Portugal

Axco provides details on the life insurance sector including Portugese market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Portugal, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Portugese pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Portugal report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The impact of the COVID-19 pandemic on the life and pensions sectors has been excess mortality due to COVID-19 and the impact of the evolution of the financial markets and the saving capacity of individuals. In terms of production in 2020, preliminary figures for premiums from January to December 2020 show a 34% decrease in the Life branch, with the biggest fall, 62% being in retirement savings products ....

One effect of the pandemic is that companies which previously had no pension plans in place are now asking consultants to draft plans for their employees, as a staff retention policy. Consultants have also been busy calculating the optimal tax efficient severance pay for those employers forced to let staff go because of the COVID-19 pandemic.

The pension funds market is small ....

The National Health Plan (PNS), has been extended to 2030. Since the country's focus is on its Recovery and Resilience Plan, a priority for 2021, the Management Cycle that begins in 2021, lacks a strategic reference for its objectives and will follow the existing Strategic Guidelines for the year 2021. These set out the current guiding principles and objectives relating to the provision and modernisation of healthcare in Portugal ....