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Belgium Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 19
The financial system of Belgium is dominated by four large bancassurance conglomerates, which contribute nearly half of the total insurance premiums. Growing economy and the resultant increase in income, consumer spending and increased awareness of savings and better returns have supported the growth of the insurance industry in Belgium. Moreover, government policies, such as tax exemption, strengthening bancassurance channels, have also driven the increase in premium income in the past few years.
Insurance industry in Belgium is categorized into life and non-life segments. Annual premium witnessed a decrease in local currency from 2007 to 2008, on account of liquidity crisis as well as decline in life insurance premiums. The life insurance products suffered from intense competition from other products, like bank deposits that offered attractive rates. This shifted the consumer’s preferences from life insurance policies to other products and led to a decline in premiums in 2008. The life insurance segment has always dominated the market, due to certain benefits attached with the products, like tax exemption, better returns, as well as savings. On the other hand, the non-life segment has recorded a steady growth, mainly on account of the demand for motor, accident and health segments. The Belgian insurance market is consolidated in structure, wherein in both the life and non-life segments, the top five players account for majority of the market share. Expanding economy, growing individual life insurance premiums, rising automobile insurance premiums and rising health insurance premiums are some of the major factors that will drive Belgium’s insurance sector in future.
The present report gives an overview of Belgium’s insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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