Fidelidade corners 30% of the market in H1
The Portuguese insurer Fidelidade has again cornered a 30% of the local market in the first half of 2023.
But overall there was a fall in growth in the market in Portugal, particularly in the life insurance segment. Comparing data from the Portuguese Insurance Association (ASF) from 2022-2023, total policies were down by 4.2% or close to €270 million, bringing the total to €6Bn.
However, non-life insurance grew 10.4% from January to June when like-for-like inflation was 4.7% and GDP growth was at 2.7% for the same period, although it is still not clear which part of the growth was down to the increase in the price of bonuses and which was down to an increase in new sales.
Life fell 18.2% in the first half of 2023, losing €780 million in sales in relation to H1 2022, although the trend seems to be inverting thanks to offers in savings and investments insurance beginning to yield income.
Car insurance grew 7.9% with Fidelidade, Tranquilidade, Ageas, Alliance and Caravela all seeing above average growth.
The largest 5 insurance groups in Portugal in H1 of 2023 were Fidelidade, Ageas, Generali, Allianz and Vida Caixa.