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Life Insurance in Portugal, Key Trends and Opportunities to 2020

Life Insurance in Portugal, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Portugal, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Portuguese life insurance segment, including:

  • An overview of the Portuguese life insurance segment
  • The Portuguese life insurance segment’s growth prospects by category
  • A comprehensive overview of the Portuguese economy and demographics
  • A comparison of the Portuguese life insurance segment with its regional counterparts
  • The various distribution channels in the Portuguese life insurance segment
  • Details of the competitive landscape in the life insurance segment in Portugal
  • Details of regulatory policy applicable to the Portuguese insurance industry
Summary

Timetric’s 'Life Insurance in Portugal, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Portuguese life insurance segment, and a comparison of the Portuguese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Portuguese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

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 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Portuguese life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Portuguese life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Portugal.
  • 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 in the Portuguese life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Portuguese insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Life insurance was the largest segment in the Portuguese insurance industry, accounting for 67.5% of gross written premium in 2015.
  • During the review period, the fall in life policies sales was caused by long-term low interest rates and a fall in the rate of household savings.
  • The unemployment rate is high in Portugal due to the adverse effect of the global economic and sovereign debt crises.
  • The country’s aging population is expected to increase demand for pension and annuity products over the forecast period, leading to a shift in the focus of life insurers.
  • The Portuguese life segment is highly concentrated, with the 10 leading insurers collectively accounting for 88.9% of the segment’s direct written premium in 2015.


  • Key Facts and Highlights
    • Table Portuguese Life Insurance - Key Facts, 2015
    • Table Portuguese Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Portuguese Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Portuguese Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015
        • Table Portuguese Life Insurance - Penetration (%), 2011-2015
        • Table Portuguese Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020
        • Table Portuguese Life Insurance - Penetration (%), 2015-2020
        • Table Portuguese Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2011-2015
        • Table Portuguese Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2015-2020
        • Table Portuguese Life Insurance - Premium per Capita (EUR and US$), 2011-2015
        • Table Portuguese Life Insurance - Premium per Capita (EUR and US$), 2015-2020
      • Policies sold
        • Table Portuguese Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Portuguese Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table Portuguese Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015
        • Table Portuguese Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020
      • Investments
        • Table Portuguese Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2011-2015
        • Table Portuguese Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2015-2020
        • Table Portuguese Life Insurance - Investment Portfolio (EUR Billion), 2011-2015
        • Table Portuguese Life Insurance - Investment Portfolio (EUR Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table Portuguese Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2015
    • Table Portuguese Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Portuguese Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2011-2015
        • Table Portuguese Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2015-2020
      • Policies sold
        • Table Portuguese Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Portuguese Individual Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Portuguese Group Life Insurance - Direct Written Premium by Category (EUR Million), 2011-2015
        • Table Portuguese Group Life Insurance - Direct Written Premium by Category (EUR Million), 2015-2020
      • Policies sold
        • Table Portuguese Group Life Insurance - Number of Policies Sold by Category (Thousand), 2011-2015
        • Table Portuguese Group Life Insurance - Number of Policies Sold by Category (Thousand), 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Portuguese Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2011-2015
      • Table Portuguese Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2015-2020
      • Table Portuguese Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Table Portuguese Life Segment - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • Fidelidade Companhia de Seguros SA - company overview
        • Table Fidelidade Companhia de Seguros SA - Key Facts
        • Table Fidelidade Companhia de Seguros SA - Key Financials (EUR Million), 2011-2015
      • BPI Vida e Pensões - company overview
        • Table BPI Vida e Pensões - Key Facts
        • Table BPI Vida e Pensões - Key Financials (EUR Million), 2011-2015
      • GNB Vida Companhia de Seguros SA - company overview
        • Table GNB Vida Companhia de Seguros SA - Key Facts
        • Table GNB Vida Companhia de Seguros SA - Key Financials (EUR Million), 2011-2015
      • Ocidental - Companhia Portuguesa de Seguros de Vida SA - company overview
        • Table Ocidental - Companhia Portuguesa de Seguros de Vida SA - Key Facts
        • Table Ocidental - Companhia Portuguesa de Seguros de Vida SA - Key Financials (EUR Million), 2011-2015
      • Santander Totta Seguros - Companhia de Seguros de Vida - company overview
        • Table Santander Totta Seguros - Companhia de Seguros de Vida - Key Facts
        • Table Santander Totta Seguros - Companhia de Seguros de Vida - Key Financials (EUR Million), 2011-2015
  • Governance, Risk and Compliance
    • Table Portugal - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Portugal - Life Insurance Regulatory Framework
      • Property insurance
        • Table Portugal - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Portugal - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Portugal - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor vehicle third-party liability insurance
      • Workers' compensation insurance
      • Fire insurance for property damage
      • Air carriers and aircraft operators insurance
        • Table Portugal - Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Liability insurance for tour operators
      • Health insurance for foreigners
      • Professional liability insurance for insurance intermediaries
      • Environmental liability insurance
      • Clinical trials liability insurance
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • Federation of European Risk Management Associations
      • Insurance and Pension Fund Supervision Authority
      • Portuguese Association of Insurers
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Portugal - Stamp Duty on Insurance Premium
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Portugal - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Portuguese Life Insurance - Policies and Premium, 2011-2015
      • Table Portuguese Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Portuguese Life Insurance - Claims and Expenses, 2011-2015
      • Table Portuguese Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Portuguese Life Insurance - Assets and Investments, 2011-2015
      • Table Portuguese Life Insurance - Assets and Investments, 2015-2020
    • Direct Marketing and E-Commerce
      • Table Portuguese Life Insurance - Direct Marketing and E-Commerce, 2011-2015
      • Table Portuguese Life Insurance - Direct Marketing and E-Commerce, 2015-2020
    • Insurance Brokers and Agencies
      • Table Portuguese Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Portuguese Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table Portuguese Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
      • Table Portuguese Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Individual Life Insurance
      • Table Portuguese Life Insurance - Individual Life Insurance, 2011-2015
      • Table Portuguese Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Portuguese Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Portuguese Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Portuguese Life Insurance - Group Life Insurance, 2011-2015
      • Table Portuguese Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table Portuguese Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table Portuguese Life Insurance - Group Life Insurance by Product, 2015-2020
    • Linked vs. Non-Linked Policies
      • Table Portuguese Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table Portuguese Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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