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Profitability analysis and premium adjustment of mortgage life insurance under IFRS 17
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Em Portugal, quando um segurado contrai um crédito à habitação, as instituições de crédito exigem-lhe a subscrição de um seguro de vida associado ao empréstimo. Embora esta exigência não seja obrigatória por lei, constitui uma condição para a aprovação do crédito, uma vez que, em caso de morte ou invalidez do mutuário, a seguradora garante o pagamento do capital em dívida à instituição de crédito. Sendo este seguro de vida essencial para a aprovação do crédito, é expectável que várias seguradoras apresentem produtos distintos, tanto ao nível dos prémios como ao nível das coberturas oferecidas, tornando o mercado extremamente competitivo. Na empresa onde decorreu o estágio, CA Vida, este ambiente competitivo tornou-se evidente, tendo levado a um aumento significativo do número de anulações de apólices e, consequentemente, a dificuldades na retenção da carteira de clientes deste produto associado ao crédito à habitação. Estes acontecimentos resultaram numa pressão acrescida para rever os prémios deste produto de Vida Risco, uma vez que os prémios atualmente cobrados não são suficientemente competitivos para evitar a transferência de clientes para outras seguradoras. É neste contexto que se enquadra o principal objetivo do estágio: analisar a oferta da concorrência, identificar as causas das dificuldades na retenção da carteira de clientes e, por fim, apresentar sugestões para rever e ajustar os prémios, de forma a tornar o produto mais competitivo e, simultaneamente, rentável e sustentável para a seguradora CA Vida. Após a conclusão do estudo, foi identificada uma possível causa do problema, tendo sido recomendados ajustamentos dos prémios aos responsáveis pela tomada de decisão.
In Portugal, when a policyholder takes out a mortgage, credit institutions require them to take out a life insurance policy linked to the loan. Although this is not compulsory by law, it is a requirement for obtaining the loan, because in the event of death or disability of the borrower, the insurer guarantees payment of the outstanding balance to the credit institution. As this life insurance is essential for the loan application to be approved, it is expected that various life insurance companies will present different products in terms of the premiums and covers offered, making the market extremely competitive. In the company where the internship took place, CA Vida, this challenging environment was manifest, as it led to a significant increase in policy cancellations and therefore to difficulties in retaining the client portfolio for this product associated with home loans. These events have resulted in increased pressure to review the premiums for this life risk product, as the current premiums are not competitive enough to prevent customers from switching to competitors. This is where the main objective of the internship lies: to analyse the competition's offer, to find the causes of the difficulties in retaining the client portfolio and finally give suggestions to review and adjust the premiums, in order to make the product more competitive and, at the same time, profitable and sustainable for CA Vida insurance company. Once the study had been completed, a potential cause of the problem had been identified, and adjustments to the premiums were recommended to those responsible for decision-making.
In Portugal, when a policyholder takes out a mortgage, credit institutions require them to take out a life insurance policy linked to the loan. Although this is not compulsory by law, it is a requirement for obtaining the loan, because in the event of death or disability of the borrower, the insurer guarantees payment of the outstanding balance to the credit institution. As this life insurance is essential for the loan application to be approved, it is expected that various life insurance companies will present different products in terms of the premiums and covers offered, making the market extremely competitive. In the company where the internship took place, CA Vida, this challenging environment was manifest, as it led to a significant increase in policy cancellations and therefore to difficulties in retaining the client portfolio for this product associated with home loans. These events have resulted in increased pressure to review the premiums for this life risk product, as the current premiums are not competitive enough to prevent customers from switching to competitors. This is where the main objective of the internship lies: to analyse the competition's offer, to find the causes of the difficulties in retaining the client portfolio and finally give suggestions to review and adjust the premiums, in order to make the product more competitive and, at the same time, profitable and sustainable for CA Vida insurance company. Once the study had been completed, a potential cause of the problem had been identified, and adjustments to the premiums were recommended to those responsible for decision-making.
Descrição
Trabalho Final de Mestrado, Actuarial Science, ISEG, 2025.
Palavras-chave
Mortgage Protection Product Market Sensibility Analysis Premium Adjustment Profitability Produto Proteção Crédito Habitação Análise de Sensibilidade de Mercado Ajuste de Prémios Rentabilidade