The non-life insurance sector in Portugal has shown consistent growth from 2013 to 2023, with the value standing at 2.41 billion Euros in 2023. The sector experienced fluctuations as seen in 2014 (-8.5%) but generally maintained an upward trajectory with significant peaks in 2020 (9.14%) and 2018 (6.6%). The compound annual growth rate (CAGR) over the past five years stands at 4.93%.
Future trends to watch for:
- Slightly moderated growth rate, with a forecast CAGR of 1.15% by 2028.
- Continued market expansion influenced by technological advancements in insurance services.
- Potential impacts from regulatory changes and economic conditions.
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