The life insurance sector in Belgium has shown a steady decline in employment from 18.67 thousand Full-Time Equivalents (FTEs) in 2013 to 16.02 thousand FTEs in 2023. The yearly variations have ranged between -0.8% to -2.54%, while the Compound Annual Growth Rate (CAGR) over the last five years has been -1.23%. The data indicates a continuous downward trend.
Looking ahead, employment is expected to decline further, reaching 15.34 thousand FTEs by 2028, with a forecasted 5-year CAGR of -0.66% and an overall decline of 3.28% from 2024 to 2028. This suggests a moderating pace of job reduction compared to previous years.
Future trends to watch for:
- Technological advancements and automation may further impact job numbers.
- Regulatory changes and market consolidation could influence employment dynamics.
- Shifts in consumer behavior towards digital insurance products may reshape the workforce demand.
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