Portugal's Insurance and Pension Funds Supervisory Authority (ASF) published the report on Public Consultation No. 13/2024 and confirmed a set of soft-law recommendations to standardise and speed up claims handling under home multi-risk insurance, aiming to give policyholders and claimants clearer expectations on process steps and timelines. The recommendations cover governance, customer information, and maximum claims-handling time limits. Insurers are encouraged to formalise procedures in an internal claims-handling manual, staffed and maintained by appropriately qualified personnel, and to run periodic internal audits focused on quality across the process, particularly where liability is declined. Before contract conclusion, insurers should provide relevant information on claims procedures and their average settlement times by claim type, make that information publicly available on their websites, provide written and reasoned liability decisions (including means of challenge) and give regular updates on open claims. Maximum time limits run from receipt of the claim notification and include first contact within four business days and a written liability decision (and recognised damage amount) or denial within 25 business days for building cover and 40 business days for contents or combined cover. Deadlines can be doubled in defined situations, including exceptionally high claim volumes relative to the insurer’s usual average, condominium home multi-risk claims, and where fire or earthquake cover is triggered; time limits may be suspended where there is a substantiated fraud investigation, and the first-contact deadline may be suspended where the insurer can evidence unsuccessful contact attempts. Insurers are expected to follow a comply-or-explain approach by notifying ASF within two months of issuance whether they comply or intend to comply, or providing reasons for non-compliance; firms that comply and authorise disclosure will be listed on ASF’s website. Regardless of approach, insurers must submit annual data on average claims settlement times via the ASF Portal by the end of January each year, with reporting starting in 2026.
Portuguese Insurance Regulator (ASF) 2025-04-08
Portugal's Insurance and Pension Funds Supervisory Authority finalises recommendations setting maximum deadlines for home multi-risk insurance claims
Portugal's Insurance and Pension Funds Supervisory Authority (ASF) released recommendations to standardize and expedite claims handling for home multi-risk insurance. The guidelines include governance, customer information, and time limits for claims processing, with insurers encouraged to formalize procedures and conduct internal audits. Insurers must report compliance intentions to ASF and submit annual claims settlement data starting in 2026.