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Belgium

Belgium

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

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Information for Belgium can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Insight Compliance Market Profiles Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Brussels
EUR
11.63 mn
3.70
1.63%
31,571.05
5.92

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.

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