The turnover of non-life insurance in Belgium has shown significant growth, especially from 2018 onwards. Starting at 3.9 billion Euros in 2013, the turnover nearly tripled by 2023, standing at 12.04 billion Euros. The most notable increase occurred between 2018 and 2019 with a year-on-year rise of 94.89%. The average annual growth rate (CAGR) over the past five years until 2023 was 18.1%. However, forecasts from 2024 to 2028 suggest a more moderate growth rate with a forecasted 5-year CAGR of 3.63%, resulting in a turnover of 15.15 billion Euros by 2028.

Future trends to watch for include:

Potential impact of digital transformation and technology adoption on underwriting processes.
Regulatory changes within the European Union that could affect market dynamics.
Shifts in consumer behavior and preferences toward more personalized insurance products.
Economic factors that could influence the overall growth rate of the insurance industry.