Belgium

Belgium Insurance Market Highlights

Market Regulation:

Supervised by the NBB and FSMA. Axco’s monitoring focuses on the "Twin Transition" (Digital and Green) and 2026 requirements for consumer price transparency.

Non-Life Market Trends:

The market is stable with high penetration in Workers' Compensation; Axco data shows a 2026 trend toward "Circular Economy" products, such as insurance for repaired electronics.

Distribution Channels:

Independent brokers are the dominant force; Axco’s distribution mapping shows that Bancassurance is particularly influential in the southern Walloon region.

Key Risks & Outlook:

Brussels serves as a global hub for complex liability; however, Axco’s outlook identifies urban flood risk as a growing concern for residential underwriters.

Insurance Companies:

Axco Navigator details that there are 53 non-life companies licensed to operate in the Belgian market (of which 21 were composites) and 11 life insurance companies, in addition to numerous companies registered under freedom of services provisions.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 5.6% to EUR 12,187 Mn with motor the largest class of business, accounting for 35% of premiums. Insurance penetration stands at 1.98%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Belgium Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Belgium includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Belgium?

The latest official figures from the National Bank of Belgium (NBB) show that as at 5th September 2025 there were 53 non-life companies licensed to operate in the Belgian market (of which 20 were composites) and four pure life companies, in addition to numerous companies registered under freedom of services provisions.

The four leading insurance groups in 2023 (AG Insurance, AXA, Ethias and KBC Assurances) accounted for 56.27% of all non-life business, with motor and property being the principal classes.

In the Non-Life (P&C) market, Lloyd's Insurance Company was the market leader, recording EUR 4,134.23 million in written premiums and 15.60% market share in 2024. It was followed by AG Insurance SA (EUR 2,565.08 million; 9.68% market share) and AXA Belgium SA (EUR 2,527.45 million; 9.53% market share).

Among the leading non-life insurers, QBE Europe reported the strongest growth, with premiums increasing 24.6% year-on-year. 53 companies are licensed for non-life business.

Who are the top non-life insurers in Belgium?

Source: Axco Navigator, Belgium Insurance Market Rankings.

What is the Life Insurance market in Belgium?

At the end of 2024 there were 24 life insurance companies with a head office in Belgium, another 21 composite insurers, writing both life and non-life business, and one reinsurer. Insurance association, Assuralia also reported eight branches of insurance companies from another EU member countries operating in the market. The number of insurers based on EU freedom of services provision amounted to 224.

In the Life insurance market, AG Insurance SA was the largest insurer in 2024, generating EUR 4,554.07 million in written premiums and holding 23.60% market share. It was followed by KBC Assurances (EUR 2,487.27 million; 12.89% market share) and Allianz Benelux (EUR 2,187.02 million; 11.33% market share).

The fastest-growing major life insurer was Securex Vie aam, with premium growth of 36.5% year-on-year. 24 companies are licensed for life business.

Who are the top life insurers in Belgium?

Source: Axco Navigator, Belgium Insurance Market Rankings.

Country Information

Belgium is a relatively small country geographically with a small population but it had the 18th largest non-life insurance market in 2019, the 28th largest PA and healthcare market and the 21st largest insurance market overall. This reflects the high non-life insurance penetration at 2.03% of GDP.

It has a very competitive insurance sector with a significant number of players and the requisite support system of brokers, reinsurers, lawyers, accountants and other service providers. Its generally stable political system and economy and closeness to EU decision-making have made it a base in which many international companies have sought to establish their headquarters. Many insurers set up new regulated EU subsidiaries in Brussels to allow them to continue to operate across the EU post-Brexit.

Cyber has been growing as a class of business but with an increase in losses. Two of the most significant incidents were ransomware events leading to business interruption at Asco, an aeroplane parts manufacturer in 2019 and Picanol, which makes high-tech weaving looms in 2020.

Pensions are provided by insurers and self-administered (non-insured) pension funds (pensioenfondsen /institutions de retraite professionnelle - IRPs). These IRPs may be set up for a single employer or for a sector.

The Belgian life market comprises traditional products with guaranteed returns, unit-linked products and hybrid products. Insured pension plans are included in group life statistics.