Latest news and stories about insurance in property in Portugal for expats and residents.
Condominium managers in Portugal are advocating for the implementation of a single building insurance policy to streamline property management and improve market efficiency.
A significant portion of residential properties in Portugal still lacks coverage against seismic events, leaving the country exposed to potential risks.
Recent severe storms in Portugal have caused extensive damage, prompting many families to seek insurance coverage, though policy limitations often leave them without the expected financial protection.
Recent severe weather events have triggered a 20% to 35% surge in demand for new insurance policies, as both individuals and businesses seek enhanced coverage and better risk management.
The current legal framework for insurance contracts came into force almost twenty years ago. Since then, the Portuguese real estate market has changed in scale, construction costs have increased significantly, technology has transformed risk assessment, and the information available to insurers, brokers, and consumers has multiplied. Even so, a weakness remains almost...
Utmost has established a new entity to manage insurance distribution operations within the Portuguese market.
The mayor says it is “extremely important” that a support system for those suffering from storms or other catastrophes is “pre-emptively secured”.
The Ombudsman identified significant constraints in the distribution of support created after storm Kristin and advocates for a national regime and a fund to respond to natural and seismic disasters. The institution presented 38 recommendations to improve evacuations and the protection of vulnerable populations. The findings, released in two reports, highlight delays in processing applications and structural issues in the insurance sector, such as low coverage and difficulties in accessing insurance in high-risk areas. Proposals include a mandatory insurance system for homes and businesses, a single digital platform for managing disaster aid, and better adaptation of warning systems for the elderly and people with disabilities.
It is essential to have a cultural shift regarding risks and their coverage, especially concerning those that are intensifying due to climate change.
Six months after the storm 'Kristin', 35,908 applications for state support were registered and 179,046 are being paid by insurance companies.
Only 26% of the 5.3 billion euros in damages caused by the bad weather were covered by insurance. 91% of the indemnified losses were supported by the international reinsurance market.
The train of storms caused global losses currently estimated at around 5.3 billion euros, of which only 26% are covered by the insurance sector, noted the Insurance and Pension Funds Supervisory Authority.
A large part of the situations related to insurance claims triggered following the storms at the beginning of the year has been resolved, although “sometimes not in the best way,” notes the condominium association, which is calling for changes to the law. Portugal was hit by a series of low-pressure systems between the end of January and the beginning of March, of which...
At the 5th edition of the National Insurance Forum, Nuno Santos, General Manager at Diagonal, analysed the competitive relationship between bancassurance and traditional brokerage in customer acquisition and retention during the talk “Bancassurance vs. Traditional Brokerage: The war for customer retention”. “Both traditional brokerage and bancassurance position themselves as competitors,” he began by saying...
Chubb has reached an agreement with the underwriting agency Hispania to launch Masterpiece in Portugal and Spain, a product targeting the high-net-worth insurance segment for clients with high-value homes and assets. The goal of the product is to end fragmentation: instead of separate policies for...
The Concentra Group, which specialises in insurance and reinsurance brokerage in Spain and Portugal, has announced the integration of Obimedia – Sociedade Mediadora de Seguros, an insurance agent based in Óbidos, in the Leiria district. This operation is part of the group's growth strategy in the Portuguese market and expands its territorial presence to the western region.
Now that the Montenegro government has made multi-risk insurance mandatory — a measure that will contribute to the creation of a Disaster Fund long demanded by the insurance sector — following the damage caused by the train of storms that crossed Portugal between January 27 and February 13, the digital broker Mudey...
The insurance company GamaLife reported a net profit of 32.6 million euros in 2025, half of that recorded in 2024, marking its fifth consecutive financial year with positive results. According to the annual report published this Wednesday, the solvency ratio rose from 246% to 270% at the end of last year, despite the insurer...
The Minister of Economy stated in Parliament that he intends to have “a conversation with insurers” to try to speed up payments following the series of storms. He acknowledged that the “compensation process for people whose homes were affected is proceeding in a very uneven manner” and regretted that there are “municipalities that are much slower and some ...
Sabseg, an insurance broker, and Sabcrédito, an intermediary specialising in credit, have formalised a partnership that will provide private and corporate clients with a coordinated model for managing insurance and financing solutions, they announced in a statement. Clients will now benefit from integrated advice: Sabseg will handle the identification and contracting of coverage...
The Minister of Economy, Castro Almeida, announced in Lisbon that the government will provide financial support to vulnerable households for the new mandatory catastrophe insurance on homes and factories, part of the Portugal Transformation, Recovery and Resilience (PTRR) programme. While specific amounts remain to be defined by decree, the minister highlighted the creation of a catastrophe fund financed by these mandatory premiums. The PTRR, with a total budget of 22.6 billion euros over nine years, aims to address recovery needs following recent storms.
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The Portuguese Association of Insurers acknowledges that some property owners may not be able to afford the multi-risk insurance that is becoming mandatory.
The establishment of a 'natural and seismic disaster fund, with a reform of the risk coverage regime and the creation of mandatory insurance for homes, supported by a solidarity mechanism to ensure universal access' is one of the first measures provided for in the PTRR – Transformation, Recovery and Resilience Plan, presented this Tuesday by the Government.
From 2023 to 2025, Simplefy, a community of credit intermediaries, has quintupled the number of intermediaries in its network.
We already know that the storms at the beginning of the year left a trail of destruction in Portugal. But they also left figures that are hard to ignore. Almost 240,000 homes affected; more than 185,000 insurance claims filed; losses expected to exceed one billion euros. But there is one piece of data worth highlighting: more than half of...
Innovarisk relaunched new home insurance solutions this Tuesday, aimed at clients with high-value assets. The launch aims to address the limitations of traditional market policies, particularly regarding conditions, insured capital, and exclusions, while introducing new coverage. The new offering updates capital amounts to account for recent years.
The Portuguese Association of Insurers, through the APS Insurance Knowledge and Learning centre (CASA), has announced the 'Condominiums (and) Insurance' course, which will take place online from 15 to 23 April. The aim of this training is to provide knowledge about the mandatory and optional insurance policies that condominiums should consider, covering aspects...
