Life Insurance in Belgium, Key Trends and Opportunities to 2018

Date: 2015-09

“The Belgian life segment accounted for the largest proportion of gross written premium in the countryโ€™s insurance industry, with a share of 65.3% in 2013, after registering a CAGR of 3.6% during the review period (2009โ€“2013). The slow growth was attributed to the sovereign debt crisis, which led to a rise in unemployment and a reduction in wages. It was further discouraged by political instability and a credit rating downgrade by Standard & Poorโ€™s and Moodyโ€™s.
Life insurance products linked to the stock market โ€“ such as unit-linked and pension insurance products โ€“ registered growth during the review period. These categories declined sharply in 2008 and 2009 due to the economic crisis, but recovered in 2010 and 2012, which attracted consumers to individual unit-linked products, increasing their demand.
High life expectancy supported the life segment and sustained its growth during the review period. This is also anticipated to benefit the segment over the forecast period, specifically endowment, term, pension and retirement products.”

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