Belgium

Axco provides details on the life insurance sector including Belgian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Belgium, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Belgium's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Belgium report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Summary and Trends

The life market comprises both individual and group products, with the individual market representing almost two-thirds of premium. The economic impact of the Covid-19 pandemic has been significant, with the economy forecast to contract by up to 8.8% in 2020. The National Bank of Belgium (NBB) published a press release in December 2020 suggesting an improvement in business confidence, with indicators in the business survey such as order books and expected demand, generally being less negative than in previous months.

Total written life premiums grew by 3.77% in 2019. According to the insurance association, Assuralia, total loss of premium income in the insurance market overall was ...

Summary and Trends

A large proportion of the workforce belongs to an occupational pension plan. Business indicator post-Covid-19 indicate an improved outlook for group employee benefit insurances as well as personal insured savings products.  According to the agreement for the insurance sector, which was facilitated by the National Bank of Belgium (NBB) with the input of the Financial Services and Markets Authority (FSMA) and the federal government, individuals and companies impacted by the pandemic were initially allowed to maintain their insurance cover and/or defer premium payments until 30 September 2020 for certain insurance classes (such as group pensions, death, disability and hospitalization under group insurance and insurances linked to mortgages).

Summary and Trends

A high level of basic healthcare is provided by the social security system. State healthcare covers costs of medical practitioners, drugs, hospitalisation and transport all subject to varying degrees of patient contribution. Above the basic social cover, private medical insurance (PMI) is optional. Some reform of doctors' fees is expected. At present supplements payable to doctors are not reimbursed ...