The production in the non-life insurance sector in Belgium has shown substantial growth from 2013 to 2023. From 1.88 Billion Euros in 2013 to 6.29 Billion Euros in 2023, the sector has maintained a positive growth trajectory, achieving significant increases particularly from 2019 onwards. Despite minor fluctuations, the industry saw noticeable advances starting in 2019, recording a year-on-year variation of 38.77%, followed by steady increases each year until 2023. Over the last five years, the sector has experienced an impressive average annual growth rate (CAGR) of 18.05%.
Looking ahead from 2024, forecasted data suggests continued growth with an estimated production value reaching 9.48 Billion Euros by 2028, reflecting a forecast five-year CAGR of 6.43%. This represents a total growth of 36.56% over the forecast period.
Future trends to watch for include the impact of technological advancements, regulatory changes, and evolving customer demands. Insurtech innovations and data analytics are expected to drive efficiency and customer engagement, while regulatory updates might influence operational strategies. Monitoring these trends will be crucial for sustained success in the non-life insurance sector in Belgium.
