The government of Portugal is considering catastrophe bonds as a potential mechanism that could be utilised to provide risk capital for disaster resilience and to better manage catastrophe risk exposure in the country.
The government published its Portugal Transformation, Recovery and Resilience Plan (PTRR) recently, indicating a significant EUR 22.6 billion spending plan to boost its economic resilience and to encourage resilient development.
Insurance features as a key component of the plan, with measures ranging from multi-risk agricultural coverage, to mandatory catastrophe insurance for properties and homes, and even a catastrophe fund for natural disasters and seismic events to ensure universal access to coverage.
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