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Ranking of car insurance companies in Portugal

 Car insurance is very important for any car owner. In most countries, and also in Portugal, car insurance is mandatory. It is necessary to at least cover civil liabilities. There are other options for insuring the passenger, driver or car, but these are optional and can be chosen by the consumer.



Virtually all insurance companies that offer Non-Life insurance also offer auto insurance. The total market, in terms of insurance premiums paid, is €1.8 billion. It is growing slowly with the expansion of the car stock in Portugal. From 2019 to 2020, the market grew by about 2%.

The car insurance market is highly concentrated: 6 companies represent more than 80% of the business and only 12 companies have market shares of 1% or more. Our statistics show the biggest car insurance companies in Portugal by insurance premium income.



Explanation

The graphs show the revenue from motor insurance premiums of the largest insurance companies in Portugal.

Fidelidade, Generali Seguros and Ageas Seguros lead the market, with the first two representing alone almost 50% of the market share.

Fonte: ASF 2020

The following table shows the growth rates of companies with an income from motor insurance premiums above 10 million euros.

10 million euros.

Insurance company20202019Growth rate
faithfulness460,44 €455,37 €1,10%
Generals Seguros408,06 €404,13 €1,00%
Ageas Insurance199,68 €190,27 €4,90%
Zurich Insurance171,78 €166,70 €3,00%
Allianz148,43 €144,32 €2,90%
Liberty Insurance132,83 €140,78 €-5,60%
Lusitania Insurance80,43 €82,43 €-2,40%
Caravela58,28 €40,06 €45,50%
Via Direct48,09 €45,80 €5,00%
General Mapfre46,06 €44,87 €2,70%
Western Insurance39,86 €39,04 €2,10%
CA Insurance39,54 €37,04 €6,70%
GNB Insurance16,10 €16,15 €-0,30%
Victory Insurance13,62 €13,13 €3,70%
One Insurance9,65 €7,93 €21,70%


Generali does not offer auto insurance under its own brand, but operates through Tranquilidade and Logo. Via Directa (which is part of the Fidelidade group) also has two separate brands: OK! Teleseguros and iPronto, the latter not accepting new customers at this time (beginning of 2021).

Certainly, the car insurance market has been affected by the crisis caused by COVID 19. For example, NSeguros faced financial problems at the end of 2020 and was integrated into Lusitania Seguros. NSeguros will likely continue to be a separate brand, but it is unclear at the time of writing.

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