The Portuguese Insurance and Pension Funds Supervisory Authority published an assessment of the insurance sector’s response to the succession of storms that struck Portugal in January and February 2026. The events generated about 218,000 claims and EUR 1.4 billion in insured losses, against estimated total economic losses of EUR 5.3 billion, leaving about 74% uninsured. The authority found that insurers maintained service continuity and financial resilience despite unprecedented operational pressure, with more than 99% of claims assessed or exempt from assessment by July. Reinsurance absorbed about 91% of costs and helped preserve solvency above regulatory requirements. Claims settlement and payment rates reached 90% and 80%, respectively, for individuals, compared with 85% and 34% for companies, whose claims were generally more complex. The report calls for stronger forward-looking climate-risk models, regular reviews of reinsurance programs, tested catastrophe-response plans, expanded loss-adjusting capacity, clearer policy terms and claims decisions, harmonized catastrophe reporting and a national protection system to reduce the structural coverage gap.
Portuguese Insurance Regulator (ASF)2026-07-28
Portuguese Insurance and Pension Funds Supervisory Authority finds sector resilient to 218,000 storm claims but identifies a 74% protection gap
The Portuguese Insurance and Pension Funds Supervisory Authority found that insurers remained operationally and financially resilient after about 218,000 storm claims and EUR 1.4 billion in insured losses. Reinsurance absorbed about 91% of costs, but estimated economic losses of EUR 5.3 billion left a 74% protection gap. The authority recommends stronger climate-risk management, catastrophe preparedness, consumer safeguards and a national protection system.