The importance of insurance in Portugal

Portugal is a highly-developed economy, categorized by a relatively high standard of living and is referred to as a high-income advanced country.

As such, it has a highly educated population and the forward-thinking people of Portugal understand the importance of good insurance policies.

According to the Better Life Index, although Portugal is above average in terms of work-life balance and personal security, it falls below average in terms of income and wealth as well as jobs and earnings.

 It is, therefore, necessary that insurance be easily affordable and convenient for the Portuguese.

Insurance is necessary both for business owners and families so that they can keep the economy growing according to its potential as well as ensure the future of their loved ones.

3 popular types of insurance in Portugal

A wide variety of insurance forms are taken up in Portugal. The most popular amongst them gain their rank due to the sensibilities and economic situation of the majority of the Portuguese population. A few of these are

1.  Health Insurance

Portugal offers free public healthcare to residents provided they pay Portuguese Social Security. Its public healthcare system is very highly ranked, however, it does not cover some services and some treatments now have hefty costs associated with them.

Therefore, anyone looking for such expensive treatments or who is more attuned towards private healthcare needs a good health insurance policy in place to deal with unexpected and heavy expenses.

Some people may use a combination of public and private health insurance, to get a policy that covers close to 100% of their medical bills. Although this requires paying a larger sum of premium, it ensures the policyholder of added security.

2.  Vehicle Insurance

Portuguese law requires that drivers carry unlimited third-party liability insurance. This is further extended to the use of rented cars, and the insurance payment is usually included in the rental cost of the car itself.

Many people also purchase supplementary insurance packages that extend beyond the basic services covered by this mandatory policy.

These may work similarly to supplementary health insurance in that they allow more of the damages to be covered in case of an accident.

3.  Personal Accident Insurance

This may be part of the supplementary insurance that people opt for in terms of their vehicles and daily life. Personal accident insurance is another form of non-life insurance

It is designed to protect the policyholder and their beneficiaries in the case of an accident or disability arising.

 These policies come in a variety of different forms and severities. Individuals can find policies concerning anything ranging from a back injury to a life-long disability.

The use of Personal Accident policies depends a lot on the individuals’ day-to-day life and the dangers they find themselves encountering daily.

Typically, people choose to go for policies that most closely align with their actions and lives.

3 top insurance companies in Portugal

Portuguese people look to various insurance companies to provide what they require. When looking for insurance, they tend to choose the most reliable companies that offer the most comprehensive and well-suited policies. A few of these companies are

1.  Ageas Portugal

Ageas Portugal is an international insurance group present in over 15 countries, including Portugal. It has a long history in the region where it has been operating since 2005.

Ageas, therefore, has a long-standing relationship of trust with the people, backed up by its history in other regions as well.

It offers health, vehicle and home insurance amongst many others and draws on over 190 years of experience to make sure its customers have the best possible offers.

Ageas maintains a presence on different forms of social media so that its customers can get in touch regarding their policies and any problems that may arise, thereby offering both reliability and convenience to the people of Portugal.

2.  CoimbrasegurosMediacaoProfissional De Seguros

Coimbraseguros is another one of Portugal’s top insurance companies. It is a relatively new one as compared to others, having been in the market since 1996.

 However, it still has a rich history with the people and offers a wide variety of trustworthy services.

Insurance policies offered by them cater to both individuals and companies. They have also expanded into other sectors such as agriculture and auto trading.

 Their wide reach is one reason why they have risen swiftly up the ranks and are in high standing in the region.

3.  Zurich Portugal

Zurich Portugal is also a major company in the country. They are one of the oldest insurance companies operating in Portugal, having been around for over 100 years, and have policies for both individuals and businesses.

Their popularity lies mainly in the customer-oriented approach that has worked for them during the lifespan of their company.

 They have support systems in place in case customers face any issues and are seeking to continually minimize the risk of the people they serve.

Commonalities between all of these companies suggest that Portuguese people tend to turn to companies having a rich history in their region, perhaps being referred to them by word of mouth.

 They are very careful about where they place their trust, and it ultimately is with those who serve them well.