Portugal insurance market
Portugal's insurance market recorded strong growth in 2024, with total direct gross written premiums exceeding EUR 14.3 billion, a 21.2% increase over 2023. This followed a contraction in 2023 (-2%) driven by a sharp decline in Life premiums. The 2024 rebound was led by the Life segment (+34.9%), propelled by retirement savings products (PPR) and capitalisation policies, while Non-Life also grew steadily (+10.5%), with health and motor as the largest non-life segments. As of 2024, 39 insurers are headquartered in Portugal (under ASF prudential supervision), supplemented by 27 EU branches and over 536 insurers operating under the freedom to provide services regime. The market is moderately concentrated, with the top three insurers holding approximately 59% of premium volume. The sector is regulated and supervised by the ASF (Autoridade de Supervisao de Seguros e Fundos de Pensoes), established in its current form in 2015, and is subject to the Solvency II framework. Insurance penetration as a share of GDP stood at approximately 4.9% in 2024, reflecting the market's recovery from the 2022-2023 contraction.
Generated by: Claude Sonnet 4.6
Reviewed by: Desislava Tsvetkova
Active insurers
39
Last reviewed
Apr 30, 2026
Country market
Available products
Insurer directory
Active insurers
Insurers currently active in Portugal.
Gross written premium (EUR bn)
Market share
Fidelidade - Companhia de Seguros, S.A.
Lisbon, Portugal
Fidelidade is Portugal's largest and oldest insurance company, founded in 1835, offering life and non-life insurance products to individuals and businesses. It is a subsidiary of Chinese conglomerate Fosun International and operates across multiple countries including Portugal, Cape Verde, Angola, France, Mozambique, Macau, and Spain.
EUR 4.407bn (Portugal activity, estimado: 30.2% de EUR 14.6bn mercado total 2024)
Grupo Ageas Portugal (Ageas Portugal - Companhia de Seguros, S.A. + Ocidental Vida + Médis + Ageas Vida + Seguro Directo)
Lisbon, Portugal
Grupo Ageas Portugal is one of the leading insurance groups in Portugal, operating since 2005 through the brands Ageas Seguros, Ageas Pensões, Médis, Ocidental and Seguro Directo, offering a broad range of life and non-life insurance solutions to approximately 1.9 million clients.
EUR 2.4bn (grupo Portugal, 2024)
Generali Seguros, S.A. (Generali Tranquilidade)
Lisbon, Portugal
Generali Seguros, S.A. operates in Portugal under the Generali Tranquilidade brand. Founded in Porto in 1871 as Companhia de Seguros Tranquilidade Portuense, it was acquired by Generali Group in 2020 and rebranded as Generali Tranquilidade in 2024. It is the second largest non-life insurer in Portugal, protecting over 2 million customers through a distribution network of more than 2,500 points of sale.
EUR 1.984bn (estimado: 13.6% de EUR 14.6bn, 2024)
Companhia de Seguros Allianz Portugal, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
EUR 730m (estimado: ~5% quota Não Vida + Vida 2024)
Zurich Insurance Europe AG, Sucursal em Portugal (Zurich Portugal)
Lisbon, Portugal
Zurich Insurance Europe AG, Branch in Portugal, is part of the Zurich Insurance Group, one of the world's leading multi-line insurers. Present in Portugal since 1918, it offers a comprehensive range of life and non-life insurance solutions for individuals, SMEs, large enterprises, and multinationals, with over 800 points of contact across the country.
EUR 438m (estimado: ~3% quota total; Não Vida 54% auto 2024)
Real Vida Seguros, S.A.
EUR 365m (2024, empresa individual 10.º no ranking geral)
GamaLife - Companhia de Seguros de Vida, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Lusitania, Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
BPI Vida e Pensões - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Médis - Companhia Portuguesa de Seguros de Saúde, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Santander Totta Seguros - Companhia de Seguros de Vida, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Aegon Santander Portugal Vida - Companhia de Seguros de Vida, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Aegon Santander Portugal Não Vida - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Mapfre Seguros Vida, S.A. (incl. Bankinter Vida)
EUR 265m (Bankinter Vida sozinha, 2024)
Caravela - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Crédito Agrícola Seguros - Companhia de Seguros de Ramos Reais, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Victoria - Seguros, S.A.
MUDUM - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Via Directa - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Ocidental - Companhia Portuguesa de Seguros de Vida, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Crédito Agrícola Vida - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Chubb European Group SE - Sucursal em Portugal
Lloyd's Insurance Company S.A. - Sucursal em Portugal
Cardif Assurances Risques Divers (BNP Paribas Cardif)
Generali Seguros y Reaseguros, S.A. - Sucursal em Portugal (ex-Liberty Seguros)
Lisbon, Portugal
Generali Seguros, S.A. operates in Portugal under the Generali Tranquilidade brand. Founded in Porto in 1871 as Companhia de Seguros Tranquilidade Portuense, it was acquired by Generali Group in 2020 and rebranded as Generali Tranquilidade in 2024. It is the second largest non-life insurer in Portugal, protecting over 2 million customers through a distribution network of more than 2,500 points of sale.
Mapfre Santander Portugal - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Planicare - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
EUR 14.8m (2024)
MGEN Portugal - Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
MPS - Mútua Portuguesa de Saúde - Mútua de Seguros, Cooperativa de Responsabilidade Limitada
Asisa, Asistencia Sanitaria Interprovincial de Seguros, S.A.U. - Sucursal em Portugal
Ageas Vida - Companhia de Seguros de Vida, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
HDI Global SE - Sucursal em Portugal
Lusitania Vida, Companhia de Seguros, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
Allianz Trade (ex-COSEC) - Companhia de Seguro de Créditos, S.A.
Lisbon, Portugal
Allianz Portugal is a leading insurance company offering life and non-life insurance products to individuals and businesses across Portugal. Present in the market since 1999, it serves around 1 million customers through a nationwide network of agents and over 600 employees, and is a subsidiary of the global Allianz SE group.
EUR 46m (2024)
Market overview
Market numbers
Total premiums
EUR 14.3bn
Annual growth
+21.2%
Insurance penetration
4.9%
Active insurers
39
Population
10,390,000
Registered vehicles
7,300,000
Total premiums (EUR bn)
Annual growth (%)
Non-life share / Life share
Insurance penetration (%)
Market notes
Important news
Mar 17, 2026
Decree-Law 79/2026 regulates the Right to Be Forgotten in insurance and credit
DL 79/2026 of 17 March 2026 operationalised the Right to be Forgotten (Lei 75/2021) by establishing a reference grid with shorter specific time limits for oncological diseases, extending the regime to insurance distributors and payment institutions, and requiring insurers and distributors to publish information on their websites. On 27 April 2026, Lei 14/2026 further reinforced consumer protections linked to credit-related insurance.
Why it matters
Directly benefits thousands of consumers who previously faced discriminatory premium loading or coverage refusal due to past illness. Insurers must review existing contracts and update underwriting processes. The Law 14/2026 of 27 April 2026 extended additional protections, including the ability for disabled-couple mortgage borrowers to insure only the non-disabled partner.
Aug 1, 2025
Generali Tranquilidade completes integration of Liberty Portugal via cross-border partial merger
On 1 August 2025, Generali Tranquilidade completed the legal integration of the former Liberty Seguros Portugal branch via a cross-border partial demerger-merger (cisão parcial-fusão transfronteiriça), the first of its kind in Portugal. All assets, liabilities and insurance contracts of Generali Seguros y Reaseguros SA – Sucursal em Portugal (previously Liberty) were transferred to Generali Seguros SA. The original acquisition of Liberty Europe by Generali was concluded in January 2024 for €2.3 billion.
Why it matters
Consolidates Generali Tranquilidade as the second-largest insurer in Portugal with a reinforced Non-Life market share of approximately 22%. Over 833,000 former Liberty clients and 1,550 agents transitioned to Generali Tranquilidade. The transaction set a legal precedent for cross-border demerger-mergers in Portugal.
Apr 27, 2025
Lei 14/2026 further reinforces Right to be Forgotten and consumer protections in credit-linked insurance
Lei 14/2026 of 27 April 2026 (approved 13 March 2026, promulgated 22 April 2026) introduces additional consumer protections: in mortgage-backed couples where one partner has disability over 60%, only the non-disabled partner's life insurance may be required; oncological and other health conditions are further specified; and the regime is aligned with DL 79/2026 and the RJCS insurance contract law.
Why it matters
Represents the latest layer of consumer rights strengthening in Portugal's insurance sector. Insurers face additional operational and underwriting adaptation requirements. Consumers with disabilities or past serious illness gain materially easier access to mandatory credit-linked insurance.
Mar 20, 2025
Decree-Law 26/2025 transposes EU 6th Motor Insurance Directive (SORCA reform)
DL 26/2025 of 20 March 2025 completed the transposition of EU Directive 2021/2118 into Portuguese law, amending the compulsory motor liability insurance framework (SORCA). Key changes include a specific indemnification regime for trailer accidents, strengthened Guarantee Fund (FGA) coverage in insurer insolvencies, standardised cross-border claims history declarations, and mandatory insurance extended to certain personal electric vehicles from 20 June 2025.
Why it matters
Strengthens consumer protection for road accident victims, especially in complex trailer accidents and insurer insolvency scenarios. Requires all motor insurers operating in Portugal to update systems and processes by mid-2025 and aligns Portugal fully with EU motor insurance standards.
Jan 1, 2025
Spanish group Concentra (BlackFin) acquires Portinsurance, consolidating broker network in Portugal
The Spanish insurance distributor Concentra, backed by the investment manager BlackFin, announced the acquisition of Portinsurance, adding it to its existing Portuguese brokers Melior and Median. The combined entity entered the top 10 of Portuguese insurance intermediaries by volume. This is part of a broader wave of distributor M&A in Portugal throughout 2024-2025.
Why it matters
Reflects the acceleration of cross-border consolidation in the Portuguese broker market, with private equity-backed platforms acquiring domestic intermediaries at an unprecedented pace. Smaller independent brokers face growing competitive pressure from scale consolidators.
Dec 31, 2024
ASF issues 40 condemnation decisions and 249 mediator suspensions in 2024 enforcement cycle
In its 2024 conduct supervision report, the ASF disclosed it issued 40 condemnation decisions (up from prior years), carried out 249 suspensions and 783 cancellations of mediator registrations, and identified 29 irregular advertising campaigns. The Q4 2024 sanctions cycle alone totalled fines of €171,180. Infractions covered failure to report documents on time, claims handling delays, and distribution law violations.
Why it matters
Signals an intensification of ASF enforcement activity, with nearly 1,000 mediator actions (suspensions and cancellations) in a single year. Consumers benefit from stricter conduct standards; intermediaries face heightened compliance obligations and reputational risk from public sanctions.
Sep 26, 2024
Fidelidade restructured: Longrun SGPS dissolved, ownership transferred to Millennium Gain Limited
On 26 September 2024, Longrun Portugal SGPS SA (the Fosun holding vehicle used to acquire Fidelidade from CGD in 2014) was dissolved and liquidated. Fidelidade and its subsidiaries (Multicare, OK! Seguros/Via Directa) passed directly to Millennium Gain Limited, a Fosun affiliate, consolidating the ownership structure of Portugal's largest insurer.
Why it matters
Simplifies the group ownership chain of Portugal's market-leading insurer. As Fidelidade holds approximately 29% total market share, the restructuring affects regulatory oversight relationships and corporate governance reporting under Solvency II.
May 27, 2024
ASF fines Una Seguros, Adviser Platform, Benefits and Increases, and SECOSE for reporting failures
The ASF applied fines totalling €70,000: €20,000 to Adviser Platform (three-time failure to submit annual accounts within 15 days of approval), €30,000 to Una Seguros (two counts), €15,000 to Benefits and Increases, and €5,000 to SECOSE. All decisions were accepted by the sanctioned entities. The infringements involved failure to submit required accounts and auditor reports to the regulator within legally mandated deadlines.
Why it matters
Demonstrates consistent ASF enforcement against intermediaries for administrative reporting breaches. The relatively modest fine amounts reflect the nature of the violations, but public publication serves as a reputational deterrent for the broader market.
Regulation
Regulation
ASF
Insurance and Pension Funds Supervisory Authority
The ASF is the national authority responsible for the prudential and conduct supervision and regulation of insurance and reinsurance activities, pension funds and their management entities, and insurance mediation in Portugal. It was established in its current form by Decree-Law No. 1/2015 of 6 January, which renamed the former Instituto de Seguros de Portugal (ISP). The ASF also manages the Motor Guarantee Fund (FGA) and acts as the national competent authority under Solvency II.
https://www.asf.com.ptFGA
Motor Guarantee Fund
A public autonomous fund managed by the ASF that compensates victims of road traffic accidents in Portugal where the at-fault vehicle is uninsured or unidentified, or where the at-fault insurer is insolvent. It is governed by Decree-Law No. 291/2007 of 21 August and also acts as the Compensation Body under the EU Motor Insurance Directives for accidents caused by vehicles from other EEA states.
https://www.fga.asf.com.ptGPCV
Portuguese Green Card Bureau
The Portuguese National Insurers Bureau within the international Green Card System. It represents all ASF-authorised insurers selling motor third-party liability insurance in Portugal, acts as the Handling Bureau for cross-border motor claims involving foreign-registered vehicles in Portugal, and manages the network of claims correspondents for Portuguese insurers abroad.
https://gpcv.ptAPS
Portuguese Insurers Association
The national trade association for insurance and reinsurance companies in Portugal, a non-profit established to defend and promote the interests of its members. Its members represent over 99% of the insurance market by premium volume and total employees. The APS also hosts the GPCV in its Lisbon offices.
https://www.apseguradores.ptKey legislation
Key legislation
Lei n.o 147/2015, de 9 de setembro (RJASR)
Legal Framework for Access to and Exercise of Insurance and Reinsurance Activity
Transposes the Solvency II Directive (2009/138/EC) into Portuguese law and constitutes the primary legislation governing authorisation, governance, solvency capital requirements, group supervision, run-off, and sanctions for insurers and reinsurers operating in Portugal. Entered into force on 1 January 2016.
Decreto-Lei n.o 72/2008, de 16 de abril
Insurance Contract Law
Establishes the general legal framework governing insurance contracts in Portugal, including formation, validity, rights and obligations of policyholders, insured persons and insurers, claims notification, and dispute resolution. Amended by Lei n.o 147/2015.
Lei n.o 7/2019, de 16 de janeiro
Insurance and Reinsurance Distribution Law
Transposes the Insurance Distribution Directive (IDD, 2016/97/EU) into Portuguese law. Regulates the registration, conduct, disclosure obligations, professional training requirements, and supervision of insurance distributors (agents, brokers, and ancillary intermediaries) in Portugal.
Decreto-Lei n.o 291/2007, de 21 de agosto
Compulsory Motor Third-Party Liability Insurance
Regulates compulsory motor third-party liability insurance in Portugal, setting minimum coverage limits, the role of the Motor Guarantee Fund (FGA), cross-border accident procedures under the Green Card System, and the appointment of claims representatives by foreign insurers.
Decreto-Lei n.o 1/2015, de 6 de janeiro
Statutes of the ASF
Renamed the former Instituto de Seguros de Portugal (ISP) as the Autoridade de Supervisao de Seguros e Fundos de Pensoes (ASF) and approved its statutes in accordance with the framework law for independent regulatory authorities (Lei n.o 67/2013). Defines the ASF's mission, governance structure, powers, and accountability to the Portuguese Parliament.
EU cross-border access
EU cross-border insurers
Mutuelle Générale de l'Éducation Nationale (MGEN)
Liberdade de Prestação de Serviços
Home country: França
Supervisor: ACPR (França)
Mútua francesa autorizada em Portugal em LPS. Aceita segurados sem penalização por pré-existências ou idade. Gere seguros através da AdvanceCare. Distinta da MGEN Portugal (entidade doméstica). Incluída na lista ASF de operadores conformes.
Bupa Global Designated Activity Company
Liberdade de Prestação de Serviços
Home country: Irlanda
Supervisor: CBI - Central Bank of Ireland (Irlanda)
Seguradora de saúde internacional para expatriados e residentes em Portugal. Presente no mercado português através de corretores como C1 Broker. Incluída na lista ASF de operadores conformes.
Atradius Crédito y Caución, S.A. de Seguros y Reaseguros - Sucursal em Portugal
Liberdade de Estabelecimento (sucursal)
Home country: Espanha
Supervisor: DGSFP (Espanha)
Sucursal da seguradora de crédito espanhola Atradius, especializada em seguros de crédito à exportação e garantias. Figura nos códigos LEI da ASF como entidade ativa.
Compañía Española de Seguros de Crédito a la Exportación, S.A. (CESCE) - Sucursal em Portugal
Liberdade de Estabelecimento (sucursal)
Home country: Espanha
Supervisor: DGSFP (Espanha)
Sucursal da seguradora espanhola CESCE, especializada em seguros de crédito à exportação. Figura nos códigos LEI da ASF. ECOseguros ranking 2024 confirmou CESCE com 11 milhões de euros em prémios.
Coface SA - Sucursal em Portugal
Liberdade de Estabelecimento (sucursal)
Home country: França
Supervisor: ACPR (França)
Seguradora de crédito francesa com sucursal ativa em Portugal. ECOseguros ranking 2024 confirmou Coface com 12.6 milhões de euros em prémios no mercado português.
BBVASeguros, S.A. de Seguros y Reaseguros - Sucursal em Portugal
Liberdade de Estabelecimento (sucursal)
Home country: Espanha
Supervisor: DGSFP (Espanha)
Sucursal espanhola da seguradora do grupo BBVA. Distribuída em Portugal através da BBVA MEDIACIÓN como agente. Figura nos códigos LEI da ASF.
Distribution channels
Distribution channels
35%
Bancassurance
35%
Insurance Agents
20%
Insurance Brokers
7%
Direct Sales (telephone and online)
3%
Ancillary Intermediaries (including CTT postal network)
Consumer rights
Consumer rights
1
Submit a written complaint directly to the insurer or intermediary (mandatory first step). The insurer must respond within 20 business days, extendable to 30 days for complex cases.
2
If no response within the deadline, or if the consumer disagrees with the response, escalate to the insurer's Provedor do Cliente (Client Ombudsman), who must respond within 30 days (45 days for complex cases).
3
File a complaint with the ASF (Autoridade de Supervisão de Seguros e Fundos de Pensões) online, by phone (+351 217 983 983), by post, or in person (by appointment). The service is free.
4
If unresolved, seek alternative dispute resolution via the Centro de Informação, Mediação e Arbitragem de Consumo (CIAB) or another accredited ADR body, or pursue legal action in court.
Contacts
(+351) 217 983 983
tel:+351217983983https://www.consumidor.asf.com.pt/pt/provedor-seguros
https://www.consumidor.asf.com.pt/pt/provedor-seguros
https://www.consumidor.asf.com.pt/pt/provedor-segurosEU cross-border access
EU cross-border access
Portugal applies the EU single passport system under Solvency II. Insurers authorised in any EU/EEA member state may operate in Portugal either by opening a branch (freedom of establishment) or by providing services cross-border without a local presence (freedom of services). As of 2024, 27 branches and 536 companies operating under freedom of services were active in the Portuguese market. The ASF is the conduct supervisor in both modes; prudential supervision remains with the home-state regulator.
Diretiva 2009/138/CE (Solvência II), transposta pela Lei n.º 147/2015, de 9 de setembro (RJASR); Diretiva (UE) 2016/97 (Distribuição de Seguros), transposta pela Lei n.º 7/2019, de 16 de janeiro
freedom of establishment
An EEA insurer may open a branch in Portugal by notifying its home-state regulator, which passes the notification to the ASF. The branch is subject to ASF conduct supervision but remains under the prudential oversight of the home regulator. In 2024, 27 such branches were active in Portugal.
freedom of services
An EEA insurer may provide insurance in Portugal without a local presence by notifying its home-state regulator. The company is supervised prudentially by its home regulator; the ASF supervises conduct rules. In 2024, 536 insurers were operating in Portugal under this regime.
Market history
Market history
1975-1989
Nationalisation and State Control
Following the Carnation Revolution, Decree-Law 135-A/75 of 15 March 1975 nationalised all Portuguese-capital insurers. By 1977, state-owned companies held over 75% of premiums. The sector was reorganised into state groups (Fidelidade, MSA, Bonança, Tranquilidade), setting the stage for later privatisation.
1990-2000
Privatisation Wave and EU Integration
Portugal's EU accession (1986) opened the market to foreign insurers. Privatisations ran from 1988 to 1994: Fidelidade (1988, CGD), Bonança (1990-1994, BCP), Tranquilidade (1990, Espírito Santo Group), Açoreana (1991). Competition intensified, foreign groups entered, and bancassurance emerged via bank-insurer alliances.
2000-2015
Consolidation, Financial Crisis and Strategic Privatisations
Major mergers created today's leading groups (Fidelidade-Mundial in 2002; Fidelidade in 2012 after merging with Império Bonança). The 2010-2014 sovereign debt crisis depressed Life premiums. Under the Troika programme, Fidelidade was privatised to China's Fosun in 2014 for €1 billion (80% stake), and Tranquilidade was sold to Apollo in 2015.
2016-2023
International Ownership, Recovery and New Regulation
Generali acquired Seguradoras Unidas (Tranquilidade, Açoreana, Logo) in 2020. Solvency II came into full force. The Insurance Distribution Law (Lei 7/2019) transposed IDD. The Life segment fell sharply in 2022-2023 amid rising rates. In January 2024, Generali completed the acquisition of Liberty Seguros for €2.3 billion, further consolidating the market.
2024-2026
Market Growth, M&A Wave and Consumer Protection Reforms
Total direct premiums reached over €16.2 billion at end-2025, up 13.4% year-on-year. Distributor M&A reached record levels in 2024-2025. Key regulatory reforms included DL 26/2025 (Motor Insurance, 6th Directive) and DL 79/2026 (Right to be Forgotten). ASF conducted 249 mediator suspensions and 40 condemnation decisions in 2024.
Glossary
Glossary
pt
Seguro
A contract by which an insurer, in exchange for a premium, undertakes to indemnify the policyholder against specified losses or risks.
pt
Prémio
The price paid by the policyholder to the insurer to keep an insurance policy in force.
pt
Apólice
The written contract between the insurer and the policyholder, specifying coverage, exclusions, and conditions.
pt
Sinistro
An insured event that triggers the insurer's obligation to pay compensation or provide a benefit.
pt
Franquia
The amount the policyholder must pay out of pocket before the insurer's obligation to pay begins.
pt
Mediador de Seguros
A person or entity (agent, broker, or ancillary intermediary) that distributes insurance products between insurers and clients, registered with the ASF.
pt
Corretor de Seguros
An independent intermediary who acts on behalf of the client, not tied to any single insurer, and provides advice on the best available coverage.
pt
Agente de Seguros
An intermediary who distributes insurance products on behalf of one or more insurers under a formal agency contract.
pt
Bancasseguros
Distribution of insurance products through banking channels, where a bank acts as agent or tied intermediary for an insurer, dominant in Life insurance in Portugal.
pt
RCA (Responsabilidade Civil Automóvel)
Mandatory motor liability insurance covering bodily injury and property damage caused to third parties by the insured vehicle.
pt
PPR (Plano Poupança Reforma)
A tax-incentivised long-term savings product, often sold as a life insurance policy, designed to supplement state pension income.
pt
Ramo Vida
Insurance covering risks related to human life, including death, survival, savings and investment-linked products.
pt
Ramos Não Vida
All insurance lines other than life, including motor, property, health, liability, accident, and travel insurance.
pt
Provisões Técnicas
Reserves set aside by insurers to cover expected future claims obligations and expenses, a key Solvency II capital element.
pt
SCR (Requisito de Capital de Solvência)
Minimum capital an insurer must hold under Solvency II to cover unexpected losses at a 99.5% confidence level over one year.
pt
Fundo de Garantia Automóvel (FGA)
A public fund managed by the ASF that pays compensation to victims of road accidents when the responsible driver has no valid insurance or is unknown.
pt
Livre Prestação de Serviços (LPS)
EU regime allowing an insurer authorised in one EEA state to provide insurance in Portugal without establishing a local branch.
pt
Tomador de Seguro
The person or entity that contracts and pays for the insurance policy, who may or may not be the insured person or beneficiary.
pt
Segurado
The person whose life, health, property, or liability is covered under an insurance policy.
pt
Resseguro
An arrangement by which an insurer transfers part of its risk to another insurer (the reinsurer) to limit its own potential losses.
Market notes
FAQ
How large is the Portuguese insurance market?
At end-2025, total direct insurance premiums in Portugal exceeded €16.2 billion, up 13.4% year-on-year. Life insurance grew 17.8% and Non-Life grew 9.2%. Portugal represents approximately 1% of EU insurance premiums by volume. The SCR solvency coverage ratio was 213% at end-2025, indicating a financially solid market.
Who are the leading insurers in Portugal?
Fidelidade leads with approximately 29% total market share. Generali Tranquilidade (second) has approximately 22% Non-Life share following the Liberty integration. Ageas Portugal (third) holds roughly 13-16%. Allianz Portugal, Mapfre, Zurich, UNA, Lusitania, and Caravela are other significant players. In health insurance, Multicare, Médis, and AdvanceCare are specialists.
Is motor third-party liability insurance mandatory in Portugal?
Yes. All motor vehicles circulating in Portugal must carry compulsory third-party liability insurance (SORCA). Failure to comply is illegal, and the vehicle can be seized. Minimum coverage is €6.45 million for bodily injury and €1.3 million for property damage per incident (DL 26/2025). From 20 June 2025, certain personal electric vehicles are also covered.
How do I complain about an insurer in Portugal?
First, submit a written complaint to the insurer (required first step; response due within 20 business days). If unsatisfied, escalate to the insurer's Provedor do Cliente. Then, if unresolved, contact the ASF (regulator) at consumidor.asf.com.pt or by phone (+351 217 983 983), free of charge. Alternative dispute resolution via CIAC or court action is a final option.
What is the Right to be Forgotten (Direito ao Esquecimento) in Portuguese insurance?
Under Lei 75/2021 and DL 79/2026 (in force March 2026), people who have overcome a serious illness or disability cannot be discriminated against when applying for credit-linked insurance (mortgage, consumer credit). General waiting periods are 10 years after treatment (5 years for conditions before age 21). DL 79/2026 introduced shorter specific periods for certain cancers.
Can I take out insurance with a foreign EU insurer in Portugal?
Yes. Insurers authorised in any EU/EEA country can operate in Portugal under Freedom of Services (without a local branch) or Freedom of Establishment (via a branch). In 2024, 536 EU/EEA insurers operated under Freedom of Services and 27 had branches in Portugal. They are listed on the ASF's public register of authorised entities.
What are the main insurance distribution channels in Portugal and which is dominant?
Agents and bancassurance are the dominant channels. In 2024, the bancassurance channel held approximately 77% of Life premiums; in Non-Life, agents and brokers lead with bancassurance at around 16%. Brokers distribute roughly 25% of Non-Life. Direct/online sales remain modest at around 7% of the total market. Mediator commission income reached nearly €1.3 billion in 2024.
What is the ASF and what are its powers?
The ASF (Autoridade de Supervisão de Seguros e Fundos de Pensões) is Portugal's independent regulator for the insurance and pension fund sector, established in 1982 as the ISP. It has prudential and conduct supervisory powers, can impose fines, suspend or cancel licences and mediator registrations, issue binding regulations, and intervene in insurer recovery or resolution. It reports publicly on enforcement actions.
What happened to the Life insurance segment in Portugal in recent years?
Life premiums fell sharply in 2022-2023 as rising interest rates made competing bank savings products more attractive, cutting PPR contributions by 14.5% and unit-linked products by over 50%. In 2024, Life recovered strongly (+34%), driven by capitalisation products (+37%) and PPR (+62%), aided by bancassurance partners. By end-2025, Life grew a further 17.8%.
What are the main catastrophe risks affecting the Portuguese insurance market?
Wildfire, earthquake (seismic risk), storm, and flood are the main catastrophe perils. In 2025, Storm Martinho (March) caused 26,600 claims and €64.7 million in losses. Summer wildfires caused over €30 million in uninsured losses. Insurers are increasingly applying selective rate increases and restrictions in high-risk climate zones. The protection gap remains large, particularly in agriculture.
Market notes
Sources
Last reviewed: Apr 30, 2026
- 01ASF – Autoridade de Supervisão de Seguros e Fundos de Pensões
Official regulator: statistics, supervisory reports, sanctions, and regulatory updates.
- 02ASF Portal do Consumidor
Consumer information, complaint submission, insurer and mediator registers.
- 03APS – Associação Portuguesa de Seguradores
Industry association: annual market panorama, distribution channel data, statistics.
- 04ASF – Relatório de Regulação e Supervisão da Conduta de Mercado 2024
Annual conduct supervision report including sanctions, suspensions, and cancellations.
- 05Diário da República – Decreto-Lei n.º 26/2025
Full text of the 6th Motor Insurance Directive transposition (SORCA reform).
- 06Diário da República – Decreto-Lei n.º 79/2026
Full text of the Right to be Forgotten regulation for insurance and credit.
- 07Diário da República – Lei n.º 14/2026
Full text of the law reinforcing Right to be Forgotten and credit-linked insurance protections.
- 08ECO/ECOseguros
Leading Portuguese financial news service covering insurance market events and regulation.
- 09Jornal Económico
Portuguese business newspaper covering insurer transactions and market developments.
- 10História do Seguro
Specialised historical chronicle of Portuguese insurance companies 1901–2025.
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