From 2013 to 2023, there has been a steady increase in employment in the non-life insurance sector in Belgium, growing from 2.74 thousand full-time equivalents to 3.15 thousand. The most notable increase occurred between 2018 and 2019 with an 8.52% rise. Over the last two years, the employment growth has been moderate, with year-on-year variations of 1.27% in 2022 and 1.29% in 2023. The compound annual growth rate (CAGR) over the last five years stands at around 2.44%.
Looking ahead, employment in this sector is expected to continue growing, reaching 3.33 thousand by 2028. The expected CAGR over the next five years is approximately 0.9%, indicating a more tempered yet positive growth trend.
Future trends to watch for include:
- Technological advancements impacting job roles within the sector
- Regulatory changes influencing employment needs
- Market consolidation or expansion strategies by leading firms
- Impact of economic cycles and potential recessions on sector employment
