The turnover in the non-life insurance sector in Belgium showed significant fluctuations over the past decade. Starting at 3.9 billion Euros in 2013, it experienced robust growth in 2014 with a year-on-year increase of 34.37%. However, this was followed by modest variations and even a slight decline in 2016. Notably, 2019 saw an extraordinary surge of 94.89%, reaching 10.21 billion Euros. Since then, growth stabilized with a Compound Annual Growth Rate (CAGR) of 18.1% from 2018 to 2023, culminating in a turnover of 12.04 billion Euros in 2023.
In the forecasted period from 2024 to 2028, the sector is expected to continue its upward trend but at a slower pace, with a projected five-year CAGR of 3.63%. This indicates a more stable year-on-year growth, pointing towards a sector that is maturing.
Future trends to watch for:
- The impact of regulatory changes and technological advancements on operational efficiencies.
- The growing importance of digital channels and the increasing adoption of insurtech solutions.
- Potential market disruptions due to economic uncertainties and their effect on the non-life insurance sector in Belgium.
