Synopsis
Timetric’s 'Life Insurance in Belgium, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the Belgian life insurance segment.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Belgian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Scope
This report provides a comprehensive analysis of the life insurance segment in Belgium:
• It provides historical values for the Belgian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
• It offers a detailed analysis of the key categories in the Belgian life insurance segment, and market forecasts to 2019.
• It analyzes the various distribution channels for life insurance products in Belgium.
• It profiles the top life insurance companies in Belgium and outlines the key regulations affecting them.
Summary
Timetric’s 'Life Insurance in Belgium, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Belgian life insurance segment, including:
• The Belgian life insurance segment’s growth prospects by life insurance category
• Key trends, drivers and challenges for the life insurance segment
• A comprehensive overview of the Belgian economy and demographics
• The various distribution channels in the Belgian life insurance segment
• Details of the competitive landscape in the life insurance segment in Belgium
• Details of regulatory policy applicable to the Belgian insurance industry
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the Belgian life insurance segment, and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the Belgian life insurance segment.
• Assess the competitive dynamics in the life insurance segment.
• Identify growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the Belgian insurance industry, and their impact on companies and the industry's future.
Key highlights
• Belgium’s economy has recovered, with real GDP growth of 1.7% in 2014, 1.5% in 2015 and 1.3% in 2016. The National Bank of Belgium has projected GDP growth at 1.4% in 2017 and 1.6% in 2018, which is expected to positively impact life insurance growth over the forecast period.
• In April 2017, a new law abolished Article 20 of the Insurance Act of 2014, which increased the investment scope for Branch 23 insurance contracts.
• In February 2016, the maximum guaranteed rate for Branch 21 products was increased from 1.5% to 2.0%.
• Pension reforms initiated by the government in August 2015 are expected to increase demand for supplementary occupational and individual pension products.
• Solvency ll was implemented, with effect from January 2016.
Table Of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographic
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Penetration
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 AG Insurance - company overview
7.1.2 Axa Belgium - company overview
7.1.3 CBC Assurance - company overview
7.1.4 Ethias - company overview
7.1.5 Belfius Insurance - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Social insurance system
8.4.3 Air carrier and aircraft operators insurance
8.4.4 Professional indemnity insurance for alternative investment fund managers
8.4.5 Clinical trials liability insurance
8.4.6 Liability insurance for drones
8.4.7 Liability insurance for third-party measurement organizations using CE-marked instruments
8.4.8 Professional indemnity insurance for insurance intermediaries
8.4.9 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 National regulatory authority
8.5.4 National Bank of Belgium
8.5.5 The Financial Services and Markets Authority
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Individual Life Insurance by Product
9.9 Group Life Insurance
9.1 Group Life Insurance by Product
9.11 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer
List Of Tables
Table 1: Belgian Life Insurance - Key Facts, 2015
Table 2: Belgian Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Belgian Government Credit Ratings
Table 4: Belgian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 5: Belgian Life Insurance - Penetration (%), 2011-2015
Table 6: Belgian Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 7: Belgian Life Insurance - Penetration (%), 2015-2020
Table 8: Belgian Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2011-2015
Table 9: Belgian Life Insurance - New Business Direct Written Premium (EUR Billion and US$ Billion), 2015-2020
Table 10: Belgian Life Insurance - Premium per Capita (EUR and US$), 2011-2015
Table 11: Belgian Life Insurance - Premium per Capita (EUR and US$), 2015-2020
Table 12: Belgian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2011-2015
Table 13: Belgian Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2015-2020
Table 14: Belgian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2011-2015
Table 15: Belgian Life Insurance - Total Assets (EUR Billion and US$ Billion), 2015-2020
Table 16: Belgian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2011-2015
Table 17: Belgian Life Insurance - Total Investment Income (EUR Billion and US$ Billion), 2015-2020
Table 18: Belgian Life Insurance - Investment Portfolio (EUR Billion), 2011-2015
Table 19: Belgian Life Insurance - Investment Portfolio (EUR Billion), 2015-2020
Table 20: Belgian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2015
Table 21: Belgian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2015-2020
Table 22: Belgian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2015
Table 23: Belgian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2015-2020
Table 24: Belgian Group Life Insurance - Direct Written Premium by Category (EUR Million), 2011-2015
Table 25: Belgian Group Life Insurance - Direct Written Premium by Category (EUR Million), 2015-2020
Table 26: Belgian Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2011-2015
Table 27: Belgian Life Insurance - Direct Written Premium by Distribution Channel (EUR Million), 2015-2020
Table 28: Belgian Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011-2020
Table 29: Belgian Life Segment - Market Shares of Leading Insurers (%), 2014
Table 30: AG Insurance - Key Facts
Table 31: AG Insurance - Key Financials (EUR Million), 2011-2015
Table 32: Axa Belgium - Key Facts
Table 33: Axa Belgium - Key Financials (EUR Million), 2011-2015
Table 34: CBC Assurance - Key Facts
Table 35: CBC Assurance - Key Financials (EUR Million), 2011-2015
Table 36: Ethias - Key Facts
Table 37: Ethias - Key Financials (EUR Million), 2011-2015
Table 38: Belfius Insurance - Key Facts
Table 39: Belfius Insurance - Key Financials (EUR Million), 2011-2015
Table 40: Belgium - Insurance Regulatory Framework Key Features
Table 41: Belgium - Life Insurance Regulatory Framework
Table 42: Belgium - Property Insurance Regulatory Framework
Table 43: Belgium - Motor Insurance Regulatory Framework
Table 44: Belgium - Liability Insurance Regulatory Framework
Table 45: Belgium - Minimum Cover for Aircraft Third-Party Liability per Accident and Aircraft
Table 46: Belgium - Minimum Cover for RPA Third-Party Liability per Accident and per RPA
Table 47: Belgium - Insurance Premium Taxation 2017
Table 48: Belgium - Corporate Tax Rates for the Financial Year 2017
Table 49: Belgian Life Insurance - Policies and Premium, 2011-2015
Table 50: Belgian Life Insurance - Policies and Premium, 2015-2020
Table 51: Belgian Life Insurance - Claims and Expenses, 2011-2015
Table 52: Belgian Life Insurance - Claims and Expenses, 2015-2020
Table 53: Belgian Life Insurance - Assets and Investments, 2011-2015
Table 54: Belgian Life Insurance - Assets and Investments, 2015-2020
Table 55: Belgian Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 56: Belgian Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 57: Belgian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 58: Belgian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 59: Belgian Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 60: Belgian Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 61: Belgian Life Insurance - Individual Life Insurance, 2011-2015
Table 62: Belgian Life Insurance - Individual Life Insurance, 2015-2020
Table 63: Belgian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 64: Belgian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 65: Belgian Life Insurance - Group Life Insurance, 2011-2015
Table 66: Belgian Life Insurance - Group Life Insurance, 2015-2020
Table 67: Belgian Life Insurance - Group Life Insurance by Product, 2011-2015
Table 68: Belgian Life Insurance - Group Life Insurance by Product, 2015-2020
Table 69: Belgian Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 70: Belgian Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 71: Insurance Industry Definitions
List Of Figures
Figure 1: Belgian Economy by GDP Component (% of GDP), 1990-2015
Figure 2: Belgian Real GDP (EUR Billion), 2011-2020
Figure 3: Belgian Consumer Price Inflation (%), 2011-2020
Figure 4: Belgian Current Account Balance as Percentage of GDP (%), 2011-2020
Figure 5: Belgian Unemployment Rate, 2011-2020
Figure 6: Belgian Population by Age Group, 1990-2025
Figure 7: Belgian Life Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Belgian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Belgian Life Insurance - Gross Written Premium (EUR Billion), 2011-2020
Figure 10: Belgian Life Insurance - Penetration (%), 2011-2020
Figure 11: Belgian Life Insurance - New Business Direct Written Premium (EUR Billion), 2011-2020
Figure 12: Belgian Life Insurance - Premium per Capita (EUR), 2011-2020
Figure 13: Belgian Life Insurance - Paid Claims (EUR Billion), 2011-2020
Figure 14: Belgian Life Insurance - Total Assets (EUR Billion), 2011-2020
Figure 15: Belgian Life Insurance - Total Investment Income (EUR Billion), 2011-2020
Figure 16: Belgian Life Insurance - Investment Portfolio (EUR Billion), 2011-2020
Figure 17: Belgian Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 18: Belgian Life Insurance - Direct Written Premium by Sub-Segment (EUR Billion), 2011-2020
Figure 19: Belgian Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 20: Belgian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 21: Belgian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2020
Figure 22: Belgian Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 23: Belgian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 24: Belgian Individual Life Insurance - Penetration (%), 2011-2015
Figure 25: Belgian Individual Life Insurance - Penetration (%), 2015-2020
Figure 26: Belgian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2011-2020
Figure 27: Belgian Group Life Insurance - Direct Written Premium Share by Category (EUR Billion), 2011-2020
Figure 28: Belgian Group Life Insurance - Direct Written Premium Dynamics by Category (EUR Billion), 2011-2020
Figure 29: Belgian Group Life Insurance - Penetration (%), 2011-2015
Figure 30: Belgian Group Life Insurance - Penetration (%), 2015-2020
Figure 31: Belgian Life Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 32: Belgian Life Segment - Market Shares of Leading Insurers (%), 2014
Figure 33: Belgium - Insurance Supervision and Control at Various Levels
Figure 34: Belgium - Insurance Supervision and Control at Various Levels
Figure 35: Belgium - Insurance Regulatory Frameworks for Company Registration and Operation
