Belgium Insurance Report Q2 2016
BMI View: The insurance market in Belgium is large and mature, with a diverse range of domestic andglobal firms active in both the life and non-life sectors. The country has emerged from recession andeconomic recovery is gathering pace, leading to a more positive short-term outlook where slow and steadyincreases in premiums are forecast. Growth potential is, however, relatively subdued as rates of penetrationand density are already high, though health insurance is proving a promising growth area.
Key Updates And Forecasts:
Belgium's economic recovery is gaining traction and the BMI Country Risk team has upgraded our realGDP growth forecast to 1.6% in both 2016 and 2017, from 1.4% and 1.5% previously. As a result, wehave also revised upwards, marginally, our forecasts for growth in terms of life and non-life premiumswritten, though we note Belgium's recovery remains fragile and dependent upon the health of eurozoneneighbours.
Netherlands-based Delta LLoyd, which has a large presence in Belgium, continues to attempt tostrengthen its position in preparation for Solvency II requirements - the group recently sold its Belgiumbasedbanking firm (Delta Lloyd Bank Belgium) to a Chinese buyer and has announced a rights issue toraise EUR1bn in equity capital.
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