2.1. Number of Insurance Companies in Portugal, Headcount in Portugal Insurance Sector,

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2 TABLE OF CONTENTS 1. Portugal Insurance Market Introduction 2. Portugal Insurance Market Structure 2.1. Number of Insurance Companies in Portugal, Headcount in Portugal Insurance Sector, Portugal Life and Non-Life Insurance Market Size by Value, Portugal Life and Non-Life Insurance Density, Premium Per Capita, USD, Portugal Life and Non-Life Insurance Penetration, Premium as a % of GDP, Portugal Insurance Market Segmentation by Product, and Portugal Life Insurance Market Portugal Life Insurance Market Segmentation by Insurance Class, Portugal Life Insurance Competitive Landscape, 6.2. Portugal Non-Life Insurance Market Portugal Non-Life Insurance Market Segmentation by Insurance Class, Portugal Non-Life Insurance Competitive Landscape, 6.3. Portugal Motor Insurance Market Portugal Motor Insurance Market Size by Value, Number of Vehicles Insured and Average Premium per Insured Vehicles, Portugal Motor Insurance Competitive Landscape, 6.4. Portugal Health Insurance Market Portugal Health Insurance Market Size by Value, Portugal Health Insurance Competitive Landscape, 6.5. Portugal Fire & Other Property Damage Insurance Market Portugal Fire & Other Property Damage Insurance Market Size by Value, Portugal Fire & Other Property Damage Insurance Competitive Landscape, 2

3 6.6. Portugal Other Non-Life Insurance Market Portugal Other Non-Life Insurance Market Size by Value, Portugal Other Non-Life Insurance Market Segmentation by Insurance Class, 7. Portugal Life and Non-Life Insurers Investment Portfolio, USD Million, Portugal Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, Portugal Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, Portugal Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, Portugal Insurance Market Future Outlook 10. Appendix Market Definition Abbreviations Disclaimer 3

4 LIST OF FIGURES Figure 1: The Total Number of Insurance Companies in Portugal, Figure 2: The Total Number of Employees in the Insurance Sector in Portugal, Figure 3: Portugal Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, Figure 4: Portugal Life and Non Life Insurance Density, Premium per Capita, in USD, Figure 5: Portugal Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, Figure 6: Portugal Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, Figure 7: Portugal Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, 2015 Figure 8: Market Segmentation of Life Insurance Premium by Insurance Class, in Percentage, Figure 9: Portugal Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, Figure 10: Portugal Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, Figure 11: Portugal Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, Figure 12: Number of Vehicles Insured in Million with Average Premium per Insured Vehicle in USD, Figure 13: Portugal Market Share of Major Motor Insurers on the basis of Gross Insurance Premium Written, in Percentage, Figure 14: Portugal Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, Figure 15: Portugal Market Share of Major Health Insurers on the basis of Gross Insurance Premium Written, in Percentage, Figure 16: Portugal Fire & Other Property Damage Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written,

5 Figure 17: Portugal Market Share of Major Fire & Other Property Damage Insurers on the basis of Gross Insurance Premium Written, in Percentage, Figure 18: Portugal Other Non-Life Insurance Market Size by Value, on the Basis of Gross Insurance Premium Written, in USD Million, Figure 19: Portugal Other Non-Life Insurance Market Segmentation by Insurance Class on the basis of Gross Insurance Premium, in Percentage, Figure 20: Portugal Life and Non-Life Insurers Investment Portfolio, in USD Million, Figure 21: Portugal Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage, 2008 Figure 22: Portugal Non-Life Insurance Premium Segmentation on the Basis of Distribution Channel, in Percentage,

6 LIST OF TABLES Table 1: The Total Number of Insurance Companies in Portugal, Table 2: The Total Number of Employees in the Insurance Sector in Portugal, Table 3: Portugal Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, Table 4: Portugal Life and Non Life Insurance Density, Premium per Capita, in USD, Table 5: Portugal Life and Non Life Insurance Penetration, Premium as a Percentage of GDP, Table 6: Composition of Life insurance by Class on the basis of Gross Insurance Premium Written, in USD Million, Table 7: Portugal Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, Table 8: Composition of Non-Life Insurance premium by Insurance Class on the Basis of Gross Insurance Premium, in USD Million, Table 9: Portugal Market Share of Major Non-Life Insurers on the basis of Gross Insurance Premium Written, in USD Million, Table 10: Portugal Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, Table 11: Portugal Market Share of Major Motor Insurers on the basis of Gross Insurance Premium Written, in USD Million, Table 12: Portugal Health Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, Table 13: Portugal Market Share of Major Health Insurers on the basis of Gross Insurance Premium Written, in USD Million, Table 14: Portugal Fire & Other Property Damage Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, Table 15: Portugal Market Share of Major Fire & Other Property Damage Insurers on the basis of Gross Insurance Premium Written, in USD Million, Table 16: Portugal Other Non-Life Insurance Market Size by Value, on the Basis of Gross Insurance Premium Written, in USD Million,

7 Table 17: Portugal Life and Non-Life Insurers Investment Portfolio, in USD Million,

8 PORTUGAL LIFE AND NON-LIFE INSURANCE MARKET SIZE BY VALUE, In the forecasted period from to 2015, the gross life insurance premium is expected to increase at a CAGR of ~%. The value would increase from USD ~ million in to USD ~ million in Non-life insurance premium is also expected to increase from USD ~ million in to USD ~ million by 2015 at a CAGR of ~%. Total gross premium written is also likely to increase from USD ~ million in to USD ~ million in The growth rate expected to achieve during this period is ~%. Figure 1: Portugal Market Size by Value of Life and Non-Life Insurance Market in USD Million, on the basis of Gross Insurance Premium Written, Gross Insurance Premium Written (USD million) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, Life Insurance Non-Life Insurance PORTUGAL LIFE AND NON-LIFE INSURANCE DENSITY, PREMIUM PER CAPITA, USD, Life insurance density is expected to increase from USD ~ in to USD ~ in 2015, registering a CAGR of ~%. An increase of ~% is expected for non-life insurance density, resulting in an increased from USD ~ in to USD ~ in An increase in the total insurance density in Portugal is also expected. The density will increase from USD ~ in to USD ~ in 2015, at a growth of ~% 8

9 Figure 2: Portugal Life and Non Life Insurance Density, Premium per Capita, in USD, ,000 Premium per capita (USD) 3,500 3,000 2,500 2,000 1,500 1, Life Insurance Density Non-Life Insurance Density PORTUGAL INSURANCE MARKET SEGMENTATION BY PRODUCT, AND 2015 Life insurance is expected to dominate the insurance segment in the coming years. In the future, the share of life insurance is expected to increase from ~% in to ~% in A decrease in the motor insurance share is anticipated by The share of the segment is expected to decrease to ~%. Fire and other property damage and other non-life are also expected to lose some of their share to life insurance. By 2015, the share of fire and other property damage would reduce from ~% in to ~% in Similar trend will be witnessed in the other non-life insurance segment as the market share will decline from ~% in to ~% in Health insurance is expected to maintain its share by

10 Figure 3: Portugal Insurance Market Segmentation by Product in Percentage on the basis of Gross Insurance Premium Written, Life Motor Fire and Other Property Damage Health Other Non-Life PORTUGAL LIFE INSURANCE COMPETITIVE LANDSCAPE, Fidelity-Global with a market share of ~% is by far the biggest player operating in the Portugal life insurance industry. West Life with a share of ~% is the second largest player, followed closely by BES-Vida with ~% of the market share. Santander Totta Life is another major player operating in the region with a share of ~%. The fifth largest player in the region is BPI Vida with a share of ~%. Other prominent players operating in the region are Barclays and CNP Vida Pensiones, Agricultural Credit Life, Acoreana, AXA Life and Allianz. 10

11 Figure 4: Portugal Market Share of Major Life Insurers on the basis of Gross Insurance Premium Written, in Percentage, Fidelity-Global West Life BES-Vida Santander Totta Life BPI Vida Barclays and CNP Life Agricultural Credit Life Açoreana AXA Life Allianz Others PORTUGAL NON-LIFE INSURANCE MARKET PORTUGAL NON-LIFE INSURANCE MARKET SEGMENTATION BY INSURANCE CLASS, Motor insurance is the largest segment by class in case of non-life insurance with a premium contribution of USD ~ million in. Other non-life insurance segment including Accidents, Marine, Air, Goods Carried and Liability Insurance are the second largest segment with a premium of USD ~ million. Accidents were the largest sub segment of other non-life insurance with a premium of USD ~ million followed by liability insurance with USD ~ million. Marine, Air and Goods carried comprised of with a small share of USD ~ million, USD ~ million and USD ~ million respectively. Table 1: Composition of Non-Life Insurance premium by Insurance Class on the Basis of Gross Insurance Premium, in USD Million, Insurance Class Gross Insurance Premium (USD Million), Motor ~ 11

12 Health (Illness from Diseases) ~ Fire and Other Property Damage ~ Other Non-Life Insurance ~ Accidents ~ Marine ~ Air ~ Goods Carried ~ Liability Insurance ~ Miscellaneous ~ Source: AM Mindpower Solutions PORTUGAL MOTOR INSURANCE MARKET PORTUGAL MOTOR INSURANCE MARKET SIZE BY VALUE, Motor insurance in Portugal grew at a CAGR of ~% during The maximum increase in growth was registered in the year 2003, where the growth registered was ~%. The premium increased from USD ~ million in 2001 to USD ~ million in. By 2015, motor insurance is likely to increase at a CAGR of ~% during the period from The premium is set to increase from USD ~ million in to USD ~ million in

13 Figure 5: Portugal Motor Insurance Market Size in USD Million, on the basis of Gross Insurance Premium Written, ,000 Gross Insurance Premium Written (USD million) 2,500 2,000 1,500 1, Motor Insurance PORTUGAL OTHER NON-LIFE INSURANCE MARKET SEGMENTATION BY INSURANCE CLASS, The total other non-life insurance registered a premium of USD ~ million in. Accidents comprised of the largest share with a premium of USD ~ million which represented a market share of ~%. Liability Insurance was another major segment with a share of ~% and a premium of USD ~ million. Marine, air and goods carried formed a small proportion of other non-life insurance segment as compared to others. Among the three, goods carried had the largest premium collection of USD ~ million followed by marine with USD ~ million and air with USD ~ million. Miscellaneous contributed gross insurance premium of USD ~ million and a market share of ~% 13

14 Figure 6: Portugal Other Non-Life Insurance Market Segmentation by Insurance Class on the basis of Gross Insurance Premium, in Percentage, Accidents Liability Insurance Good s Carried Marine Air Miscellaneous 14

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