Belgium Life Insurance – Key Trends and Opportunities to 2025
The Belgium life insurance market size was $19.4 billion in 2021. The market is expected to grow at a CAGR of more than 2% from 2020 to 2025. Growth was supported by the strong uptake of branch 23 products and developments in supplementary pension plans.
The Belgium life insurance market report provides a detailed outlook by product category for Belgium’s life insurance segment. It provides values for key performance indicators such as gross written premiums, paid claims, insurance penetration, and reinsurance premiums during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Belgium’s economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.
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Key Belgium Life Insurance Market Trends
Technological advancements are allowing insurers to customize requirements through which a personalized insurance proposition can be presented to enhance customers’ experience. An increasing number of insurers are adopting digitalization for customized and individual risk-based underwriting outcomes.
Developments in open finance, a term that is used for describing the extension of the open banking data-sharing principles that enable insurers and other third-party providers to gain customer data access across several financial sector products, such as investment and savings is expected to gain momentum over the next five years and help in creating a hyper-personalized financial offering.
Belgian life insurers are expanding their unit-linked insurance proposition to diversify their product mix and limit their liabilities to guaranteed insurance products due to the protracted period of low-interest rates. In August 2021, Allianz added three internal investment funds under its ‘Plan for Life +1’ a life insurance policy that provides guaranteed return and investment-linked return. The funds aim to provide investment exposure in climate bonds, Chinese equity, and growth funds underlying technology and health sector-linked assets.
Key Lines of Business in the Belgium Life Insurance Market
The key lines of business in the Belgium life insurance market are whole life and endowment. The whole life was the largest line of business in the Belgium life insurance industry. Overall whole life insurance is expected to improve over the forecast period and will be backed by product innovation and demand from pensions.
Belgium Life Insurance Market Analysis by Lines of Business
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Leading Companies in The Belgium Life Insurance Market
The leading life insurance companies in Belgium are AG Insurance, KBC Assurance, Ethias SA, Axa Belgium, Allianz Benelux, NN Insurance Belgium, Belins, P&V Assurances, Baloise Belgium NV, and Athora Belgium. AG Insurance was the largest insurer in 2020.
Belgium Life Insurance Market Analysis by Companies
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Market Report Overview
| Market size (2021) | $19.4 billion |
| CAGR (2020 – 2025) | >2% |
| Key lines of business | Whole Life and Endowment |
| Leading companies | AG Insurance, KBC Assurance, Ethias SA, Axa Belgium, Allianz Benelux, NN Insurance Belgium, Belins, P&V Assurances, Baloise Belgium NV, and Athora Belgium |
Scope
This report provides a comprehensive analysis of the life insurance segment in Belgium –
- It provides historical values for Belgium’s life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Belgium and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to Belgium’s life insurance segment, and each sub-segment and category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Belgium’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing Belgium’s life insurance industry, and their impact on companies and the industry’s future.
Key Players
Table of Contents
Frequently Asked Questions
The life insurance market size in Belgium was $19.4 billion in 2021.
The life insurance market in Belgium is expected to grow at a CAGR of more than 2% from 2020 to 2025.
The key lines of businesses in the Belgium life insurance market are whole life and endowment.
The leading companies in the Belgium life insurance industry are AG Insurance, KBC Assurance, Ethias SA, Axa Belgium, Allianz Benelux, NN Insurance Belgium, Belins, P&V Assurances, Baloise Belgium NV, and Athora Belgium.
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