Non-life insurances - Belgium | Statista Market Forecast

The Non-life insurance market in Belgium is expected to reach a projected market size (gross written premium) of US$14.76bn in 2024.
On average, each person in Belgium is projected to spend US$1.26k on Non-life insurance in 2024.
The gross written premium is expected to grow at an annual rate of 3.28% between 2024 and 2029, resulting in a market volume of US$17.35bn by 2029.
When compared globally, the United States is expected to generate the highest gross written premium of US$2.5tn in 2024.
Belgium's non-life insurance market is witnessing a surge in demand due to increasing awareness and implementation of risk management strategies by businesses.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

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, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

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

Over the past few years, the Non-life insurances market in Belgium has shown steady growth and development.

Customer preferences: Customers in Belgium have shown a growing interest in comprehensive non-life insurance policies that offer a wide range of coverage options. They are increasingly looking for customized insurance solutions that cater to their specific needs, whether it be for property, health, or travel insurance.

Trends in the market: One prominent trend in the Belgian non-life insurance market is the increasing adoption of digital channels for purchasing insurance policies. Insurers are investing in online platforms and mobile apps to provide customers with easy access to information and the ability to purchase policies conveniently. Additionally, there is a growing focus on sustainability and ethical practices within the industry, with more insurers offering eco-friendly insurance products.

Local special circumstances: Belgium's unique demographic profile, with a high proportion of urban population centers, has led to specific insurance needs in the market. Urbanization has resulted in a higher demand for property and liability insurance, especially in densely populated areas. Moreover, the country's regulatory environment plays a significant role in shaping the non-life insurance market, with strict guidelines ensuring consumer protection and financial stability.

Underlying macroeconomic factors: The stable economic growth in Belgium has positively impacted the non-life insurance market, as consumers feel more confident in investing in insurance products. Additionally, the country's strong regulatory framework and emphasis on consumer rights have created a secure environment for insurers to operate in. The overall macroeconomic stability and low interest rates have also influenced the market's growth trajectory.

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.