Forecast: Turnover in Life Insurance Sector in Belgium

The turnover in the life insurance sector in Belgium has exhibited moderate fluctuations from 2013 to 2023. The value in 2023 stood at €27.63 billion. During the initial years, the sector saw a mix of growth and decline, with notable downward movements in 2015 (-3.15%) and 2016 (-0.55%). The period from 2018 onwards showed a relatively steady increase, peaking in 2019 (5.63%) despite experiencing a slight decline in 2020 (-2.87%). The last two years witnessed modest growth rates of 0.78% in 2022 and 0.77% in 2023, with the compounded annual growth rate (CAGR) over the last five years being 0.87%.

Looking ahead, expected turnovers from 2024 to 2028 predict gradual yet steady growth with a forecasted CAGR of 0.59%. Increments are projected each year, culminating in a turnover value of €28.67 billion by 2028, reflecting a 2.97% total growth over five years.

Trends to watch for include:

• Digital transformation within insurance operations
• Shifts in consumer behavior towards more personalized insurance products
• Impact of regulatory changes and market competition
• Adapting to emerging risks and uncertainties related to global economic conditions