Value of commissions of domestic life insurance companies in Belgium 2010-2019
The total value of commissions of domestic life insurance companies in Belgium increased by roughly on billion euros from 2018 to 2019. The "life" branch of insurances focuses on life insurances, pensions and funeral in kind insurances and reached a market share of life insurance business in terms of gross premium, the ratio of gross life insurance premium to the total gross premium, of approximately 70 percent in Belgium in 2007. This, however, decreased to approximately 24 percent in 2019. This development coincides with the European Central Bank purchasing assets on credit markets across Europe and, consequently, low interest rates in long-term investments, such as the capital market rate of ten-year government bonds in Belgium. From 2008 onwards, the number of life insurance companies decreased steadily. In 2008, there were approximately 30 companies active on the domestic market with 14 companies by the end of 2020.
