Portugal insurance market
Portugal's insurance market continued its strong expansion in 2025, with total direct gross written premiums exceeding EUR 16.18 billion, a 13% increase over 2024, coming close to the historic 2010 peak of about EUR 16.34 billion. Growth was led once again by the Life segment (+17.1%), fuelled by unit-linked and retirement savings (PPR) products, while Non-Life premiums rose 9.2%, with Health (+12.3%), Motor (+9.9%) and Workers' Compensation (+8.4%) as the standout lines. For the first time in several years Life narrowly overtook Non-Life in market share (about 50.4% versus 49.6%). As of 2025, 39 insurance companies of Portuguese law operate under ASF prudential supervision, complemented by 28 EU branches, 1 non-EU branch, and hundreds of insurers under the freedom to provide services regime, for a total of 68 entities active in the domestic market. The sector remains led by the Fosun group (Fidelidade), followed by Ageas and Generali, though market concentration has continued to ease. Aggregate net profits of Portuguese insurers rose sharply in 2025, supported by improved technical results and investment portfolios that reached EUR 56.4 billion, although provisional loss estimates from the February 2026 windstorm sequence are expected to weigh on 2026 results. 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 operates under the Solvency II framework. Insurance penetration as a share of GDP is estimated at around 5.2% in 2025, continuing the market's recovery trajectory since the 2022-2023 contraction.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 16.18bn
Annual growth
Insurance penetration
5.24%
Active insurers
39
Population
11,424,031
Registered vehicles
9,300,000
Total premiums (EUR bn)
- 202516.2 EUR bn
- 202414.3 EUR bn
- 202113.3 EUR bn
- 202212.1 EUR bn
- 202311.8 EUR bn
- 20209.9 EUR bn
2020 — 9.9 EUR bn
2021 — 13.3 EUR bn
2022 — 12.1 EUR bn
2023 — 11.8 EUR bn
2024 — 14.3 EUR bn
2025 — 16.2 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
49.6%Life share
50.4%Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- Fidelidade - Companhia de Seguros, S.A.4.7 EUR bnEUR 4.7bn (Portugal, grupo incl. Ok! Seguros/Via Directa, Multicare e Fidelidade Assistência, 2025)
- Generali Seguros, S.A. (Generali Tranquilidade)2.2 EUR bnEUR 2.2bn+ (Portugal, 2025)
- BPI Vida e Pensões - Companhia de Seguros, S.A.1.2 EUR bnEUR ~1.165bn (Portugal, estimado com base em +420m de subscrições sobre os 745m de 2024)
Fidelidade - Companhia de Seguros, S.A. — 4.7 EUR bn
EUR 4.7bn (Portugal, grupo incl. Ok! Seguros/Via Directa, Multicare e Fidelidade Assistência, 2025)
Generali Seguros, S.A. (Generali Tranquilidade) — 2.2 EUR bn
EUR 2.2bn+ (Portugal, 2025)
BPI Vida e Pensões - Companhia de Seguros, S.A. — 1.2 EUR bn
EUR ~1.165bn (Portugal, estimado com base em +420m de subscrições sobre os 745m de 2024)
Market share 2025
Fidelidade - Companhia de Seguros, S.A.
28.8%Grupo Ageas Portugal (Ageas Portugal - Companhia de Seguros, S.A. + Ocidental Vida + Médis + Ageas Vida + Seguro Directo)
15.8%Generali Seguros, S.A. (Generali Tranquilidade)
13.0%BPI Vida e Pensões - Companhia de Seguros, S.A.
6.5%Companhia de Seguros Allianz Portugal, S.A.
4.2%Insurer directory
Active insurers
Insurers currently active in Portugal.
Fidelidade - Companhia de Seguros, S.A.
Lisbon, Portugal
Fidelidade is Portugal's largest insurance company, tracing its roots to 1808, offering life and non-life insurance products to individuals and businesses. It is a subsidiary of Chinese conglomerate Fosun International and operates internationally including in Spain, France, Luxembourg, Cape Verde, Angola, Mozambique and Macau.
EUR 4.7bn
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 through more than 1,300 employees and over 2,000 intermediaries.
Generali Seguros, S.A. (Generali Tranquilidade)
Lisbon, Portugal
Generali Seguros, S.A. operates in Portugal under the Generali Tranquilidade brand, registered with the ASF under number 1197 and authorised to sell both life and non-life products. Founded in Porto in 1871, it was acquired by the Generali Group in 2020 and rebranded from Tranquilidade to Generali Tranquilidade in 2024. It is the second largest insurer in the Portuguese market, protecting more than 2 million customers through a distribution network of more than 2,500 points of sale.
EUR 2.2bn+
BPI Vida e Pensões - Companhia de Seguros, S.A.
VidaCaixa / CaixaBank (Spain)
EUR ~1.165bn
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. It has been present in the market since 1999, has around 6,000 agents working with it nationwide, and together with more than 600 employees supports about 980,000 to 1 million customers, as a subsidiary of the global Allianz SE group.
Real Vida Seguros, S.A.
Porto, Portugal
Real Vida Seguros, S.A. is an independent Portuguese insurance company founded in 1989 in Porto, specialising in life, health, personal accident insurance, savings/financial products and pension funds. Acquired outright by Patris Investimentos in September 2013, it operates without a bancassurance channel and closed 2025 with production exceeding €414 million and net income above €12 million, consolidating its place among the ten largest insurers in Portugal and reaching third place nationally in the unit-linked-excluded life segment.
Zurich Insurance Europe AG, Sucursal em Portugal (Zurich Portugal)
Lisbon, Portugal
GamaLife - Companhia de Seguros de Vida, S.A.
Novobanco (Portugal)
Lusitania, Companhia de Seguros, S.A.
Lisbon, Portugal
Lusitania is a Portuguese non-life insurer founded in 1986 as the first insurance company with 100% Portuguese capital, offering motor, home, health, accident, liability and travel insurance to individuals and businesses, and is part of the Montepio Group.
Santander Totta Seguros - Companhia de Seguros de Vida, S.A.
Santander Group (Spain)
Market notes
Important news
Sep 23, 2026
ASF fines RNA Seguros, A&P, BPI Vida e Pensões, Mapfre, Lusitania and Victoria Seguros
Reviewing ASF decisions published between 20 September 2024 and 20 September 2026, RNA Seguros received the largest individual fine at EUR 75,000, followed by broker A&P – Mediação de Seguros (EUR 66,000), BPI Vida e Pensões (EUR 60,000), Mapfre Seguros Gerais (EUR 40,000, for governance and committee failures), Mapfre Seguros de Vida (EUR 10,000) and Lusitania (EUR 30,000, for a prior registration failure regarding a senior director); Victoria Seguros and Victoria Seguros de Vida were also sanctioned in February 2026.
Why it matters
Shows sustained ASF enforcement over the past two years against both insurers and brokers for governance, registration and disclosure failures, with public sanctions serving as reputational deterrents across the market.
Jul 30, 2026
Allianz Portugal acquires 100% of insurer Caravela
Allianz Portugal agreed to acquire 100% of Caravela, expected to close before the end of 2026 pending regulatory approvals. Using 2025 figures, the combined entity would exceed EUR 1 billion in premiums, raising Allianz's overall market share to about 6.4% and its Non-Life share to 10.8%, reinforcing its 4th place in that segment.
Why it matters
A major Non-Life consolidation move, combining Allianz's bank-backed network with Caravela's strong relationships with independent agents, part of the broader wave of insurer and broker M&A in Portugal.
Jul 29, 2026
ASF applies precautionary suspension to two insurance agents in Coimbra and Figueira da Foz
The ASF applied a precautionary suspension measure to two insurance agents in Coimbra and Figueira da Foz, based on the Special Crimes and Administrative Offences Regime (RPES). The measure barred them from concluding new insurance contracts pending the outcome of the ongoing investigation.
Why it matters
Demonstrates the ASF's use of precautionary suspension powers against individual agents pending investigation, a preventive tool distinct from final sanctions, protecting policyholders from potential ongoing misconduct.
May 7, 2026
Grupo Rego acquires 50% of broker Corbroker, approaching national top 5
Grupo Rego, owner of broker F.Rego, acquired 50% of Corbroker, with an agreement to acquire the remaining stake by early 2029. The combined businesses raised the group's turnover above EUR 21 million in 2025, ranking it near the top 5 Portuguese insurance distributors by revenue.
Why it matters
Marks the merger of the country's 8th and 14th largest brokers, another step in the ongoing wave of scale-driven consolidation among independent Portuguese insurance intermediaries.
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), itself created in 1982. 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. The ASF estimates around 121,000 vehicles circulate without compulsory insurance. 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. Its associated members represent over 99% of the insurance market by premium volume and total employees, and the association regularly publishes sector indicators such as the Motor insurance fleet and claims data. 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, whose registered number exceeded 10,289 in 2024.
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.
Circular n.o 6/2025, de 3 de junho
Standard Conditions for Health Insurance
Establishes a set of minimum standard coverage conditions for health insurance products, requiring insurers to clearly disclose whether a product meets the ASF's standard conditions, and mandates comparability of premiums and additional coverages relative to those standard conditions, following a period of rapid growth in the health insurance segment.
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)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
French mutual authorised in Portugal via Freedom of Services, distinct from the domestic subsidiary MGEN Portugal - Companhia de Seguros, S.A. Listed in ASF's official register of LPS insurers.
Bupa Global Designated Activity Company
Freedom of Services
Home country: Ireland
Supervisor: CBI - Central Bank of Ireland (Ireland)
International health insurer for expatriates and residents in Portugal, distinct from the locally established Sanitas S.A. de Seguros - Sucursal em Portugal branch (Bupa brand for domestic health).
Wakam
Freedom of Services
Home country: France
Supervisor: ACPR (France)
French digital insurer providing white-label/embedded insurance products distributed via partner brokers and platforms in Portugal.
Domestic & General Insurance Europe AG
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
Appliance/extended-warranty insurer distributing in Portugal via Freedom of Services from its Spanish branch, without a dedicated Portuguese establishment.
AIG Europe S.A. (Sucursal da Irlanda) - produtos em LPS
Freedom of Services
Home country: Luxembourg
Supervisor: Commissariat aux Assurances (CAA)
Certain travel-assistance products (e.g., airline-partner travel insurance) are underwritten via AIG's Irish branch under Freedom of Services, distinct from AIG Europe S.A.'s own Portuguese branch, which handles other non-life lines locally.
Distribution channels
Share by channel- 44%Bancassurance
- Fidelidade (via CGD network)
- Ageas Portugal (via BCP/Millennium)
- CA Vida/CA Seguros (via Crédito Agrícola)
- BPI Vida e Pensões (via Banco BPI)
- 33%Insurance Agents
- Fidelidade agents
- Generali Tranquilidade agents
- Allianz Portugal agents
- Ageas Portugal agents
- 14%Insurance Brokers
- MDS
- Howden Portugal
- Marsh Portugal
- Grupo Rego (F.Rego/Corbroker)
- PIB Group (Vitorinos/AQS/Seguraz)
- 7%Direct SalesTelephone, branches and online
- Seguro Directo
- LOGO Seguros
- OK! Seguros (Via Directa)
- 2%Ancillary IntermediariesIncluding CTT postal network
- CTT (Generali partnership)
- Car dealers
- Travel agencies
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
Submit a written complaint directly to the insurer or intermediary (mandatory first step). Insurers must respond in a complete and reasoned manner within a maximum of 20 business days.
- 2
If there is no response within the deadline, or the consumer disagrees with it, escalate to the insurer's Provedor do Cliente (Client Ombudsman), who analyses the complaint within 30 days, extendable to 45 days in especially complex cases.
- 3
File a complaint with the ASF online via the Consumer Portal, by phone, by post, or in person (by appointment), provided it was first submitted to the entity complained against and remains unresolved or unanswered within 20 business days. The service is free.
- 4
If unresolved, pursue alternative dispute resolution via an accredited arbitration centre (e.g. CIAB) or a Julgado de Paz, or take legal action in court; recourse to the ASF or ombudsman does not preclude these options.
EU 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 through a branch (freedom of establishment) or by providing services cross-border without a local presence (freedom of services). In 2024, 27 branches of foreign insurers 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, and Lei 7/2019 transposed the Insurance Distribution Directive. The Life segment fell sharply in 2022-2023 amid rising interest rates. In January 2024, Generali completed the acquisition of Liberty Seguros for €2.3 billion, further consolidating the market.
2024-2026
Record Growth, M&A Wave, an Unprecedented Storm Season and Consumer Protection Reforms
Total direct insurance premiums reached EUR 16.18bn at end-2025, up 13.03% year-on-year, split roughly 50.4% Life and 49.6% Non-Life. Distributor M&A reached record levels (Generali-Liberty integration, Allianz-Caravela, PIB Group and Grupo Rego deals). Key legal reforms included DL 26/2025 (Motor Insurance), DL 79/2026 (Right to be Forgotten) and Lei 14/2026. In early 2026 a historic 'storm train' caused an estimated 5.3 billion euros of economic losses, of which only 26% were covered by insurance, from 218,000 claims.
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.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 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
Annual conduct supervision report including sanctions, suspensions, and cancellations.
- 05ASF – O papel do setor segurador no comboio de tempestades
Regulator report on the January-February 2026 storm sequence, losses and recommendations.
- 06Diário da República – Decreto-Lei n.º 26/2025
Full text of the 6th Motor Insurance Directive transposition (SORCA reform).
- 07Diário da República – Decreto-Lei n.º 79/2026
Full text of the Right to be Forgotten regulation for insurance and credit.
- 08Diário da República – Lei n.º 14/2026
Full text of the law reinforcing Right to be Forgotten and credit-linked insurance protections.