From 2013 to 2023, the turnover in Portugal's life insurance sector has shown considerable fluctuations, marked by significant growth in some years and notable declines in others. Starting at 3.24 billion euros in 2013, the value rose to 4.81 billion euros in 2023. This represents an overall positive trend with an average Compound Annual Growth Rate (CAGR) of 2.57% over the last five years. Key changes include sharp increases in 2014 (36.18%) and 2021 (36.9%), contrasted with notable drops in 2015 (-21.76%) and 2020 (-40.52%). The sector's recovery from the 2020 dip is particularly evident from the robust growth rates of the following years, culminating in a 13.01% increase in 2023.
Moving forward, the forecasted data from 2024 onwards indicates a steady growth trajectory, with the turnover expected to reach 5.68 billion euros by 2028. This growth, coupled with a forecasted five-year CAGR of 2.63%, suggests a stable upward trend for the sector.
Future trends to watch for include:
- Impact of economic fluctuations on life insurance demand.
- Technological advancements and digital transformation in the insurance industry.
- Regulatory changes affecting the sector.
- Shifts in demographic trends influencing product demand.
