The production value of non-life insurance in Belgium has shown significant growth over the past decade. As of 2023, it stood at 6.29 billion euros. From 2014 to 2023, the production value has consistently increased, except for a minor decline in 2015 and 2017. Notably, 2019 experienced a substantial year-on-year growth of 38.77%, followed by continuous double-digit growth rates, culminating in an 11.58% increase in 2023. The compound annual growth rate (CAGR) for the past five years is approximately 18.05%. Forecasted data suggests that this upward trend will continue, with the production value expected to reach 9.48 billion euros by 2028, reflecting a 6.43% CAGR over the next five years and an overall growth rate of 36.56%.
Future trends to watch for include the impact of technological advancements, regulatory changes, economic conditions, and evolving consumer preferences in shaping the non-life insurance market in Belgium. Increasing digitalization and the integration of AI in claims processing and risk assessment could further drive efficiency and growth in this sector.
