Insurances - Belgium | Statista Market Forecast

The projected market size (gross written premium) of the Insurances market in Belgium is expected to reach US$30.90bn in 2024.
Within this market, Life insurances dominate with a projected market volume of US$16.13bn in 2024.
On average, individuals in Belgium are projected to spend US$2.64k per capita on insurance in 2024.
When compared globally, it is evident that the United States will have the highest nominal value, reaching US$3.8tn in 2024.
Looking ahead, the gross written premium in the Insurances market is expected to have an annual growth rate (CAGR 2024-2029) of 0.17%, resulting in a market volume of US$31.16bn by 2029.
Once again, the United States is projected to generate the highest gross written premium in the global comparison, reaching US$3.8tn in 2024.
Belgium's insurance market is experiencing a surge in demand for health and life insurance products due to an aging population.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Belgium has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Belgium are increasingly seeking insurance products that offer comprehensive coverage and personalized services. They are inclined towards insurance providers that offer innovative solutions such as digital platforms for easy access to policies and claims processing. Moreover, there is a growing demand for sustainable and socially responsible insurance products in line with global trends.

Trends in the market: One of the key trends shaping the insurance market in Belgium is the digital transformation of the industry. Insurers are investing in technology to enhance customer experience, streamline operations, and offer new products and services. Additionally, there is a noticeable shift towards usage-based insurance models, particularly in the automotive sector, where customers pay premiums based on their actual usage and behavior.

Local special circumstances: Belgium's insurance market is characterized by a high level of competition among both domestic and international insurance companies. This competitive landscape drives insurers to differentiate themselves through product innovation, customer service, and pricing strategies. Additionally, the regulatory environment in Belgium plays a crucial role in shaping the insurance market, with stringent regulations ensuring consumer protection and financial stability within the industry.

Underlying macroeconomic factors: The growth of the insurance market in Belgium is also influenced by macroeconomic factors such as GDP growth, interest rates, and demographic trends. A stable economic environment and low-interest rates have encouraged individuals and businesses to invest in insurance products for financial security and risk management. Moreover, Belgium's aging population and increasing life expectancy have led to a higher demand for retirement and health insurance products, driving further growth in the market.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.