In 2025, individual health insurance in Portugal grew more than double that of corporate health insurance, approximately 6.3% versus 0.9%, according to the Portuguese Insurers Association. Currently, the country has nearly four million people with health insurance. Insurance offered by companies is not draining the individual market; it functions rather as an entry point for greater appreciation of health protection. When an employee moves to a company without insurance or retires, it is common to seek an individual solution that allows them to maintain the coverage and access to healthcare they were accustomed to, with the Portuguese market moving toward a 50/50 balance between both segments.
The insurance sector does not view the past five years as a period of competition between the two segments. Generali Tranquilidade explains that there has been growth in demand for both, although with different dynamics, noting that health insurance has ceased to be a differentiating benefit and has become one of the most valued elements in the employee value proposition. Multicare highlights the strong dynamism of SMEs in the corporate market, a sign that the expansion of collective coverage is far from exhausted. The insurer also points out that the sector plays an increasingly relevant role in providing alternative care through private networks, relieving pressure on the National Health Service.
The group policy creates habit but does not retain loyalty forever. An official source from Generali Tranquilidade explains that when a person changes jobs, starts self-employment, or moves to an entity without health insurance, they may feel the need to seek an individual solution. MGEN notes that corporate insurance is normally associated with the worker's continued presence in that organization, not fully meeting the specific needs of each person or their family. Individual insurance, on the other hand, follows them regardless of their career path and can be chosen based on their needs. Bupa believes that corporate insurance policies are, in many cases, the entry point to the system, and that these users subsequently come to value preventive care and quick access, maintaining or adapting this coverage through individual solutions.
The growth of the individual segment is not limited to those who already had company insurance. Insurers now offer accessible solutions for broader age groups, including people over 65, who a few years ago had few or no options in the market. The main customers of this segment are families, retirees, foreign citizens residing in Portugal, freelancers, and sole proprietors. When asked whether the Portuguese market is moving toward a model in which health insurance becomes primarily a labor benefit, insurers reject this scenario. Rui Meireles, from MDS, states that both segments have a common growth trend and do not function as competitors. Generali Tranquilidade believes that demand will continue to grow in both segments, as health is today one of the main concerns of families and an increasingly greater priority for companies.
