Belgium Insurance Q2 2019
The Belgium insurance sector is characterised by high competition and market maturity. Both the life and non-life lineshave strong penetration and density, suggesting a well-developed market. The industry benefits from high incomes, supportivedemographics and a robust level of product awareness. New organic growth potential is weak in the market as all lines are matureand the addressable new consumer pool continues to shrink. However, carriers will look towards product innovation anddynamic upselling to achieve revenue expansion. Healthy headline economic growth, coupled with potent spending powers, willcontinue to support insurance sales out to 2023 and beyond.
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