Non-life worth €9.3Bn in 2023

Non-life insurance premiums are expected to grow over the next five years at a compound annual growth rate (CAGR) of 5.9%, from €5.6Bn in 2021 to €7.6Bn in 2026 according to GlobalData, a consultant that produces data and analysis.

The consultant states that based on data, the Portuguese insurance market should grow nominally by 7.9% in 2022 (the Portuguese Insurers Association [APS) points to 6.7% from January to November, and 4.6% in 2023.
The reason being is a strong increase in the number of Portuguese signing up for accident and health insurance cover, with the latter seeing the greatest increase out of all the branches of the insurance industry, with a projected increase of 12.2% in 2022. (APS suggests 11.3% to November)
According to Sutirtha Dutta, an insurance analyst at GlobalData: “The growth of the non-Life insurance segment in Portugal is being buoyed by an increase in demand for private health insurance and an increase in policies for accident at work.
Moreover, the analyst foresees health insurance premiums to grow around 10% in 2023 because of inflationary pressures that lead to greater accident payouts”, and therefore higher prices on premiums