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Portugal insurance is an industry that has seen many a change of scenario and is currently on a growth phase. Insurance companies in Portugal had been nationalized in 1975 and by a later law of 1983 the doors to this industry were re-opened to the private sector. Although even now the foreign companies are not allowed entry into the domestic market yet the insurance practices of Portugal are of international standards. Insurance market at Portugal is thus at a stage where even if it faces stiff competition from the offshore companies they can still hold their own and survive.
Insurance companies of Portugal offer both life and non life coverage. The life insurance providers in Portugal are Tranquilidade and Espirito Santo Financial Group. These companies are adept at handling all necessary Life Insurance needs of their clients and offer a very personalized and customized service.
The many non life insurance companies provide coverage of a wide variety of risks. Most of them offer customized cover for automobile, burglary, glass breaking and property damage. They also offer comprehensive householders policy covering contents of the house.
Portugal insurance is thus a newly strengthened market with the larger companies joining hands with the major banks making their financial positions stronger. This is making it even harder for the foreign companies to break into this market although the political, legal and even executive components are lenient.
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