Portugal's Insurance and Pension Funds Supervisory Authority announces campaign on compulsory motor insurance and stricter review of credit-linked cover

In an interview on Conversa Capital, the President of Portugal's Insurance and Pension Funds Supervisory Authority (ASF), Gabriel Bernardino, outlined the supervisor’s current focus for the insurance and pension funds sectors, centred on consumer protection, product sustainability and strengthening long-term savings. ASF signalled continued monitoring of the health insurance market, highlighting the impact of medical inflation on costs and calling for a balance between insurers, providers and consumers to avoid unaffordable premiums or, alternatively, insurer-led reductions in coverage. On motor insurance, it pointed to a rise in accident claims involving uninsured vehicles, up 23% in 2024 and a further 9% in 2025, and announced a national awareness campaign on the obligation and importance of motor insurance. The interview also raised the need to revitalise retirement saving through a simple, transparent product with limited costs and targeted tax incentives, and indicated that ASF will apply more rigorous scrutiny to credit-linked insurance, including mortgage-related cover, to prevent contractual imbalances and ensure consumers receive effective value.