The Portuguese Insurance and Pension Funds Supervisory Authority has published its first consolidated report on insurance mediation, finding that intermediaries remained the dominant distribution channel in 2025 but faced conduct, training and demographic pressures. Mediators contributed to more than 92% of premiums issued, while total remuneration rose to EUR 1.475 billion. The number of registered mediators declined to 10,024, and individual mediators had an average age of 54.1 years, highlighting limited generational renewal. Supervisory work identified outdated or incorrect training materials, weaknesses in remote examinations and gaps in controls over submediator networks. The authority is conducting detailed analysis of credit protection insurance products after earlier reviews found cases where commissions exceeded 50% of gross written premiums, raising concerns about proportionality and value for money. It completed 349 supervisory actions, issued 94 recommendations and 276 specific directions, and opened 28 new cases concerning suspected administrative offenses. Aggregate prudential ratios for brokers and reinsurance intermediaries remained comfortably above regulatory minimums.
2026-09-28Portuguese Insurance Regulator (ASF)
Portuguese Insurance and Pension Funds Supervisory Authority publishes first insurance mediation report, flags conduct and training weaknesses
The Portuguese Insurance and Pension Funds Supervisory Authority’s first insurance mediation report found that intermediaries accounted for more than 92% of premiums issued in 2025 and received EUR 1.475 billion in remuneration. Supervision identified weaknesses in training, submediator controls and the value offered by some credit protection products, while brokers’ aggregate prudential ratios remained above regulatory minimums.