Forecast: Number of Persons Employed of Life Insurance in Belgium

The number of persons employed in the life insurance sector in Belgium has seen a steady decline from 20.05 thousand employees in 2013 to 17.0 thousand employees in 2023. The year-on-year variation in employment numbers has generally decreased at an average rate, with a CAGR of around -1.37% over the last five years. Forecasts indicate a further decline to 16.23 thousand employees by 2028, reflecting a forecasted CAGR of -0.71% over the next five years, implying a continuous if slowing reduction.

Future trends to watch for:

• Technological advancements leading to automation and improved efficiency, potentially reducing the need for traditional roles.
• Changing consumer preferences towards digital and self-service insurance solutions.
• Regulatory changes that could impact employment structures.
• Economic fluctuations that may influence insurance demand and industry employment.