Pros and Cons of a Eurozone Breakup
INSURANCE IN PORTUGAL
2012 / 2013
ASSOCIAÇÃO PORTUGUESA
DE SEGURADORES
INSURANCE
IN PORTUGAL
INSURANCE MARKET
OVERVIEW 12/13
OCTOBER
2013
02
INSURANCE
IN PORTUGAL
ASSOCIAÇÃO PORTUGUESA
DE SEGURADORES
INSURANCE
IN PORTUGAL
INSURANCE IN PORTUGAL
and
contributions
to
capitalisation
products)
decreased once more in 2012 (6.5%). In the Life segment, attracting savings was affected by the fall of
nUMBER OF
COMPANIES
79
household disposable income, by the progressive loss of tax incentives on several of its products (the PPR in
During 2012 Portugal plunged into an unprecedented
particular) and by the competition of other financial
macroeconomic crisis of significant social impact. Of
products. For the Non-Life segment it was also a year
itself, it was already a difficult environment for business
of remarkable reduction of production, particularly in
in general, one that became even more difficult for
those segments more sensitive to macroeconomic
the insurance industry following the adoption of
variables such as Workmen’s Compensation and
several measures especially of a fiscal nature.
Motor insurance.
nUMBER OF
EMPLOYEES
11.180
nUMBER OF
BROKERS
Nevertheless, from a purely economic point of view,
24.624
2012 was not a negative year for the industry.
Rather, it was a year of high net income (estimated at €539 million), underpinned by the recovery of the capital markets, particularly in the debt segment, and by an extraordinary operation involving the assignment of the life-risk portfolio of one of the insurers operating in the Portuguese market. More sensitive to market volatility, the Life segment was the main driver of this performance (with a technicalaccount balance of €741 million), although the Non-
NET
INCOME
539 million euros
Life segments taken together also contributed to the improvement of the overall result, likewise
2012 / 2013
ASSOCIAÇÃO PORTUGUESA
DE SEGURADORES
INSURANCE
IN PORTUGAL
INSURANCE MARKET
OVERVIEW 12/13
OCTOBER
2013
02
INSURANCE
IN PORTUGAL
ASSOCIAÇÃO PORTUGUESA
DE SEGURADORES
INSURANCE
IN PORTUGAL
INSURANCE IN PORTUGAL
and
contributions
to
capitalisation
products)
decreased once more in 2012 (6.5%). In the Life segment, attracting savings was affected by the fall of
nUMBER OF
COMPANIES
79
household disposable income, by the progressive loss of tax incentives on several of its products (the PPR in
During 2012 Portugal plunged into an unprecedented
particular) and by the competition of other financial
macroeconomic crisis of significant social impact. Of
products. For the Non-Life segment it was also a year
itself, it was already a difficult environment for business
of remarkable reduction of production, particularly in
in general, one that became even more difficult for
those segments more sensitive to macroeconomic
the insurance industry following the adoption of
variables such as Workmen’s Compensation and
several measures especially of a fiscal nature.
Motor insurance.
nUMBER OF
EMPLOYEES
11.180
nUMBER OF
BROKERS
Nevertheless, from a purely economic point of view,
24.624
2012 was not a negative year for the industry.
Rather, it was a year of high net income (estimated at €539 million), underpinned by the recovery of the capital markets, particularly in the debt segment, and by an extraordinary operation involving the assignment of the life-risk portfolio of one of the insurers operating in the Portuguese market. More sensitive to market volatility, the Life segment was the main driver of this performance (with a technicalaccount balance of €741 million), although the Non-
NET
INCOME
539 million euros
Life segments taken together also contributed to the improvement of the overall result, likewise