Definition:
Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. 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.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, and the share of insureds in the total population for over 50 countries.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Over the past few years, the Life insurance market in Belgium has shown steady growth and resilience despite economic challenges.
Customer preferences: Belgian customers have shown a growing interest in life insurance products that offer not only financial security but also investment opportunities. This trend is in line with the global shift towards more comprehensive insurance coverage that provides both protection and potential returns.
Trends in the market: One notable trend in the Belgian life insurance market is the increasing demand for unit-linked insurance products. These products allow policyholders to invest in a variety of funds, offering the potential for higher returns compared to traditional life insurance policies. This trend reflects a growing appetite for investment opportunities among Belgian consumers.
Local special circumstances: Belgium's unique demographic profile, with an aging population and low interest rates, has influenced the development of the life insurance market in the country. The need for retirement planning and long-term financial security has driven the demand for life insurance products that offer both protection and investment benefits. Additionally, the regulatory environment in Belgium has played a role in shaping the product offerings in the life insurance market, with insurers adapting to comply with local laws and consumer preferences.
Underlying macroeconomic factors: The low interest rate environment in Belgium has encouraged consumers to seek alternative ways to grow their savings, leading to a greater uptake of investment-linked insurance products. Additionally, the stability of the Belgian economy and the country's strong regulatory framework have instilled confidence in the life insurance market, attracting both domestic and international insurers to offer a wide range of products to meet the diverse needs of Belgian customers.
Most recent update: Sep 2024
Source: Statista Market Insights
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights