuguese Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2010-2014
Table 100: Portuguese Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2014-2019
Table 101: Insurance Industry Definitions

List of Figures
Figure 1: Portuguese Real GDP (US$ Billion), 2010-2019
Figure 2: EUR - US$ Exchange Rate, 2010-2019
Figure 3: Portuguese Consumer Price Inflation, 2010-2019
Figure 4: Portuguese Current Account Balance as a Percentage of GDP (%), 2010-2019
Figure 5: Portuguese Unemployment Rate, 2010-2019
Figure 6: Portuguese Population by Age Group, 1990-2025
Figure 7: Portuguese Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 8: Portuguese Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014
Figure 9: Portuguese Non-Life Insurance - Gross Written Premium (EUR Billion), 2010-2019
Figure 10: Portuguese Non-Life Insurance - Penetration (%), 2010-2019
Figure 11: Portuguese Non-Life Insurance - Premium per Capita (EUR), 2010-2019
Figure 12: Portuguese Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 13: Portuguese Non-Life Insurance - Paid Claims (EUR Billion), 2010-2019
Figure 14: Portuguese Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 15: Portuguese Non-Life Insurance - Total Assets (EUR Billion), 2010-2019
Figure 16: Portuguese Non-Life Insurance - Total Investment Income (EUR Billion), 2010-2019
Figure 17: Portuguese Non-Life Insurance - Investment Portfolio (EUR Billion), 2010-2019
Figure 18: Portuguese Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 19: Portuguese Non-Life Insurance - Gross Written Premium by Category (EUR Billion and US$ Billion), 2010-2019
Figure 20: Portuguese Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 21: Portuguese Property Insurance - Construction Value Output by Category (EUR Billion), 2010-2014
Figure 22: Portuguese Property Insurance - Agriculture Output (EUR Billion), 2010-2014
Figure 23: Portuguese Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2019
Figure 24: Portuguese Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 25: Portuguese Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 26: Portuguese Property Insurance - Paid Claims (EUR Million), 2010-2019
Figure 27: Portuguese Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 28: Portuguese Motor Insurance - Total Vehicle Registrations, 2010-2014
Figure 29: Portuguese Motor Insurance - Total Registrations By Vehicle Type, 2014
Figure 30: Portuguese Motor Insurance - Road Traffic Accident Deaths (Thousand), 2010-2014
Figure 31: Portuguese Motor Insurance - Road Traffic Accident Statistics, 2010-2014
Figure 32: Portuguese Motor Insurance - Gross Written Premium by Sub-Category (EUR Billion), 2010-2019
Figure 33: Portuguese Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 34: Portuguese Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 35: Portuguese Motor Insurance - Paid Claims (EUR Billion), 2010-2019
Figure 36: Portuguese Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2010-2019
Figure 37: Portuguese Liability Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 38: Portuguese Liability Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 39: Portuguese Liability Insurance - Paid Claims (EUR Million), 2010-2019
Figure 40: Portuguese Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 41: Portuguese Marine, Aviation and Transit Insurance - Exports and Imports (EUR Billion), 2010-2014
Figure 42: Portuguese Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2010-2019
Figure 43: Portuguese Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 44: Portuguese Marine, Aviation and Transit Insurance - Paid Claims (EUR Million), 2010-2019
Figure 45: Portuguese Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2010-2019
Figure 46: Portuguese Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 47: Portugal on the Inform Risk Index
Figure 48: Portuguese Frequency of Hazards by Type, 1990-2014
Figure 49: Portuguese Mortality by Hazards Type, 1990-2014
Figure 50: Portuguese Economic Losses Caused by Hazards by Type, 1990-2014
Figure 51: Portuguese Non-Life Insurance - Shares of Key Insurers (%), 2014
Figure 52: Portugal - The Three Pillars of Solvency II
Figure 53: Portugal - Insurance Supervision and Control at Various Levels
Figure 54: Portugal - Insurance Regulatory Frameworks for Company Registration and Operation

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