Forecast: Output of Insurance, Reinsurance and Pension Funding in Belgium

The output of the Insurance, Reinsurance, and Pension Funding sector in Belgium has experienced fluctuations over the past decade. In 2023, the sector stood at 13.35 billion euros. From 2013 to 2023, the sector showed variability with a notable drop of 8.01% in 2013 followed by a significant rise of 16.34% in 2015. The year-on-year variation in 2023 was 2.25%, reflecting stable and gradual growth. The average Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 2.45%, indicating moderate growth. Over the last two years (2022-2023), the sector displayed modest increases with year-on-year growth rates of 2.32% in 2022 and 2.25% in 2023.

Forecasted data suggests that by 2028, the sector will reach 14.77 billion euros, with an average forecasted CAGR of 1.61% over the next five years. This projection indicates a stable yet slower rate of growth compared to the past five years.

Future trends to watch include potential impacts of regulatory changes, technological advancements such as the rise of insurtech, and the increasing importance of sustainability in financial services which could redefine business models and product offerings in this sector.