Portuguese non-life insurance market 2023-2028 forecasts

GlobalData is anticipating an average annual growth rate of 6.9% for the Portuguese non-life insurance market over the 2023-2028 period. Written premiums are expected to rise from 6.6 billion EUR (6.7 billion USD) in 2023 to 9.2 billion EUR (9.7 billion USD) in 2028.

This increase would be driven by higher demand for health policies, the ever-growing number of cars on the road, and strong demand for cyber risks.

In 2023, the sector is dominated by the personal accident and health (PA&H) class of business, which accounts for 36.6% of the non-life portfolio. It is followed by motor and third-party liability, with respective market shares of 26.5% and 17.7%.

The remaining 19.2% is attributable to property, credit, marine, aviation and miscellaneous risks.