Belgium General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
Belgium General Insurance Market Report Overview
The gross written premium of the Belgium general insurance market was EUR26.1 billion ($31.2 billion) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The Belgium general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Belgian general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Belgium General Insurance Market Outlook, 2022-2027 (EUR Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Belgium’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
| Market Size (2022) | EUR26.1 billion ($31.2 billion) |
| CAGR (2023-2027) | >6% |
| Forecast Period | 2023-2027 |
| Historical Period | 2018-2022 |
| Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · General Insurance PA&H · Miscellaneous |
| Key Distribution Channels | · Insurance Brokers
· Direct Marketing · Agencies · Bancassurance |
| Leading Companies | · AG Insurance
· AXA Belgium · Ethias · Baloise Belgium · KBC Assurance |
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Belgium General Insurance Market Trends
Personalization, telematics, electric vehicles (EVs), inclusive insurance, inflation, and Environmental, Social, and Governance (ESG) are the key trends impacting the Belgium GI market.
With the advancement of AI and data analytics, insurers are offering policies catering to individual needs. At the retail level, consumers are seeking non-life insurance products that are custom-made for their lifestyles. The availability of digital insurance products and new ways of purchasing these products has led to a paradigm shift in the non-life insurance industry from a product-centric to a customer-centric business.
EV adoption is strengthening in Belgium in accordance with the European Parliament’s decision to ban the sale of new non-EV cars starting in 2035. The ban boosts sales of EVs and thus motor and third-party liability insurance lines. As such, insurers are also promoting EV insurance with promotional offers.
Belgium General Insurance Market Segmentation by Line of Business
The key lines of business in the Belgium general insurance market are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Motor insurance had the highest market share in the Belgian general insurance market in 2022, followed by property insurance and PA&H insurance.
Belgium General Insurance Market Analysis by Lines of Business, 2022 (%)
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Belgium General Insurance Market Segmentation by Distribution Channels
The key distribution channels in the Belgian general insurance market are insurance brokers, direct marketing, agencies, bancassurance, and other distribution channels. Insurance brokers led the distribution channels in 2022 followed by direct marketing. Insurance brokers are expected to remain the leading distribution channel in 2027 as well.
Belgium General Insurance Market Analysis by Distribution Channels, 2022 (%)
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Belgium General Insurance Market - Competitive Landscape
Some of the leading insurers in Belgium are AG Insurance, AXA Belgium, Ethias, Baloise Belgium, and KBC Assurance, among others. AG Insurance was the largest non-life insurer, closely followed by AXA Belgium and Ethias. Baloise Belgium recorded the highest CAGR during the review period, followed by Credendo – Excess & Surety.
Belgium General Insurance Market Analysis, by Companies, 2021 (%)
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Segments Covered in the Report
Belgium General Insurance Market Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
- Miscellaneous
Belgium General Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)
- Insurance Brokers
- Direct Marketing
- Agencies
- Bancassurance
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Belgium.
- Historical values for the Belgian general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Belgium and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Belgium’s general insurance segment.
- A comprehensive overview of Belgium’s economy, government initiatives, and investment opportunities.
- Belgium’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Belgium’s general insurance industry’s market structure gives details of lines of business.
- Belgium’s general reinsurance business market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Belgium’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Belgian general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Belgian general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of the Belgian general insurance market was EUR26.1 billion ($31.2 billion) in 2022.
The general insurance market in Belgium is expected to achieve a CAGR of more than 6% during 2023-2027.
Motor was the leading general insurance line of business in the Belgian general insurance market in 2022.
Insurance brokers was the leading distribution channel in the Belgian general insurance market in 2022.
Some of the leading insurers in Belgium are AG Insurance, AXA Belgium, Ethias, Baloise Belgium, and KBC Assurance, among others.
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