The production volumes of insurance, reinsurance, and pension funding in Belgium experienced notable fluctuations from 2013 to 2023. The values peaked at €13.32 billion in 2013 and then decreased significantly over the following years, reaching €10.59 billion in 2016. A gradual recovery followed, with modest year-on-year growth observed between 2017 and 2019. However, the pandemic led to a decline in 2020, after which the volumes hovered around €10.9 billion to €11.4 billion. In 2023, the production volume stood at €11.37 billion, showing minor variation compared to the previous years.
- Over the last two years (2022-2023), the annual change was relatively stable with 0.3% and -0.3% variations.
- The Compound Annual Growth Rate (CAGR) over the past five years shows a minimal positive growth averaging 0.29% per year.
- Forecast data from 2024 to 2028 suggest a slight decline in production volumes, with a five-year forecasted CAGR at -0.24%, indicating a downward trend of approximately -1.19% by 2028.
Future trends to watch for include potential impacts of digital transformation in the insurance sector, changes in regulatory landscapes, and economic factors influencing consumer behavior and demand for insurance and pension products.
