The insurance sector in Belgium has shown a consistent upward trend in turnover, increasing from €29.42 billion in 2013 to €42.18 billion in 2023. This represents a noteworthy growth over a decade. Year-on-year analysis indicates incremental variations with significant growth instances such as the 20.39% rise in 2019. The sector demonstrated resilience, even though slight declines occurred in 2015, 2016, and 2020. Over the last five years, the sector experienced a CAGR of approximately 5.88%.
Future projections for the insurance sector from 2024 to 2028 reflect a steady increase with a 5-year CAGR forecast of 2.6%. By 2028, the turnover is anticipated to reach €49.69 billion, representing a growth rate of 13.67% from 2023 values.
Future trends to watch for:
- Impact of digital transformation and InsurTech on service delivery and operational efficiency
- Shifting consumer preferences towards customized and more flexible insurance products
- Regulatory changes and their influence on market dynamics
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