Belgium Insurance Report Q4 2016

Publisher Name :
Date: 03-Sep-2016
No. of pages: 57

BMI View: Belgium's insurance market is mature, with high rates of penetration and density in both the life

and non-life sector. As a well-developed market where levels of coverage are high, growth is expected to be

slow and reliant primarily upon wider economic growth in the country and improvements in household

income and private consumption rates. Despite the expected slow growth in premiums, Belgium's open

regulatory environment does create an attractive investment environment, and in future we could see some

consolidation among the smaller domestic providers which may struggle to keep up with enhanced

capitalisation requirements under the Solvency II system, creating opportunities for overseas investors to

enter the market via local mergers and acquisitions.

Key Updates And Forecasts:

? We hold a relatively subdued outlook for economic growth in Belgium, having recently revised down our

real GDP forecasts to 1.4% in both 2016 and 2017, from forecasts of 1.6% for both years previously. This

downgrade was mainly due to the impacts of increased security measures and a slight softening of EU

demand, and slower growth will likely impact upon demand in both the life and non-life sectors.

? Life insurance is the slightly larger sector in the Belgian market, accounting for 58% of premiums written

in 2016. As Belgian life insurance is a mature market, premiums are expected to grow relatively slowly

over the coming years, increasing by an annual average of 2.2% in local currency terms between 2016

and 2020.

Belgium Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Belgium 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Belgium 2013-2020) 12
Table: Life Insurance Claims (Belgium 2008-2013) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Belgium 2013-2020) 16
Table: Non-Life Insurance Claims (Belgium 2009-2013) 16
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums By Product Line (Belgium 2013-2020) 26
Insurance Risk/Reward Index 27
Developed States Insurance Risk/Reward Index 27
Table: Developed States Insurance Risk/Reward Index - Q416 28
Market Overview 29
Life Market Overview 29
Product Offering 29
Competitive Landscape 30
Table: Gross Written Premiums in the Life Segment (USDmn), 2008-2014 31
Non-Life Market Overview 33
Product Offering 33
Competitive Landscape 33
Table: Gross Written Premiums in the Non-Life Segment (USDmn), 2008-2014 35
Company Profile 37
Ageas 37
AXA 40
Belfius 43
Ethias 45
KBC 48
Methodology 51
Industry Forecast Methodology 51
Risk/Reward Index Methodology 54
Table: Indicators 56
Table: Weighting of Indicators 57

List of Tables

Table: Headline Insurance Forecasts (Belgium 2013-2020)
Table: Life Premiums (Belgium 2013-2020)
Table: Life Insurance Claims (Belgium 2008-2013)
Table: Non-Life Premiums (Belgium 2013-2020)
Table: Non-Life Insurance Claims (Belgium 2009-2013)
Table: Non-Life Insurance Premiums By Product Line (Belgium 2013-2020)
Table: Developed States Insurance Risk/Reward Index - Q416
Table: Gross Written Premiums in the Life Segment (USDmn), 2008-2014
Table: Gross Written Premiums in the Non-Life Segment (USDmn), 2008-2014
Table: Indicators
Table: Weighting of Indicators
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