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.
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