Non-Life Insurance Industry in Portugal to 2017

Non-Life Insurance in Portugal, Key Trends and Opportunities to 2017

Synopsis
The report provides in depth market analysis, information and insights into the Portuguese non-life insurance
segment, including:
The Portuguese non-life insurance segment’s growth prospects by non-life insurance categories Key
trends and drivers for the non-life insurance segment The various distribution channels in the Portuguese
non-life insurance segment Detailed competitive landscape in the non-life insurance segment in Portugal
Detailed regulatory framework of the Portuguese insurance industry A description of the non-life reinsurance
segment in Portugal Porter's Five Forces Analysis of the non-life insurance segment Benchmarking section on
the Portuguese non-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
Portugal’s recessionary economic environment and ongoing austerity measures adopted by the
government have created difficult operating conditions for the insurance business in Portugal. The gross
written premium of the non-life segment declined at a CAGR of 4.1%, from EUR2.7 billion (US$3.9 billion)
in 2008 to EUR2.3 billion (US$2.9 billion) in 2012. Reduction in construction and housing activity, plus
declining automobile sales put pressure on the demand for property and motor insurance. Motor insurance
accounted for 59.5% of the non-life segment’s gross written premium, followed by property insurance
with 34.0% in 2012. Compulsory insurance products such as motor third-party liability, workmen’s
compensation and liability insurance will lead to growth over the forecast period. Furthermore, an expected
economic revival and subsequent increase in business activity will provide further impetus for growth in the
non-life segment.
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
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 non-life insurance segment, along with market
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 non-life insurance products in Portugal Using
Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in
Portugal for the non-life insurance segment It provides a detailed analysis of the reinsurance segment in
Portugal and its growth prospects 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 within the Portuguese non-life insurance segment Assess the competitive
dynamics in the non-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
The gross written premium of the non-life segment declined at a CAGR of 4.1%, from EUR2.7 billion
(US$3.9 billion) in 2008 to EUR2.3 billion (US$2.9 billion) in 2012 The low level of construction and
housing activity, coupled with declining automobile sales, dragged down demand for property and motor
insurance The penetration rate of the non-life segment fell from 1.55% in 2008 to 1.37% 2012. The value of
assets of non-life insurers also declined from EUR6.2 billion (US$9.2 billion) in 2008 to EUR4.7 billion
(US$6.1 billion) in 2012 Agencies had the largest share in 2012, with 56.0% of the total commission paid
Compulsory insurance products such as motor third-party liability, workmen’s compensation and
liability insurance will lead to growth over the forecast period (2012-2017) The segment is highly
concentrated, with the 10-leading companies accounting for 80.9% 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 Non-life Insurance
4.1 Scale And Penetration
4.1.1 Total Market Gross Written Premium
4.1.2 Premium Per Capita
4.1.3 Non-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 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 Non-life Insurance Outlook
6.1 Non-life Insurance Growth Prospects By Category
6.1.1 Property Insurance
6.1.2 Fire And Allied Perils Insurance
6.1.3 Engineering Insurance
6.1.4 Agriculture Insurance
6.1.5 Other Property Insurance
6.2 Motor Insurance
6.2.1 Motor Hull Insurance
6.2.2 Motor Third-party Insurance
6.3 General Third-party Insurance
6.4 Marine, Aviation And Transit Insurance
6.4.1 Marine Insurance
6.4.2 Marine Hull Insurance
6.4.3 Marine Third-party Insurance
6.4.4 Aviation Insurance
6.4.5 Transit Insurance

7 Analysis By Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels

8 Porter’s Five Forces Analysis – Portuguese Non-life Insurance

8.1 Bargaining Power Of Suppliers: Low To Medium
8.2 Bargaining Power Of Buyers: Low To Medium
8.3 Barriers To Entry: Medium
8.4 Intensity Of Rivalry: Medium
8.5 Threat Of Substitutes: Low

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 Non-life Insurance Segment
11.3 Companhia De Seguros Fidelidade Mundial Sa – Company Overview
11.3.1 Companhia De Seguros Fidelidade Mundial Sa – Key Facts
11.3.2 Companhia De Seguros Fidelidade Mundial Sa – Key Financials
11.4 Companhia De Seguros Tranquilidade, Sa – Company Overview
11.4.1 Companhia De Seguros Tranquilidade Sa – Key Facts
11.4.2 Companhia De Seguros Tranquilidade Sa – Key Financials
11.5 Axa Portugal Companhia De Seguros, Sa – Company Overview
11.5.1 Axa Portugal Companhia De Seguros, Sa – Key Facts
11.5.2 Axa Portugal Companhia De Seguros, Sa – Key Financials
11.6 Companhia De Seguros Allianz Portugal Sa – Company Overview
11.6.1 Companhia De Seguros Allianz Portugal Sa – Key Facts
11.6.2 Companhia De Seguros Allianz Portugal Sa – Key Financials
11.7 Liberty Seguros, Sa – Company Overview
11.7.1 Liberty Seguros, Sa – Key Facts
11.7.2 Liberty Seguros, Sa – Key Financials
11.8 Companhia De Seguros Açoreana, Sa – Company Overview
11.8.1 Companhia De Seguros Açoreana, Sa – Key Facts
11.8.2 Companhia De Seguros Açoreana, Sa – Key Financials
11.9 Lusitania, Companhia De Seguros Sa – Company Overview
11.9.1 Lusitania, Companhia De Seguros Sa – Key Facts
11.9.2 Lusitania, Companhia De Seguros Sa – Key Financials
11.1 Mapfre Seguros Gerais, Sa – Company Overview
11.10.1 Mapfre Seguros Gerais, Sa – Key Facts
11.10.2 Mapfre Seguros Gerais, Sa – Key Financials
11.11 Generali – Companhia De Seguros, Spa – Company Overview
11.11.1 Generali – Companhia De Seguros, Spa – Key Facts
11.12 Zurich Insurance Plc – Sucursal Em Portugal – Company Overview

11.12.1 Zurich Insurance Plc – Sucursal Em Portugal – 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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Non-Life Insurance Industry in Portugal to 2017

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Non-Life Insurance Industry in Portugal to 2017