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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Belgium Insurance Market Intelligence
Published on January 2010
Report Summary
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.
Table of Content
1. Industry Snapshot
1.1 Industry Structure
1.1.1 Bancassurance Dominating the Insurance Sales Channels
1.1.2 Both Life and Non Life Insurance Segment Affected by Economic Downturn
1.2 Market Overview
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1.2.1 Market Size & Growth
1.2.1.1 Decline in Premium Growth Due to Global Liquidity Crisis
1.2.1.2 Additional Tax Payable on Each Policy Led to Decline in Life Insurance Policies
1.2.2 Market Segments
1.2.2.1 Benefits Such As Tax Exemption and Savings Drive Life Insurance Sector
1.2.2.2 Introduction of Competitive Products Like Bank Deposits Affected Life Premiums
1.2.2.3 Mandatory Automobile and Health Driving Non-Life Insurance Segment
1.2.3 Market Density & Penetration
1.2.3.1 Improved Economic Condition, Rising Employment Leading to Growth in Insurance Density and Penetration
1.2.4 Market Share
1.2.4.1 Consolidated Structure with 5 Major Players Dominating the Market
1.2.4.2 Life Insurance Market Dominated by Fortis
1.2.4.3 in Non-Life, AXA as the Biggest Player
2. Industry Analysis
2.1 Industry Developments
Credit Insurance Contracts Exempted From Tax
Mergers and Acquisitions
2.2 Market Drivers
Expanding Economy
Growing Individual Life Insurance Premiums
Rising Automobile Insurance Premiums
Increase in Health Insurance
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-Economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 Shifting Consumer Preferences to Bank Deposits and Rising Unemployment Affecting Life Insurance Premiums
4.2 Mandatory Motor (Third Party), Health and Worker's Compensation Driving the Non-Life Insurance Sector
List of Tables:
Key Macroeconomic Indicators: (2008 ' 2011F)
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List of Charts:
Annual Premium ' Belgium Insurance Industry (2001-2008)
Insurance Premium Share (%) by Segment (2008)
Insurance Premium by Segment (2001-2008)
Life Insurance Premium Share (%) by Segment (2008)
Non-Life Insurance Premium Share (%) by Segment (2008)
Belgium Insurance Density (US$) (2001 ' 2008)
Belgium Insurance Penetration (2001 ' 2008)
Belgium: Major Non-Life Insurer's Market Share (2008)
Belgium: Major Life Insurer's Market Share (2008)
GDP Growth of Belgium (2002 ' 2008)
Belgium: Individual Life Insurance Premiums (2001 - 2008)
Belgium Automobile Insurance Premiums (2001 ' 2008)
Belgium Health Insurance Premiums (2001 ' 2008)
Forecast: Belgium Insurance Industry (2008A ' 2012F)
Forecast: Belgium Life & Non-Life Insurance Industry (2008A ' 2012F
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