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

The Gross Value Added (GVA) for Insurance, Reinsurance, and Pension Funding in Belgium has shown fluctuation from 2013 to 2016, followed by a steady increase. The GVA stood at €5.35 billion in 2023, which is a growth from €4.22 billion in 2013. Recent years, specifically 2021 and 2022, registered modest year-on-year increases of 4.11% and 1.15%, respectively, while 2023 saw a growth of 1.68%. Over the past five years, the Compound Annual Growth Rate (CAGR) has been at 1.72%. Future forecasts indicate a continued upward trend, with a projected GVA of €5.78 billion by 2028, representing a 5-year CAGR of 1.22%.

Future Trends to Watch For:

• The impact of regulatory changes on market dynamics and capital requirements.
• Technological advancements in InsurTech and their adoption by traditional insurers.
• Changing demographics affecting pension fund allocations and insurance products.
• Evolving risks such as cyber threats and climate change influencing reinsurance structures.