Insurances - Benelux

Benelux

The Insurances market in Benelux is expected to reach a projected market size (gross written premium) of US$167.50bn by 2024.
Among the different segments, Non-Life Insurances dominate the market with a projected market volume of US$116.00bn in 2024.
On average, individuals in Benelux are expected to spend US$5.58k per capita on Insurances market in 2024.
In comparison to other countries, the United States is projected to have the highest nominal value in the Insurances market, reaching US$3,788.0bn in 2024.
Looking ahead, the gross written premium is expected to grow at an annual rate of 1.79% (CAGR 2024-2029), resulting in a market volume of US$183.00bn by 2029.
Once again, the United States is expected to generate the highest gross written premium in the global market, reaching US$3,788.0bn in 2024.
In the Benelux region, there is a growing trend of insurance companies offering personalized policies to meet the unique needs of each customer.

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Analyst Opinion

The insurance market in Benelux is experiencing notable growth and evolution in recent years. Customer preferences in the Benelux insurance market are shifting towards more personalized and digital services, driven by the increasing demand for convenience and efficiency. Consumers are looking for tailored insurance products that meet their specific needs and lifestyle, as well as seamless online platforms for easy access to information and services. Trends in the Benelux insurance market include a rise in demand for sustainable and green insurance products, reflecting the region's focus on environmental consciousness and corporate social responsibility. Additionally, there is a growing interest in insurtech solutions, such as usage-based insurance and artificial intelligence applications, to enhance customer experience and streamline operations. Local special circumstances in Benelux, such as the diverse regulatory environment across Belgium, the Netherlands, and Luxembourg, present both challenges and opportunities for insurance companies operating in the region. Companies need to navigate different legal frameworks and consumer protection regulations while also capitalizing on the benefits of a multicultural and multilingual market. Underlying macroeconomic factors, such as the stable economic growth in Benelux countries and low interest rates, are influencing the insurance market dynamics. The favorable economic conditions contribute to increased consumer confidence and disposable income, driving the demand for various insurance products. However, the low interest rate environment poses challenges for insurers in terms of investment returns and profitability, pushing them to explore alternative revenue streams and risk management strategies.

Methodology

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.