Forecast: Gross Premium Income of Non-life Insurance in Belgium

The gross premium income of non-life insurance in Belgium has shown variability over the past decade, with marked fluctuations between 2013 and 2023. In 2023, the gross premium income stood at $18.0 billion USD. The year-on-year variations highlight sporadic growth and declines, such as a significant 16.56% increase in 2014, contrasted with a -14.21% drop in 2015. From 2018 to 2023, a relatively steady upward trend is observable, with modest growth rates peaking at a 5.86% increase in 2022. The Compound Annual Growth Rate (CAGR) over the last five years to 2023 reveals an average yearly increase of 0.91%, indicating a stable but slow growth trend.

Forecasts for 2024 onwards suggest continued steady growth, albeit at a moderate pace, with values expected to reach $18.74 billion USD by 2028. The forecasted 5-year CAGR of 0.7% demonstrates a consistent but modest upward trajectory.

For future trends, it is crucial to monitor the impact of economic stability, regulatory changes, and technological advancements in the insurance sector. Additionally, shifting consumer behavior towards digital insurance solutions could further influence market dynamics. Keeping an eye on these factors will be essential for understanding the evolving landscape of non-life insurance in Belgium.

• 2013: +6.54%
• 2014: +16.56%
• 2015: -14.21%
• 2016: +2.45%
• 2017: +1.8%
• 2018: +1.18%
• 2019: +1.16%
• 2020: -4.45%
• 2021: +1.14%
• 2022: +5.86%
• 2023: +1.12%
• 2028 (forecasted 5-year growth rate): +3.55%

Future trends to watch for include:

• Economic stability and its influence on insurance markets.
• Regulatory changes affecting premium structures.
• Technological advancements, especially digital insurance platforms.
• Consumer behavior shifts towards online and digital insurance solutions.