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Belgium Insurance Market Intelligence: 2011 Edition
Koncept Analytics, Jan 2011, Pages: 22
Belgium is the ninth largest insurance market in Europe as of the year end 2009 and is dominated by bancassurance conglomerates. Insurance industry in Belgium is categorized into life and non-life segments. Both these segments experienced a high single-digit decline in 2009. In the life market, unstable stock markets led to a decline in sales of unit-linked products. Non-life premiums have generally been little affected by the economic downturn except for a small number of lines of business, such as credit and surety insurance that have strong links to economic activity.
The overall Belgian insurance industry is mainly dominated by AG Insurance Group which controlled about one-fourth of the premium market in 2009. The top five non-life insurers accounted for more than half of market share in terms of gross premiums in 2009 with AXA being the market leader. Major life insurers include Ethias, DIB, ING Life, Delta Llyod and Allianz.
Besides the twin challenges of political instability and a growing national debt, economic recovery, which started in Q309, is expected to continue at a moderate pace with rise in new employment opportunities and domestic demand. The Government of Belgium has also implemented various restructuring plans to establish stability in bancassurance groups like Fortis, Dexia and KBC in H109 to stabilize market confidence of banking and insurance companies in the financial system. Further, expected positive growth in economy, growing individual life insurance premiums, rising automobile insurance premiums and rising health insurance premiums are major factors that will be driving Belgium’s insurance sector in future.
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