Portuguese insurers' profits rise 11% despite surge in storm-related claims

Insurers supervised by the ASF reported an 11% increase in profits during the first half of 2026, reaching 461 million euros compared to 414 million euros in the same period the previous year.

Despite the profit growth, non-life insurance claims costs rose by 35.2%. The fire sector, which includes residential, commercial, and industrial multi-risk coverage, was heavily impacted by a series of storms, particularly during the second quarter. Multi-risk indemnities reached 920 million euros, nearly tripling the 311 million euros recorded in the first half of 2025.

The increase in claims has affected companies' equity, leading to a decline in the Solvency Capital Requirement (SCR) ratio. The overall ratio fell from 212% on December 31, 2025, to 198% by June 30, 2026. Specific declines were noted in mixed insurers (from 206% to 193%) and non-life insurers (from 190% to 174%), though all remain well above the 100% minimum requirement.