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Portugal Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 18
The insurance industry in Portugal has seen an impressive growth in premiums since 2001. This industry is strictly regulated, with compulsory rates and policy wordings being subject of approval of the supervisory body before entering the market. Growth of the Portuguese insurance market has been mainly driven by the life segment. Rising population, increasing life expectancy and increasing private health insurance are some of the important market drivers of the industry. Portugal is witnessing increasingly diverse immigration flows, country-wide settlement, and rising immigrant skill levels, which are projected to boost the housing market in future, which, in turn, is a positive aspect for the housing insurance market.
The risk taking ability of investors and growing perception that the sustainability of the public social security system is at risk are influencing the consumers to assign their rising disposable income to savings. These two factors are the major driver of the life-segment of the insurance market in the country. The non-life segment, in local currency terms, has remained almost stagnant since 2002, due to the strong price competition. The Portuguese insurance market is primarily dominated by prominent financial groups through their units and subsidiaries. Some of the leading companies include Fidelidade-Mundial and Ocidental, which are divisions of prominent financial groups, CGD, BCP and BES.
The present report gives an overview of the Portuguese insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Portuguese insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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