Life insurance - Belgium

  • Belgium
  • The Life insurance market market in Belgium is expected to reach a market size (gross written premium) of US$16.13bn in 2024.
  • The average spending per capita in the Life insurance market market is projected to amount to US$1.38k in 2024.
  • With a forecasted annual growth rate (CAGR 2024-2029) of -3.04%, the gross written premium is expected to result in a market volume of US$13.82bn by 2029.
  • In comparison to other countries globally, the United States is anticipated to generate the highest gross written premium of US$1,288.0bn in 2024.
  • Belgium's life insurance market is experiencing a shift towards digitalization, with insurers offering online platforms and mobile apps for policy management and claims processing.
 
Market
 
Region
 
Region comparison
 
Currency
 

Analyst Opinion

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.

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.

Overview

  • Gross Written Premium
  • Gross Claim Payments
  • Loss Ratio
  • Analyst Opinion
  • Users
  • Methodology
  • Key Market Indicators
Please wait

Contact

Get in touch with us. We are happy to help.
Statista Locations
Contact Meredith Alda
Meredith Alda
Sales Manager– Contact (United States)

Mon - Fri, 9am - 6pm (EST)

Contact Yolanda Mega
Yolanda Mega
Operations Manager– Contact (Asia)

Mon - Fri, 9am - 5pm (SGT)

Contact Ayana Mizuno
Ayana Mizuno
Junior Business Development Manager– Contact (Asia)

Mon - Fri, 10:00am - 6:00pm (JST)

Contact Lodovica Biagi
Lodovica Biagi
Director of Operations– Contact (Europe)

Mon - Fri, 9:30am - 5pm (GMT)

Contact Carolina Dulin
Carolina Dulin
Group Director - LATAM– Contact (Latin America)

Mon - Fri, 9am - 6pm (EST)