Basic insurance coverage in Belgium is about to develop at a CAGR of 4.1% from EUR14.3bn ($14.7bn) in 2024 to $17.7bn in 2028 by way of direct written premiums.
That is in response to GlobalData and its Insurance coverage Database, the final insurance coverage trade sector in Belgium is predicted to develop by 3.6% in 2024. Motor, property and PA&H will all contribute to this development as they account for 76.9% of the trade.
Motor insurance coverage has the biggest share of normal insurance coverage in Belgium, taking on 31.3% of it in 2023.
As well as, motor insurance coverage DWP grew by 1.8% in 2023, supported by a rise in automobile gross sales.
Property insurance coverage is the second largest line, accounting for a 25.7% share of the final insurance coverage DWP in 2023.
Moreover, property insurance coverage grew by 5.1% in 2023, pushed by the rising demand for residence multi-risk insurance coverage insurance policies, which accounted for a majority share of property insurance coverage premiums in 2023.
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By GlobalData
Prasanth Katam, insurance coverage analyst at GlobalData, stated: “Belgium has witnessed slower financial development in 2023, as the true GDP grew by simply 1% as in comparison with 3.2% and 6.3% development in 2022 and 2021, respectively. Consequently, the expansion in Belgium’s normal insurance coverage trade slowed down in 2023 and grew by 4.1% after rising by 4.7% in 2022. The pattern is predicted to proceed in 2024.
“The excessive costs of electrical automobiles and better restore prices as in comparison with Inner combustion engine (ICE) automobiles clubbed with rising inflation ranges will immediate insurers to extend the premium costs for motor insurance coverage insurance policies in 2024, which can help the expansion of motor insurance coverage. Motor insurance coverage is predicted to develop at a CAGR of two.8% throughout 2024-2028.
“Sensible residence sensors that present real-time alerts for water leaks and different potential damages are promoted by property insurers for early detection of damages and minimising claims. Policyholders, in flip, can receive premium reductions for adopting good residence applied sciences.”
