The Belgium life insurance market recorded gross written premium (GWP) worth EUR16.7 billion in 2023. Increased savings, driven by high interest rates and automatic wage-indexation are the key factors influencing the life insurance market in Belgium positively. The Belgian insurance industry is experiencing a demand for fast, simple, and online services, paving the way for the emergence of insurtech startups and partnerships.
For instance, In May 2023, Belfius, a Belgian banking and insurance group, partnered with Kyndryl, a global IT infrastructure services provider, to make the group’s operations more resilient and secure through private infrastructure platforms-as-a-service such as data center, the mainframe, cloud services, and distributed servers. Kyndryl will also assist the group reduce carbon emissions within its IT footprint through sustainable practices.
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Belgium Life Insurance Market FAQs
- What was the Belgium life insurance market gross written premium in 2023?
The gross written premium of the Belgium life insurance market was EUR16.7 billion ($17 billion) in 2023. - What will the Belgium life insurance market growth rate be during the forecast period?
The life insurance market in Belgium is expected to achieve a CAGR of more than 3% during 2024-2028. - Which line of business held the largest share of the Belgium life insurance market in 2023?
Endowment LoB accounted for the highest revenue share of the Belgium life insurance market in 2023. - Which was the most preferred distribution channel in the Belgium life insurance market in 2023?
Insurance brokers was the leading distribution channel for the Belgian life insurance market in 2023. - Which are the key companies operating in the Belgium Life insurance market?
A few of the leading life insurance companies in Belgium are AG Insurance, KBC Insurance, Ethias, Belfius Insurance, and AXA Belgium.
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Belgium Life Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2023)
- Endowment
- Other Life
Belgium Life Insurance Distribution Channels Outlook (Value, EUR Billion, 2019-2023)
- Direct Marketing
- E-Commerce
- Bancassurance
- Other Distribution Channels
- Insurance Brokers
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Belgium Life Insurance Market Report Highlights
- ESG, insurtech, and inclusive insurance are a few of the recurring trends in the Belgium life insurance market.
- Endowment life insurance is estimated to have accounted for over 20% of the total life insurance DWP in 2023. Other life insurance includes class 21, 22, and 26 insurance products.
- Class 21 is a non-linked insurance plan that also serves as supplementary retirement savings, along with class 23 products. Class 22 pertains to birth and marriage insurance contracts, and class 26 pertains to capitalization insurance. Group plans combining classes 21 and 22 are prevalent insurance in Belgium.
- Insurance brokers is the main distribution channel in the Belgium life insurance market, except for unit-link insurance plans. It will remain the leading channel up to 2028.
- The Belgian life insurance competitive landscape was concentrated in 2022. AG Insurance, KBC Insurance, Ethias, Belfius Insurance, and AXA Belgium are the leading life insurance companies.
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