Insurance companies operating in Portugal paid out almost 1.4 billion euros for damage caused by their policyholders’ vehicles in 2022.
According to a technical analysis report on the automotive industry published by the Portuguese Association of Insurers.(APS), 8,527,194 vehicles were insured, resulting in a total payout to insurers of €1.966 billion, with an average cost per vehicle of €231 per year, an increase of 1% compared to 2021.
ECHO reports that the 865,081 accidents reported to companies last year, 10.9% more accidents than the previous year, cost insurers €1.391 billion, with the average cost per accident being €1,609 . 2.2% more than the previous year and 9% more than the average recorded in 2020 before inflation exploded.
Source: The Portugal News