Life Insurance Industry in Portugal to 2017

Life Insurance in Portugal, Key Trends and Opportunities to 2017

Synopsis
The report provides in depth market analysis, information and insights into the Portuguese life insurance
segment, including:
The Portuguese life insurance segment’s growth prospects by life insurance categories Key trends
and drivers for the life insurance segment The various distribution channels in the Portuguese life insurance
segment Detailed competitive landscape in the life insurance segment in Portugal Detailed regulatory
framework of the Portuguese insurance industry A description of the life reinsurance segment in Portugal
Porter's Five Forces Analysis of the life insurance segment Benchmarking section on the Portuguese life
insurance segment in comparison to other countries with gross written premium in the range of US$10 billion
to US$40 billion
Executive summary
Weak economic environment and rising unemployment, on account of the financial crisis and the subsequent
sovereign debt crisis, led to a decline in Portuguese life insurance product sales during the review period
(2008–2012). Endowments and pensions were the largest categories in the segment, collectively
accounting for 81.8% of the gross written premium in 2012. Economic recovery, an aging population and
declining government benefits due to austerity measures are expected to encourage investments in long-term
saving products over the forecast period (2012−2017).
Scope
This report provides a comprehensive analysis of the life insurance segment in Portugal:
It provides historical values for the Portuguese life insurance segment for the report’s
2008–2012 review period and forecast figures for the 2012–2017 forecast period It offers a
detailed analysis of the key sub-segments in the Portuguese life insurance segment, along with forecasts until
2017 It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio,
commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and
retentions It analyses the various distribution channels for life insurance products in Portugal Using
Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in
Portugal for the life insurance business It provides a detailed analysis of the reinsurance segment in Portugal
and its growth prospects It profiles the top 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
life insurance segment and each category within it Understand the demand-side dynamics, key market trends
and growth opportunities within the Portuguese life insurance segment Assess the competitive dynamics in the
life insurance segment, along with the reinsurance segment Identify the growth opportunities and market
dynamics within key product categories Gain insights into key regulations governing the Portuguese insurance
industry and its impact on companies and the market's future
Key highlights
Portugal was ranked the 15th-largest life insurance segment in Europe in terms of gross written premium in

2011 The Portuguese insurance industry is dominated by the life segment, which accounted for 66.1% of the
gross written premiums in 2012 The poor economic environment and high unemployment, on account of the
financial crisis and sovereign debt crisis, led to a decline in the sale of life insurance products during the
review period The segment contracted at a review-period CAGR of 9.5%, from EUR10.0 billion (US$14.7
billion) in 2008 to EUR6.7 billion (US$8.7 billion) in 2012 Bancassurance was the preferred distribution
channel in the segment The life segment is highly concentrated, with the 10 leading life insurers collectively
accounting for 90.2% of the segment’s written premiums in 2012.
table Of Contents

1 Executive Summary

2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology

3 Regional Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size

4 Life Insurance
4.1 Scale And Penetration
4.1.1 Total Gross Written Premium
4.1.2 Premium Per Capita
4.1.3 Life Insurance Penetration
4.2 Growth
4.2.1 Gross Written Premium
4.2.2 Gross Written Premium Per Capita
4.3 Efficiency And Risk
4.3.1 Loss Ratio
4.3.2 Combined Ratio
4.3.3 Incurred Losses Per Capita
4.3.4 Incurred Losses As A Percentage Of Gdp
4.4 Distribution Channels
4.4.1 Direct Marketing
4.4.2 Insurance Brokers
4.4.3 Bancassurance

4.4.4 Agencies

5 Portuguese Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends And Drivers

6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects By Category
6.1.1 Individual Life Insurance
6.1.2 Individual General Annuity Insurance
6.1.3 Individual Pension
6.1.4 Individual Endowment Insurance
6.1.5 Individual Unit-linked Insurance
6.1.6 Individual Term Life Insurance
6.1.7 Other Individual Insurance
6.1.8 Group Life Insurance
6.1.9 Group Superannuation Insurance
6.1.10 Group Unit-linked Insurance
6.2 Life Insurance Growth Prospects By Product Type
6.2.1 Individual Single-premium Policies
6.2.2 Individual Non-single-premium Policies
6.2.3 Group Single-premium Policies
6.2.4 Group Non-single-premium Policies

7 Analysis By Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 Brokers
7.5 Other Channels

8 Porter’s Five Forces Analysis – Portuguese Life Insurance
8.1 Bargaining Power Of Supplier: Low-to-medium
8.2 Bargaining Power Of Buyer: Medium
8.3 Barriers To Entry: Medium
8.4 Intensity Of Rivalry: Medium To High
8.5 Threat Of Substitutes: Low To Medium


9 Reinsurance Growth Dynamics And Challenges
9.1 Reinsurance Segment Size, 2008–2017
9.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017

10 Governance, Risk And Compliance
10.1 Legislation Overview And Historical Evolution
10.2 Legislation And Market Practice By Type Of Insurance
10.2.1 Life Insurance
10.2.2 Property Insurance
10.2.3 Motor Insurance
10.2.4 Marine, Aviation And Transit Insurance
10.2.5 Personal Accident And Health Insurance
10.3 Compulsory Insurance
10.3.1 Motor Vehicle Third-party Liability Insurance
10.3.2 Air Carriers And Aircraft Operators Insurance
10.4 Supervision And Control
10.4.1 International Regulatory Authority
10.4.2 European Insurance And Occupational Pensions Authority
10.4.3 Portugal Insurance Institute
10.4.4 Portuguese Association Of Insurers
10.5 Non-admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market Practices
10.5.4 Fines And Penalties
10.6 Company Registration And Operations
10.6.1 Types Of Insurance Organization
10.6.2 Establishing A Local Company
10.6.3 Foreign Ownership
10.6.4 Types Of License
10.6.5 Capital Requirements
10.6.6 Solvency Margins
10.6.7 Reserve Requirements
10.6.8 Investment Regulations
10.6.9 Statutory Return Requirements
10.6.10 Fee Structure
10.7 Taxation
10.7.1 Insurance Premium Or Policy Taxation
10.7.2 Withholding Taxes On Premium Paid Overseas
10.7.3 Corporate Tax
10.7.4 Vat
10.7.5 Captives

10.8 Legal System
10.8.1 Introduction
10.8.2 Access To Court
10.8.3 Alternative Dispute Resolution (adr)

11 Competitive Landscape And Strategic Insights
11.1 Overview
11.2 Leading Companies In The Portuguese Life Insurance Segment
11.3 Comparison Of Top Five Insurers
11.3.1 Net Earned Premium
11.4 Companhia De Seguros Fidelidade Mundial Sa – Company Overview
11.4.1 Companhia De Seguros Fidelidade Mundial Sa – Key Facts
11.4.2 Companhia De Seguros Fidelidade Mundial Sa – Key Financials
11.5 Bes-vida Companhia De Seguros, Sa – Company Overview
11.5.1 Bes-vida Companhia De Seguros, Sa – Key Facts
11.5.2 Bes-vida Companhia De Seguros, Sa – Key Financials
11.6 Ocidental - Companhia Portuguesa De Seguros De Vida Sa – Company Overview
11.6.1 Ocidental - Companhia Portuguesa De Seguros De Vida Sa – Key Facts
11.6.2 Ocidental - Companhia Portuguesa De Seguros De Vida Sa – Key Financials
11.7 Santander Totta Seguros – Company Overview
11.7.1 Santander Totta Seguros – Key Facts
11.7.2 Santander Totta Seguros – Key Financials
11.8 Crédito Agrícola Vida – Companhia De Seguros Sa – Company Overview
11.8.1 Crédito Agrícola Vida – Companhia De Seguros Sa – Key Facts
11.8.2 Crédito Agrícola Vida – Companhia De Seguros Sa – Key Financials
11.9 Bpi Vida E Pensões - Companhia De Seguros Sa – Company Overview
11.9.1 Bpi Vida E Pensões - Companhia De Seguros Sa – Key Facts
11.9.2 Bpi Vida E Pensões - Companhia De Seguros Sa – Key Financials
11.1 Companhia De Seguros Allianz Portugal Sa – Company Overview
11.10.1 Companhia De Seguros Allianz Portugal Sa – Key Facts
11.10.2 Companhia De Seguros Allianz Portugal Sa – Key Financials
11.11 Companhia De Seguros Açoreana, Sa – Company Overview
11.11.1 Companhia De Seguros Açoreana, Sa – Key Facts
11.11.2 Companhia De Seguros Açoreana, Sa – Key Financials
11.12 Eurovida - Companhia De Seguros De Vida, Sa – Company Overview
11.12.1 Eurovida - Companhia De Seguros De Vida, Sa – Key Facts
11.12.2 Eurovida - Companhia De Seguros De Vida, Sa – Key Financials
11.13 Cnp Barclays Vida Y Pensiones, Compañia De Seguros, Sa – Company Overview
11.13.1 Cnp Barclays Vida Y Pensiones, Compañia De Seguros, Sa – Key Facts

12 Business Environment And Country Risk

12.1 Business Confidence
12.1.1 Market Capitalization Trend – Lisbon Stock Exchange, Portugal
12.2 Economic Performance
12.2.1 Gdp At Constant Prices (us$)
12.2.2 Gdp Per Capita At Constant Prices (us$)
12.2.3 Gdp At Current Prices (us$)
12.2.4 Gdp Per Capita At Current Prices (us$)
12.2.5 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$)
12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As A Percentage Of Gdp
12.2.7 Manufacturing Net Output At Current Prices (us$)
12.2.8 Manufacturing Net Output At Current Prices As A Percentage Of Gdp
12.2.9 Mining, Manufacturing And Utilities At Current Prices (us$)
12.2.10 Mining, Manufacturing And Utilities At Current Prices, As A Percentage Of Gdp
12.2.11 Construction Net Output At Current Prices, (us$)
12.2.12 Construction Net Output At Current Prices As A Percentage Of Gdp
12.2.13 Inflation Rate
12.2.14 Merchandise Exports As A Percentage Of Gdp
12.2.15 Goods Imports As A Percentage Of Gdp
12.2.16 Exports Growth
12.2.17 Imports Growth
12.2.18 Annual Average Exchange Rate Eur–us$
12.3 Infrastructure Quality And Availability
12.3.1 Commercial Vehicle Exports – Total Value
12.3.2 Commercial Vehicle Imports – Total Value
12.3.3 Automotive Exports – Total Value
12.3.4 Automotive Imports – Total Value
12.3.5 Total Internet Subscribers
12.4 Labor Force
12.4.1 Labor Force
12.4.2 Unemployment Rate
12.5 Demographics
12.5.1 Gross National Disposable Income (us$)
12.5.2 Household Consumption Expenditure (us$)
12.5.3 Total Population
12.5.4 Urban And Rural Populations
12.5.5 Age Distribution Of The Total Population

13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services

13.5 Disclaimer
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Life Insurance Industry in Portugal to 2017

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Life Insurance Industry in Portugal to 2017