Non-Life Insurance in Belgium Key Trends and Opportunities to 2019

Non-Life Insurance in Belgium Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Non-Life Insurance in Belgium, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Belgian non-life insurance segment, and a comparison of the Belgian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Belgian insurance industry, 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.

Summary

Timetric's 'Non-Life Insurance in Belgium, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Belgian non-life insurance segment, including:

The Belgian non-life insurance segment's detailed outlook by product category

A comprehensive overview of the Belgian economy and demographics

A comparison of the Belgian insurance industry with its regional counterparts

The various distribution channels in the Belgian non-life insurance segment

Detailed analysis of natural hazards and their impact on the Belgian insurance industry

Details of the competitive landscape in the non-life insurance segment in Belgium

Details of regulatory policy applicable to the Belgian insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Belgium:

It provides historical values for the Belgian non-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 non-life insurance segment, and market forecasts to 2019.

It profiles the top non-life insurance companies in Belgium, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Belgian non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Belgian non-life insurance segment.

Assess the competitive dynamics in the non-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

In February 2016, the European Union (EU) passed new data protection and security regulations, effective May 2018, which will require organizations to take out cyberliability cover.

In November 2016, Belgium issued a policy framework on alternative transport fuels and infrastructure, including tax incentives and subsidies for electric and hybrid vehicles. It is expected to drive the category's growth.

In November 2014, a new Insurance Act took effect which required the inclusion of natural catastrophe cover in simple-risk fire policies.

In June 2014, professional indemnity insurance for alternative investment fund managers was made compulsory; mandatory clinical trial liability insurance was introduced in April 2014.

On September 4, 2014, the European Court of Justice delivered a judgment requiring motor policies to cover accidents on private land.

Solvency ll was implemented with effect from January 2016, which is expected to consolidate the segment.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

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 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

7 Natural Hazards

7.1 Flooding

7.2 Storms

7.3 Earthquakes

7.4 Extreme Temperature

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Axa Belgium SA-company overview

8.1.2 AG Insurance-company overview

8.1.3 Ethias-company overview

8.1.4 CBC Assurance SA-company overview

8.1.5 Baloise Insurance-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Social insurance system

9.4.3 Air carrier and aircraft operators insurance

9.4.4 Professional indemnity insurance for alternative investment fund managers

9.4.5 Clinical trials liability insurance

9.4.6 Liability insurance for drones

9.4.7 Liability insurance for third-party measurement organizations using CE-marked instruments

9.4.8 Professional indemnity insurance for insurance intermediaries

9.4.9 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 National regulatory authority

9.5.4 National Bank of Belgium

9.5.5 The Financial Services and Markets Authority

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance and Other Distribution Channels

10.7 Property Insurance

10.8 Property Insurance by Product

10.9 Motor Insurance

10.1 Motor Insurance by Product

10.11 Liability Insurance

10.12 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Belgian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Belgian Non-Life Insurance-Gross Written Premium (EUR Billion), 2011-2020

Figure 10: Belgian Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Belgian Non-Life Insurance-Premium per Capita (EUR), 2011-2020

Figure 12: Belgian Non-Life Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 13: Belgian Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Belgian Non-Life Insurance-Total Assets (EUR Billion), 2011-2020

Figure 15: Belgian Non-Life Insurance-Total Investment Income (EUR Million), 2011-2020

Figure 16: Belgian Non-Life Insurance-Investment Portfolio (EUR Billion), 2011-2020

Figure 17: Belgian Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Belgian Non-Life Insurance-Direct Written Premium by Category (EUR Billion), 2011-2020

Figure 19: Belgian Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Belgian Property Insurance-Construction Value Output by Category (EUR Billion), 2011-2020

Figure 21: Belgian Property Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2020

Figure 22: Belgian Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 23: Belgian Property Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 24: Belgian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 25: Belgian New Vehicle Registrations, 2011-2016

Figure 26: Belgian Alternatively Fueled Vehicle Registrations, 2011-2016

Figure 27: Belgian Motor Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2020

Figure 28: Belgian Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 29: Belgian Motor Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 30: Belgian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 31: Belgian Liability Insurance-Direct Written Premium (EUR Billion), 2011-2020

Figure 32: Belgian Liability Insurance-Paid Claims (EUR Billion), 2011-2020

Figure 33: Belgian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011-2020

Figure 34: Belgian Marine, Aviation and Transit Insurance-Direct Written Premium (EUR Million), 2011-2020

Figure 35: Belgian Marine, Aviation and Transit Insurance-Paid Claims (EUR Million), 2011-2020

Figure 36: Belgian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011-2020

Figure 37: Belgian Non-Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 38: Belgian-Frequency of Hazards by Type, 1990-2014

Figure 39: Belgian Mortality by Hazards Type, 1990-2014

Figure 40: Belgian Economic Loss by Hazards Type, 1990-2014

Figure 41: Belgian Non-Life Insurance-Segment Shares of Leading Insurers (%), 2015

Figure 42: Belgium-Insurance Supervision and Control at Various Levels

Figure 43: Belgium-Insurance Supervision and Control at Various Levels

Figure 44: Belgium-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Belgian Non-Life Insurance-Key Facts, 2015

Table 2: Belgian Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Belgian Government Credit Ratings

Table 4: Belgian Non-Life Insurance-Gross Written Premium (EUR Billion and US$ Billion), 2011-2015

Table 5: Belgian Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Belgian Non-Life Insurance-Gross Written Premium (EUR Billion and US$ Billion), 2015-2020

Table 7: Belgian Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Belgian Non-Life Insurance-Premium per Capita (EUR and US$), 2011-2015

Table 9: Belgian Non-Life Insurance-Premium per Capita (EUR and US$), 2015-2020

Table 10: Belgian Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 11: Belgian Non-Life Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 12: Belgian Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Belgian Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Belgian Non-Life Insurance-Total Assets (EUR Billion and US$ Billion), 2011-2015

Table 15: Belgian Non-Life Insurance-Total Assets (EUR Billion and US$ Billion), 2015-2020

Table 16: Belgian Non-Life Insurance-Total Investment Income (EUR Million and US$ Million), 2011-2015

Table 17: Belgian Non-Life Insurance-Total Investment Income (EUR Million and US$ Million), 2015-2020

Table 18: Belgian Non-Life Insurance-Investment Portfolio (EUR Billion), 2011-2015

Table 19: Belgian Non-Life Insurance-Investment Portfolio (EUR Billion), 2015-2020

Table 20: Belgian Non-Life Insurance-Direct Written Premium by Category (EUR Million), 2011-2015

Table 21: Belgian Non-Life Insurance-Direct Written Premium by Category (EUR Million), 2015-2020

Table 22: Belgian Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 23: Belgian Property Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 24: Belgian Property Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 25: Belgian Property Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 26: Belgian Property Insurance-Loss Ratio (%), 2011-2015

Table 27: Belgian Property Insurance-Loss Ratio (%), 2015-2020

Table 28: Belgian Motor Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2015

Table 29: Belgian Motor Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2015-2020

Table 30: Belgian Motor Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 31: Belgian Motor Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 32: Belgian Motor Insurance-Loss Ratio (%), 2011-2015

Table 33: Belgian Motor Insurance-Loss Ratio (%), 2015-2020

Table 34: Belgian Liability Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2011-2015

Table 35: Belgian Liability Insurance-Direct Written Premium by Sub-Category (EUR Billion), 2015-2020

Table 36: Belgian Liability Insurance-Paid Claims (EUR Billion and US$ Billion), 2011-2015

Table 37: Belgian Liability Insurance-Paid Claims (EUR Billion and US$ Billion), 2015-2020

Table 38: Belgian Liability Insurance-Loss Ratio (%), 2011-2015

Table 39: Belgian Liability Insurance-Loss Ratio (%), 2015-2020

Table 40: Belgian Transport Network-Global Rankings 2016

Table 41: Belgian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2011-2015

Table 42: Belgian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (EUR Million), 2015-2020

Table 43: Belgian Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2011-2015

Table 44: Belgian Marine, Aviation and Transit Insurance-Paid Claims (EUR Million and US$ Million), 2015-2020

Table 45: Belgian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 46: Belgian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 47: Belgian Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2011-2015

Table 48: Belgian Non-Life Insurance-Direct Written Premium by Distribution Channel (EUR Million), 2015-2020

Table 49: Belgian Non-Life Insurance-Percentage of Direct Written Premium, by Distribution Channel, 2011-2020

Table 50: Belgian Non-Life Insurance-Segment Shares of Leading Insurers (%), 2015

Table 51: Axa Belgium SA-Key Facts

Table 52: Axa Belgium SA-Key Financials (EUR Million), 2011-2015

Table 53: AG Insurance-Key Facts

Table 54: AG Insurance-Key Financials (EUR Million), 2011-2015

Table 55: Ethias-Key Facts

Table 56: Ethias-Key Financials (EUR Million), 2011-2015

Table 57: CBC Assurance SA-Key Facts

Table 58: CBC Assurance SA-Key Financials (EUR Million), 2011-2015

Table 59: Baloise Insurance-Key Facts

Table 60: Baloise Insurance-Key Financials (EUR Million), 2011-2015

Table 61: Belgium-Insurance Regulatory Framework Key Features

Table 62: Belgium-Life Insurance Regulatory Framework

Table 63: Belgium-Property Insurance Regulatory Framework

Table 64: Belgium-Motor Insurance Regulatory Framework

Table 65: Belgium-Liability Insurance Regulatory Framework

Table 66: Belgium-Minimum Cover for Aircraft Third-Party Liability per Accident and Aircraft

Table 67: Belgium-Minimum Cover for RPA Third-Party Liability per Accident and per RPA

Table 68: Belgium-Insurance Premium Taxation 2017

Table 69: Belgium-Corporate Tax Rates for the Financial Year 2017

Table 70: Belgian Insurance Industry-Policies and Premium, 2011-2015

Table 71: Belgian Insurance Industry-Policies and Premium, 2015-2020

Table 72: Belgian Non-Life Insurance-Claims and Expenses, 2011-2015

Table 73: Belgian Non-Life Insurance-Claims and Expenses, 2015-2020

Table 74: Belgian Non-Life Insurance-Assets and Investments, 2011-2015

Table 75: Belgian Non-Life Insurance-Assets and Investments, 2015-2020

Table 76: Belgian Non-Life Insurance-Direct Marketing and E-Commerce, 2011-2015

Table 77: Belgian Non-Life Insurance-Direct Marketing and E-Commerce, 2015-2020

Table 78: Belgian Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 79: Belgian Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 80: Belgian Non-Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 81: Belgian Non-Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 82: Belgian Non-Life Insurance-Property Insurance, 2011-2015

Table 83: Belgian Non-Life Insurance-Property Insurance, 2015-2020

Table 84: Belgian Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 85: Belgian Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 86: Belgian Non-Life Insurance-Motor Insurance, 2011-2015

Table 87: Belgian Non-Life Insurance-Motor Insurance, 2015-2020

Table 88: Belgian Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 89: Belgian Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 90: Belgian Non-Life Insurance-Liability Insurance, 2011-2015

Table 91: Belgian Non-Life Insurance-Liability Insurance, 2015-2020

Table 92: Belgian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 93: Belgian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 94: Insurance Industry Definitions

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Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Natural Hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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