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Competitividade na indústria seguradora não vida em Portugal: impactos da estrutura de mercado e modelos de negócio na sua performance entre 2008 e 2022
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Abstract(s)
A atividade seguradora é essencial para mitigar a incerteza associada à vida das pessoas e das empresas protegendo-as perante uma variedade de riscos prováveis de ocorrência futura. Nas especificidades da atividade da indústria seguradora destacam-se o paradoxo da aversão ao risco assente no modelo de input e output diferido e no processo de tratamento da assimetria da informação materializada na seleção adversa e risco moral.
As características de estabilização económica e social sustentam-se na regulamentação e supervisão comum da European Insurance Occupational Pensions Authority (EIOPA) a nível da União Europeia, com a harmonização da atividade baseada no princípio do passaporte único entre os Estados Membros, para garantir competitividade aos operadores e proteger os consumidores de seguros.
A eficiência técnica e a performance de cada seguradora, baseando-se na mutualização dos riscos, são impactadas pela estrutura de mercado e decisões de gestão, quanto à entrega de valor aos consumidores de seguros e sua captura para os investidores através dos modelos de negócio adotados.
A investigação realizada para o setor segurador não vida em Portugal, entre 2008 e 2022, baseou-se em dois modelos econométricos para analisar a rentabilidade financeira e técnica das vendas como fatores de competitividade a partir dos modelos de negócio.
Concluiu-se que o mercado de seguros não vida em Portugal apresentou uma concentração moderada não limitando a competitividade nem condicionando as rentabilidades financeiras e técnicas das seguradoras. Os modelos de negócio mais eficientes contribuíram para ganhos de quota, sendo mais impactados pelas decisões de gestão do que pela estrutura de mercado.
The insurance activity emerges as pivotal in mitigating the inherent uncertainty characterizing the lives of individuals and business entities by protecting them against an array of probable risk events that may materialize in the future. Within the intricacies of the insurance industry's operations, notable is the paradox of risk aversion rooted in the deferred input-output model, alongside the process addressing information asymmetry manifested through adverse selection and moral hazard. The socio-economic stabilization attributes are underpinned by the regulatory and supervisory frameworks promulgated by the European Insurance Occupational Pensions Authority (EIOPA) within the European Union ambit, aiming at fostering activity harmonization on the underpinning of the single passport principle among Member States. This framework ensures competitiveness for operators and protect insurance consumers. The technical efficiency and overall performance metrics of insurance firms, predicated on risk mutualization, are influenced by market structure dynamics and management decision-making concerning the delivery of value to insurance consumers and value capture for investors, pivoted on the adopted business models. Research intently focused on the non-life insurance sector in Portugal, spanning from 2008 to 2022, leveraged two econometric models to dissect both financial and technical profitability of sales as competitiveness determinants based on business models. It was deduced that the non-life insurance market in Portugal exhibited moderate concentration levels that did not undermine competitiveness nor impact the financial and technical insurers profitability. The more efficient business models played a substantial role in market share increments, being more significantly influenced by management decisions than market structure dynamics.
The insurance activity emerges as pivotal in mitigating the inherent uncertainty characterizing the lives of individuals and business entities by protecting them against an array of probable risk events that may materialize in the future. Within the intricacies of the insurance industry's operations, notable is the paradox of risk aversion rooted in the deferred input-output model, alongside the process addressing information asymmetry manifested through adverse selection and moral hazard. The socio-economic stabilization attributes are underpinned by the regulatory and supervisory frameworks promulgated by the European Insurance Occupational Pensions Authority (EIOPA) within the European Union ambit, aiming at fostering activity harmonization on the underpinning of the single passport principle among Member States. This framework ensures competitiveness for operators and protect insurance consumers. The technical efficiency and overall performance metrics of insurance firms, predicated on risk mutualization, are influenced by market structure dynamics and management decision-making concerning the delivery of value to insurance consumers and value capture for investors, pivoted on the adopted business models. Research intently focused on the non-life insurance sector in Portugal, spanning from 2008 to 2022, leveraged two econometric models to dissect both financial and technical profitability of sales as competitiveness determinants based on business models. It was deduced that the non-life insurance market in Portugal exhibited moderate concentration levels that did not undermine competitiveness nor impact the financial and technical insurers profitability. The more efficient business models played a substantial role in market share increments, being more significantly influenced by management decisions than market structure dynamics.
Description
Keywords
Setor segurador não vida Modelos de negócio Estrutura de mercado Eficiência técnica Eficiência financeira Non-life insurance sector Business models Market structure Technical efficiency Financial efficiency