The Portuguese Insurance Regulator published its first-quarter 2025 report on insurance activity in Portugal, showing direct insurance production rose 18.4% year on year to over EUR 4.2 billion, while direct claims paid fell 17.8% to EUR 2.34 billion. The report also shows insurers’ investment portfolios totalled EUR 52.7 billion and estimated solvency coverage ratios for undertakings under ASF prudential supervision decreased to 204% for the Solvency Capital Requirement (SCR) and 535% for the Minimum Capital Requirement (MCR). Life business grew 30.2% to EUR 2.00 billion, driven by a 72.1% increase in linked life, while non-linked life excluding retirement savings plans (PPR) grew 21.3% and non-linked PPR was broadly stable; PPR premiums (linked and non-linked) rose 24.6% and represented around 26% of life business. Non-life grew 9.4% to EUR 2.20 billion, led by disease (12.8%) and motor (9.2%), with work accidents up 9.8% and fire and other damage up 7.7%; claims paid in non-life increased 3% overall, while life claims paid fell 29.6% and surrenders declined 32.6%. Technical provisions were EUR 44.1 billion at quarter-end, up 0.8% from end-2024, including around EUR 12.7 billion for PPR; debt instruments remained the dominant asset class in investment portfolios.
Portuguese Insurance Regulator (ASF) 2025-07-11
Portuguese Insurance Regulator publishes first-quarter 2025 insurance market report showing 18.4% growth in direct premiums
The Portuguese Insurance Regulator (ASF) reported an 18.4% increase in direct insurance production to over EUR 4.2 billion in Q1 2025, while direct claims paid decreased by 17.8% to EUR 2.34 billion. Insurers' investment portfolios totaled EUR 52.7 billion, with solvency coverage ratios declining to 204% for the Solvency Capital Requirement and 535% for the Minimum Capital Requirement. Life insurance grew 30.2% to EUR 2.00 billion, driven by a 72.1% rise in linked life, while non-life insurance increased 9.4% to EUR 2.20 billion, led by disease and motor sectors.