Forecast: Total Gross Insurance Premiums in Belgium

In 2023, Belgium's total gross insurance premiums stood at 36.26 Billion US Dollars. Historical data shows fluctuations with an overall positive trend from 2013 to 2023, albeit with a notable dip between 2015 and 2016. The years 2018 to 2023 experienced consistent moderate growth, with year-on-year variations notably stabilizing between 1.7% and 4.3%. The past five-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 1.47%.

From 2024 onwards, the forecast suggests a continued steady growth trend, with the total gross insurance premiums expected to reach 39.2 Billion US Dollars by 2028. This indicates an average annual growth rate (CAGR) of 1.24% over the next five years, which cumulates to an overall growth of 6.35% by 2028.

Future trends to watch for:

• Regulatory changes impacting the insurance market
• Technological advancements driving efficiency and new product offerings
• Impact of economic conditions on consumer spending and insurance uptake
• Responses to emerging risks such as cyber threats and climate change