Life Insurance in Portugal, Key Trends and Opportunities to 2020

Transcription

1 Report Information More information from: Life Insurance in Portugal, Key Trends and Opportunities to Report / Search Code: WGR Publish Date: 27 March, 2017 Price 1-user PDF : $ Site PDF : $ Enterprise PDF : $ Description: Synopsis Timetric s 'Life Insurance in Portugal, Key Trends and Opportunities to ' report provides indepth 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 ' 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 () and forecast period (). 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 review period, and projected figures for the forecast period. It offers a detailed analysis of the key categories in the Portuguese life insurance segment, and market forecasts to. 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 During the review period, the fall in life policies sales was caused by long-term low interest rates

2 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 Contents: Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Segment Indicators Gross written premium and penetration Policies sold Claims Investments 5 Outlook by Sub-Segment 5.1 Individual Life Insurance Premium Policies sold Penetration 5.2 Group Life Insurance Premium Policies sold Penetration 6 Distribution Channel Outlook 6.1 Analysis by Distribution Channel 7 Competitive Landscape 7.1 Company Profiles Fidelidade Companhia de Seguros SA company overview BPI Vida e Pensões company overview GNB Vida Companhia de Seguros SA company overview Ocidental - Companhia Portuguesa de Seguros de Vida SA company overview Santander Totta Seguros - Companhia de Seguros de Vida company overview 8 Governance, Risk and Compliance 8.1 Legislation Overview and Historical Evolution 8.2 Latest Changes in Regulation 8.3 Legislation and Market Practice by Type of Insurance Life insurance Property insurance Motor insurance Liability insurance Marine, aviation and transit insurance Personal accident and health insurance 8.4 Compulsory Insurance Motor vehicle third-party liability insurance Workers compensation insurance Fire insurance for property damage Air carriers and aircraft operators insurance 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 8.5 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 8.6 Non-Admitted Insurance Regulations Overview

3 8.6.2 Intermediaries Market practices Fines and Penalties 8.7 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 8.8 Taxation Insurance premium or policy taxation Withholding taxes on premium paid overseas Corporate tax VAT Captives 8.9 Legal System Introduction Access to court Alternative dispute resolution 9 Databook 9.1 Policies and Premium 9.2 Claims and Expenses 9.3 Assets and Investments 9.4 Direct Marketing and E-Commerce 9.5 Insurance Brokers and Agencies 9.6 Bancassurance and Other Distribution Channels 9.7 Individual Life Insurance 9.8 Individual Life Insurance by Product 9.9 Group Life Insurance 9.1 Group Life Insurance by Product 9.11 Linked vs. Non-Linked Policies 10 Definitions and Methodology 10.1 Definitions 10.2 Methodology 11 About Timetric 11.1 Contact Timetric 11.2 About Timetric 11.3 Timetric s Services 11.4 Disclaimer List of Tables Table 1: Portuguese Life Insurance Key Facts, 2015 Table 2: Portuguese Life Insurance Segment Shares of the Top Insurers, 2015 Table 3: Portuguese Government Credit Ratings Table 4: Portuguese Life Insurance Gross Written Premium (EUR Billion and US$ Billion), Table 5: Portuguese Life Insurance Penetration (%), Table 6: Portuguese Life Insurance Gross Written Premium (EUR Billion and US$ Billion), 2015 Table 7: Portuguese Life Insurance Penetration (%), Table 8: Portuguese Life Insurance New Business Direct Written Premium (EUR Billion and US$ Billion), Table 9: Portuguese Life Insurance New Business Direct Written Premium (EUR Billion and US$ Billion), Table 10: Portuguese Life Insurance Premium per Capita (EUR and US$), Table 11: Portuguese Life Insurance Premium per Capita (EUR and US$), Table 12: Portuguese Life Insurance Number of Policies Sold (Thousand), Table 13: Portuguese Life Insurance Number of Policies Sold (Thousand), Table 14: Portuguese Life Insurance Paid Claims (EUR Billion and US$ Billion), Table 15: Portuguese Life Insurance Paid Claims (EUR Billion and US$ Billion), Table 16: Portuguese Life Insurance Total Investment Income (EUR Billion and US$ Billion), Table 17: Portuguese Life Insurance Total Investment Income (EUR Billion and US$ Billion),

4 Table 18: Portuguese Life Insurance Investment Portfolio (EUR Billion), Table 19: Portuguese Life Insurance Investment Portfolio (EUR Billion), Table 20: Portuguese Life Insurance Direct Written Premium by Sub-Segment (EUR Billion), Table 21: Portuguese Life Insurance Direct Written Premium by Sub-Segment (EUR Billion), Table 22: Portuguese Individual Life Insurance Direct Written Premium by Category (EUR Million), Table 23: Portuguese Individual Life Insurance Direct Written Premium by Category (EUR Million), Table 24: Portuguese Individual Life Insurance Number of Policies Sold by Category (Thousand), Table 25: Portuguese Individual Life Insurance Number of Policies Sold by Category (Thousand), Table 26: Portuguese Group Life Insurance Direct Written Premium by Category (EUR Million), Table 27: Portuguese Group Life Insurance Direct Written Premium by Category (EUR Million), Table 28: Portuguese Group Life Insurance Number of Policies Sold by Category (Thousand), Table 29: Portuguese Group Life Insurance Number of Policies Sold by Category (Thousand), Table 30: Portuguese Life Insurance New Business Direct Written Premium by Distribution Channel (EUR Million), Table 31: Portuguese Life Insurance New Business Direct Written Premium by Distribution Channel (EUR Million), Table 32: Portuguese Life Insurance Percentage of New Business Direct Written Premium, by Distribution Channel, Table 33: Portuguese Life Segment Market Shares of Leading Insurers (%), 2015 Table 34: Fidelidade Companhia de Seguros SA Key Facts Table 35: Fidelidade Companhia de Seguros SA Key Financials (EUR Million), Table 36: BPI Vida e Pensões Key Facts Table 37: BPI Vida e Pensões Key Financials (EUR Million), Table 38: GNB Vida Companhia de Seguros SA Key Facts Table 39: GNB Vida Companhia de Seguros SA Key Financials (EUR Million), Table 40: Ocidental - Companhia Portuguesa de Seguros de Vida SA Key Facts Table 41: Ocidental - Companhia Portuguesa de Seguros de Vida SA Key Financials (EUR Million), Table 42: Santander Totta Seguros - Companhia de Seguros de Vida Key Facts Table 43: Santander Totta Seguros - Companhia de Seguros de Vida Key Financials (EUR Million), Table 44: Portugal Insurance Regulatory Framework Key Features Table 45: Portugal Life Insurance Regulatory Framework Table 46: Portugal Property Insurance Regulatory Framework Table 47: Portugal Motor Insurance Regulatory Framework Table 48: Portugal Liability Insurance Regulatory Framework Table 49: Portugal Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft Table 50: Portugal Stamp Duty on Insurance Premium Table 51: Portugal Corporate Tax Rates for the Financial Year 2017 Table 52: Portuguese Life Insurance Policies and Premium, Table 53: Portuguese Life Insurance Policies and Premium, Table 54: Portuguese Life Insurance Claims and Expenses, Table 55: Portuguese Life Insurance Claims and Expenses, Table 56: Portuguese Life Insurance Assets and Investments, Table 57: Portuguese Life Insurance Assets and Investments, Table 58: Portuguese Life Insurance Direct Marketing and E-Commerce, Table 59: Portuguese Life Insurance Direct Marketing and E-Commerce, Table 60: Portuguese Life Insurance Insurance Brokers and Agencies, Table 61: Portuguese Life Insurance Insurance Brokers and Agencies, Table 62: Portuguese Life Insurance Bancassurance and Other Distribution Channels, Table 63: Portuguese Life Insurance Insurance Brokers and Agencies, Table 64: Portuguese Life Insurance Individual Life Insurance, Table 65: Portuguese Life Insurance Individual Life Insurance, Table 66: Portuguese Life Insurance Individual Life Insurance by Product, Table 67: Portuguese Life Insurance Individual Life Insurance by Product, Table 68: Portuguese Life Insurance Group Life Insurance, Table 69: Portuguese Life Insurance Group Life Insurance,

5 Table 70: Portuguese Life Insurance Group Life Insurance by Product, Table 71: Portuguese Life Insurance Group Life Insurance by Product, Table 72: Portuguese Life Insurance Linked vs. Non-Linked Policies, Table 73: Portuguese Life Insurance Linked vs. Non-Linked Policies, Table 74: Insurance Industry Definitions List of Figures Figure 1: Portuguese Real GDP (EUR Billion), Figure 2: Portuguese EUR US$ Exchange Rate, Figure 3: Portuguese Consumer Price Inflation (%), Figure 4: Portuguese Current Account Balance as Percentage of GDP (%), Figure 5: Portuguese Unemployment Rate, Figure 6: Portuguese Population by Age Group, Figure 7: Portuguese Life Insurance Penetration Regional Comparison (%), 2015 Figure 8: Portuguese Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015 Figure 9: Portuguese Life Insurance Gross Written Premium (EUR Billion), Figure 10: Portuguese Life Insurance Penetration (%), Figure 11: Portuguese Life Insurance New Business Direct Written Premium (EUR Billion), 2011 Figure 12: Portuguese Life Insurance Premium per Capita (EUR), Figure 13: Portuguese Life Insurance Number of Policies Sold (Million), Figure 14: Portuguese Life Insurance Paid Claims (EUR Billion), Figure 15: Portuguese Life Insurance Total Investment Income (EUR Billion), Figure 16: Portuguese Life Insurance Investment Portfolio (EUR Billion), Figure 17: Portuguese Life Insurance Investment Portfolio Dynamics by Category, Figure 18: Portuguese Life Insurance Direct Written Premium by Sub-Segment (EUR Billion), Figure 19: Portuguese Life Insurance Direct Written Premium Share by Sub-Segment, 2011 Figure 20: Portuguese Life Insurance Direct Written Premium Dynamics by Sub-Segment, 2011 Figure 21: Portuguese Individual Life Insurance Direct Written Premium by Category (EUR Billion), Figure 22: Portuguese Individual Life Insurance Direct Written Premium Dynamics by Category, Figure 23: Portuguese Individual Life Insurance Number of Policies Sold by Category (Thousand), Figure 24: Portuguese Individual Life Insurance Penetration (%), Figure 25: Portuguese Individual Life Insurance Penetration (%), Figure 26: Portuguese Group Life Insurance Direct Written Premium by Category (EUR Million), Figure 27: Portuguese Group Life Insurance Number of Policies Sold by Category (Thousand), Figure 28: Portuguese Group Life Insurance Penetration (%), Figure 29: Portuguese Group Life Insurance Penetration (%), Figure 30: Portuguese Life Insurance New Business Direct Written Premium by Distribution Channel (%), 2011, 2015 and Figure 31: Portuguese Life Segment Market Shares of Leading Insurers (%), 2015 Figure 32: Portugal The Three Pillars of Solvency II Figure 33: Portugal Insurance Supervision and Control at Various Levels Figure 34: Portugal Insurance Regulatory Frameworks for Company Registration and Operation wiseguyreports.com / Phone (US) (UK)