Portugal

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%.

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

Information for Portugal can be seen in:

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.