Portugal

Portugal Insurance Market Highlights

Market Regulation:

Supervision is provided by the ASF (Autoridade de Supervisão de Seguros e Fundos de Pensiones). Axco’s compliance tracking highlights 2026 focuses on the National Strategy for Financial Education.

Non-Life Market Trends:

The market shows steady growth in Health and Property; Axco’s analysis notes that market hardening is particularly visible in commercial fire lines following recent European climate volatility.

Distribution Channels:

Bancassurance is the dominant force for Life products; Axco’s distribution mapping shows that Brokers and Agents drive the majority of Non-Life GWP in the industrial sector.

Key Risks & Outlook:

Exposure to seismic risk remains a priority; Axco data suggests a significant protection gap in residential earthquake coverage that insurers are looking to close in 2026.

Insurance Companies:

Axco Navigator details 71 insurance companies are authorised to write business in Portugal, of which 46 operate in non-life classes and 25 in life-classes.

Insurance Statistics:

Axco reports written premiums in 2025 increased by 8.9% to EUR 5,907 Mn with motor the largest class of business, accounting for 47% of premiums. Insurance penetration stands at 1.99%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Portugal Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Portugal includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Portugal?

In October 2025, there were 49 companies licensed to operate in the Portuguese non-life insurance market, of which 27 were branches of foreign insurers. Many other companies operate under freedom of services legislation. Mergers have increased concentration at the top end of the market, although according to the latest available figures, Fidelidade remained the largest insurer in the non-life segment.

In the Non-Life (P&C) market, Fidelidade - Companhia de Seguros, SA was the market leader, recording EUR 2,402.50 million in written premiums and 28.42% market share in 2025. It was followed by Generali Seguros S.A (EUR 1,731.76 million; 20.48% market share) and Ageas Portugal  - Companhia de Seguros, SA (EUR 1,102.78 million; 13.04% market share).

Among the leading non-life insurers, Abarca - Companhia de Seguros SA reported the strongest growth, with premiums increasing 62.6% year-on-year. 49 companies are licensed for non-life business. 

Who are the top non-life insurers in Portugal?

Source: Axco Navigator, Portugal Insurance Market Rankings.

What is the Life Insurance market in Portugal?

In 2025 there were 26 insurance companies licensed to operate in the life market, of which 16 were local companies and nine were branches of EU companies. Of the companies, 12 wrote life only and four were composites, while two of the branches wrote life only, seven being composites.The largest life insurer, with 27.00% of the market, is Fidelidade.

In the Life insurance market, Fidelidade - Companhia de Seguros, SA was the largest insurer in 2025, generating EUR 2,211.52 million in written premiums and holding 28.65% market share. It was followed by Ocidental - Companhia Portuguesa de Seguros de Vida SA (EUR 1,284.41 million; 16.64% market share) and BPI Vida e Pensoes - Companhia de Seguros, SA (EUR 1,213.10 million; 15.72% market share).

The fastest-growing major life insurer was Generali Seguros S.A, with premium growth of 130.0% year-on-year. 26 companies are licensed for life business. 

Who are the top life insurers in Portugal?

Source: Axco Navigator, Portugal Insurance Market Rankings.

Country Information

Portugal is located at the western end of the Iberian Peninsula, bordering Spain. 

The insurance market is characterised by relatively stable insurance penetration, a high degree of concentration at the top end of the market, significant foreign ownership, the lack of a domestic reinsurance market and some exposure to earthquake, all set against a background of a slow but gradual recovery from its economic woes following the 2008 financial crisis.

In 2018 gross written premiums for non-life business including personal accident (PA) and healthcare rose by 1.4% to EUR 4.81bn.  Excluding PA and healthcare business the non-life written premiums fell by 1% to EUR 3.37bn.

In October 2019 there were 53 companies licensed to operate in the Portuguese non-life insurance market, of which 25 were branches of foreign insurers. Many other companies operate under freedom of services legislation.