Forecast: Household Expenditure on Insurance in Belgium

Household expenditure on insurance in Belgium has shown a fluctuating yet generally upward trend over the past decade. In 2023, the value stood at 9.22 billion euros, reflecting a year-on-year increase of 1.31% and a CAGR of 2.88% over the last five years (2019-2023). This growth underscores a steady rise in household spending on insurance despite minor annual variances. Notably, the period from 2021 to 2022 marked significant growth with year-on-year rates of 6.7% and 5.11%, respectively, before slowing down to 1.31% in 2023.

Future trends to watch for in the Belgian insurance market include:

• From 2024 onwards, forecasts predict a consistent increase, with a CAGR of 1.45% over the next five years leading up to 2028.
• By 2028, household expenditure on insurance is expected to reach 10.1 billion euros.
• Economic factors, inflation rates, and evolving consumer protection policies will play crucial roles in shaping these trends.
• Emergence of digital insurance solutions and increasing consumer awareness of the importance of financial protection will also impact future spending patterns.