Insurance in October 2026: 6 facts every broker should know

October brought fresh data on how much Portugal's insurance brokerages earn, another step in the consolidation of the broker market, a regulator survey that shows a clear gap in retirement advice, a ninth straight quarter of falling commercial insurance prices, a rescue in French insurance and $27M for an AI-native insurer. Here is what happened, the numbers behind each story and what it means for insurance brokers.

Key takeaways

• Portugal's 68 insurance brokerages made €48.3M in net profit in 2025, a 22% return on equity, according to the ASF. The 20 largest generated 85% of it.
• Verspieren Portugal completed its 19th brokerage acquisition in three years, with six more planned before the end of 2026.
• 34% of PPR holders in Portugal don't know which type of retirement plan they have, and almost 80% bought it at a bank.
• Global commercial insurance rates fell 5% in Q3 2026, the ninth quarterly decline in a row (Marsh). Property fell 10%, Europe 6%.
• AmTrust International bought French insurer Wakam, with a reported €100M capital injection to relaunch its underwriting.
• Slingshot Insurance raised a $27M seed round to build an AI-native embedded insurer that automates the work of MGAs and distributors.

October 2026 at a glance

How profitable are insurance brokerages in Portugal?

Very profitable. According to the ASF's report on insurance distribution in 2025, the 68 brokerages (corretoras) operating in Portugal made €48.3M in combined net profit, a 22% return on equity. Profit is concentrated: the 20 largest brokerages earned €41.3M, about 85% of the total, on €317.9M of turnover.

Return on equity has been positive since 2021, peaked in 2023 and has eased in each of the last two years. The ASF links that mainly to a larger capital base rather than weaker results: equity at the top 20 rose 34% to €180M in 2025. The spread between firms is wide. In ECO's ranking, Gaspar & Costa reached a 95% return on equity, while MDS, the largest brokerage by turnover, posted a loss.

What it means for brokers: scale pays, because fixed costs are spread over a larger book. For everyone else, the lever is productivity per person. The ASF counted 10,024 brokers and agents in Portugal in 2025, fewer than a year earlier, while their commissions grew 9.7% to €1,475M. Fewer people are handling more business.

How fast is the insurance broker market consolidating in Portugal?

Fast. In October 2026, Verspieren Portugal (VCS) bought Núria Vicente's exclusive Generali Tranquilidade agency in Grândola, its 19th acquisition of a brokerage or agency in three years. The deal adds around 4,000 clients and about €110,000 a year in commissions, and VCS plans six more acquisitions before the end of 2026.

Grândola extends the group's presence in the Alentejo region. It follows other purchases of local agencies, including Prova Distinta, also an exclusive Generali Tranquilidade agency, in July 2025. The pattern is consistent: a national brokerage buys local agencies with a loyal client base and integrates them into one structure.

What it means for brokers: a local book with loyal clients is valuable, to buyers and to the agency itself. Whether an agency plans to sell one day or to keep growing on its own, organised client data and documented processes make it worth more and easier to run.

Do Portuguese savers know what retirement plan they own?

Many don't. An ASF survey for its new Observatory of Long-Term Retirement Savings found that 34% of PPR (Plano Poupança Reforma, Portugal's tax-advantaged retirement savings plan) holders don't know which type of PPR they have. Almost 80% bought their PPR at a bank, most of them in person at a branch.

The survey interviewed 801 residents aged 18 and over by phone between December 2025 and February 2026, with a margin of error of 3.5 points. The type matters: a PPR can be an insurance product, a pension fund or a unit-linked plan. Insurance PPRs are usually more conservative, while fund PPRs carry more risk and normally don't guarantee the capital invested.

What it means for brokers: this is a clear case for good advice. A PPR review is a natural reason to call a client: confirm what type of plan they hold, what risk it carries and whether it still fits their goals.

Are commercial insurance prices still falling?

Yes. Marsh's Global Insurance Market Index shows that global commercial insurance rates fell 5% on average in Q3 2026, the ninth consecutive quarterly decrease, after a 6% fall in Q2. Property rates fell 10% and cyber 4%, while casualty rose 1%. By region, Europe fell 6%, the UK 8% and the US 1%.

Marsh attributes the decline to ample capacity, strong competition between insurers across all major lines and favourable reinsurance terms. Every region recorded lower composite rates year on year, with the largest fall, 14%, in India, the Middle East and Africa.

What it means for brokers: in a softening market, renewals are an opportunity. Clients can get better terms or more cover for the same premium, but only if someone compares the market. A broker who quotes more insurers at every renewal delivers that saving to the client.

What happened to Wakam, and who bought it?

AmTrust International, the London-based specialty arm of AmTrust Financial Services, acquired French insurer Wakam on 26 October 2026, with a reported capital injection of around €100M to relaunch its underwriting. Weeks earlier, the French regulator ACPR had temporarily barred Wakam SA from writing new business or renewing contracts, after its solvency coverage fell to 66%, below the 100% minimum.

Wakam is a pan-European B2B2C insurer that provides embedded and white-label insurance through MGAs and distribution partners, with more than 230 employees. AmTrust did not disclose the financial terms, but says Wakam is now fully capitalised and can write new business and renew policies again.

What it means for brokers: carrier risk is distribution risk. When the insurer behind a product stops writing business, every partner that sells it stops too, overnight. It is worth knowing who stands behind the products you place, and having alternatives ready.

How much are investors putting into AI-native insurers?

In October 2026, Slingshot Insurance emerged from stealth with a $27M seed round co-led by Rally Ventures and Skyward Group, which also became its primary carrier partner. Slingshot is building an AI-native embedded insurer that automates the work of MGAs and distributors, focused on high-frequency, low-severity risks such as amateur sports, travel and the gig economy.

Its platform aims to replace spreadsheets, email and legacy systems with a single operating environment, using APIs to connect MGAs, distribution platforms and capital providers. One of its co-founders is Ethan Genteman, former chief actuarial officer at Palomar.

What it means for brokers: investors are funding AI that does the operational work of distribution, not just chatbots. It is the same direction we see at FRANK, where our AI Operator handles back-office tasks inside insurer portals for more than 350 agencies and brokerages.

What do October's numbers mean for insurance brokers?

Three threads run through the month. Profit is concentrating in firms with scale. Clients are underserved, on advice (the PPR gap) and on price (a soft commercial market). And capital is flowing into AI that automates the administrative side of distribution. Brokers who free time from admin can put it where October's data says the value is: reviews, renewals and advice. Agencies using FRANK report around 10 hours freed per broker, per week.

Frequently asked questions

What was the return on equity of insurance brokerages in Portugal in 2025?
22%. The 68 brokerages that operated in Portugal made €48.3M in combined net profit in 2025, according to the ASF. The 20 largest accounted for about 85% of that profit.

How many insurance brokerages are there in Portugal?
68 brokerages (corretoras) operated in Portugal in 2025, according to the ASF. Counting all categories, the ASF registered 10,024 brokers and agents.

What is the Marsh Global Insurance Market Index?
A quarterly index from Marsh that tracks the average change in commercial insurance prices at renewal, by region and line of business. In Q3 2026 it showed a 5% global decline.

Is the commercial insurance market soft in 2026?
Yes. According to Marsh, global commercial insurance rates have fallen for nine consecutive quarters, driven by ample capacity and competition between insurers. Casualty is the exception, up 1% in Q3 2026.

What types of PPR exist in Portugal?
Three: insurance PPRs (life insurance not linked to investment funds), PPR pension funds and unit-linked PPRs. They differ in risk and in whether the capital is guaranteed. The ASF runs an online PPR comparison tool.

About FRANK

FRANK is an AI Operator for insurance brokers, built by a Portuguese insurtech founded in December 2024. It does back-office work inside insurer portals and broker systems, such as quotes, claims and renewals, so brokers spend more time with clients. It is used by more than 350 agencies and brokerages.

Comparing AI tools for your agency? Read our guide: Best AI tools for insurance broker paperwork in 2026.

Sources

• ECO Seguros, "Corretoras de seguros atingem 22% de retorno de capital em 2025", 22 October 2026 (ASF report on insurance distribution 2025)
• ECO Seguros, "Verspieren faz a sua 19.ª aquisição de mediadoras de seguros em 3 anos", 12 October 2026
• ECO, "Mais de um terço dos titulares de PPR desconhece o produto que tem", 27 October 2026 (ASF Observatory of Long-Term Retirement Savings)
• Marsh, "Global commercial insurance rates fall 5% in Q3 2026", 21 October 2026
• Insurance Business, "AmTrust acquires Wakam weeks after French regulator halted its underwriting", 26 October 2026
• Coverager / FinTech Global, "Slingshot Insurance raises $27 million", 22 October 2026