Forecast: Value Added of Insurance, Reinsurance and Pension Funding in Belgium

The value added of the insurance, reinsurance, and pension funding sector in Belgium has seen fluctuations over the past decade. Starting from a negative trend in 2013 and 2014, the sector rebounded with significant growth in 2015, followed by some volatility in subsequent years. The period from 2016 to 2018 showed a consistent upward trend, peaking in 2019. However, there was a slight decline in 2020 and minor variations until 2022. In 2023, the value stood at 5.06 billion euros, marking a year-on-year growth of 1.39%. The sector’s average annual growth (CAGR) over the last five years is 0.6%.

Future trends to watch for:

• The sector is forecasted to experience steady growth from 2024 to 2028 with an estimated CAGR of 1.02%.
• Technology-driven innovations in insurance and reinsurance products.
• Increased focus on sustainable and ESG-compliant pension funding solutions.
• Potential regulatory changes impacting the sector’s dynamics.