Boston, MA -- (SBWIRE) -- 01/03/2014 -- 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.

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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

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

Companies Mentioned in this Report: Companhia de Seguros Fidelidade Mundial SA, Companhia de Seguros Tranquilidade, SA, Axa Portugal Companhia de Seguros, SA, Companhia de Seguros Allianz Portugal SA, Liberty Seguros, SA, Companhia de Seguros Acoreana, SA, Lusitania, Companhia de Seguros SA, Mapfre Seguros Gerais, SA, Generali - Companhia de Seguros, SpA, Zurich Insurance Plc

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