Portuguese Insurance Regulator president urges insurers to close catastrophe, cyber and retirement protection gaps and streamline rules beyond the EU baseline

In an interview with Expresso, Portuguese Insurance Regulator (ASF) President Gabriel Bernardino argued that the insurance sector should play a more active role in addressing significant protection gaps in Portugal, pointing to catastrophe coverage, cybersecurity and supplementary retirement mechanisms as priorities. Looking ahead to his mandate, Bernardino highlighted a desire for greater administrative and financial autonomy for the supervisor and set out an operational focus on regulatory simplification, including dropping requirements that exceed the European framework where they are not needed for citizen protection or stability. He also linked stronger risk management of long-term products to a reduction in insurers’ capital requirements at sector level, which he expects would free capital to be reinvested in modernising the industry and improving product offerings.