Non-Life Insurance in Belgium, Key Trends and ... · Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Market Intelligence Report Reference code: IS0807MR Published:

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Non-Life Insurance in Belgium,

Key Trends and Opportunities to

2018

Market Intelligence Report

Reference code: IS0807MR

Published: December 2014

www.timetric.com

Timetric

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London EC4Y 0BS

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Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 2

© Timetric. This product is licensed and is not to be photocopied Published: December 2014

1 Executive Summary

Timetric’s “Non-Life Insurance in the Belgium, Key Trends and Opportunities to 2018” report provides

detailed analysis of the market trends, drivers, challenges in the Belgian non-life insurance segment. It

provides values of a number of Key Performance Indicators (KPI) such as written premium, incurred loss,

loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment

income and retentions during the review period (2009–2013) and forecast period (2014–2018). The report

also analyses various distribution channels operating in the segment and provides detailed information

pertaining to the competitive landscape in the country.

This brings together Timetric’s research, modeling, and analysis expertise in order to develop an

insightful report. This allows insurers to identify segment dynamics, competitive advantage and profile of

insurers operating in the country. The report also covers a detailed regulatory policies and recent

changes in regulatory structure.

1.1 Synopsis

The report provides in-depth market analysis, information and insights into the Belgian non-life insurance

segment, including:

The Belgian non-life insurance segment’s growth prospects by non-life insurance category

Key trends and drivers for the non-life insurance segment

The various distribution channels in the Belgian non-life insurance segment

The detailed competitive landscape in the non-life insurance segment in Belgium

Detailed regulatory policies of the Belgian insurance industry

Analysis of various consumer segments in Belgian non-life insurance

Key developments in the Belgian non-life insurance segment

New products launched by Belgian non-life insurers

1.2 Reasons to Buy

Make strategic business decisions using in depth historic and forecast market data related to

Belgian non-life insurance segment and each category within it

Understand the demand-side dynamics, key market trends and growth opportunities within

Belgian non-life insurance segment

Assess the competitive dynamics in the non-life insurance segment

Identify the growth opportunities and market dynamics within key product categories

Gain insights into key regulations governing Belgian insurance segment and its impact on

companies and the industry's future



2 Belgian Insurance Industry Attractiveness

2.1 Insurance Industry Size, 2009–2018

Figure 1: Belgian Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2018

Source: NBB, Belgium and Timetric analysis © Timetric

EU

R B

illio

n

Life Non-life Personal accident and health



Table 1: Belgian Insurance – Gross Written Premium by Segment (Percentage Share), 2009–2018

Segment 2009 2013 2018

Life

Non-life

Personal accident and health

Overall 100.0% 100.0% 100.0%


Figure 2: Belgian Insurance – Gross Written Premium Dynamics by Segment (2009–2018)


Note: Bubble size represents the 2013 segment value

CA

GR

2013–2018

CAGR 2009–2013

Life Non-Life Personal accident and health



3 Non-Life Insurance Outlook

3.1 Non-Life Insurance Growth Prospects by Category

Figure 3: Belgian Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–

2018

Source: NBB,Belgium and Timetric analysis © Timetric

Figure 4: Belgian Non-Life Insurance – Gross Written Premium by Category (% Share), 2013 and

2018

Source: NBB,Belgium and Timetric analysis © Timetric

EU

R B

illio

n

Motor Property Liability Marine, aviation and transit

Motor Property Liability Marine, aviation and transit

Inner Circle 2013Outer Circle 2018



4 Methodology

All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This

includes market study, research, analysis and quality control.

1) Market Study

A. Standardization

Definitions are specified using recognized industry classifications. The same definition is

used for every country.

Annual average currency exchange rates are used for the latest completed year. These are

then applied across both the historical and forecast data to remove exchange rate

fluctuations.

B. Internal audit

Review of in-house databases to gather existing data:

Historic market databases and reports

Company database

C. Trend monitoring

Review of the latest insurance companies and industry trends

2) Research

A. Sources

Collection of the latest market-specific data from a wide variety of industry sources:

Government statistics

Industry associations

Company filings

International organizations

Insurance regulatory agencies

B. Expert opinion

Collation of opinion taken from leading insurance industry experts

Analysis of third-party opinion and forecasts:

Broker reports

Media

Official government sources

C. Data consolidation and verification

Consolidation of data and opinion to create historical datasets

Creation of models to benchmark data across sectors and regions

3) Analysis

A. Market forecasts

Feeding forecast data into market models:

Macroeconomic indicators

Industry-specific drivers

Analysis of insurance industry database to identify trends:

Latest insurance trends

Key drivers of the insurance industry



B. Report writing

Analysis of market data

Discussion of company and industry trends and issues

Review of financial deals and insurance trends

4) Quality Control

Templates

Detailed process manuals

Standardized report templates and accompanying style guides

Complex forecasting tools to ensure that forecast methodologies are consistently applied

Quality-control checklists

Quality-control process

Peer review

Senior-level QC

Random spot checks on data integrity

Benchmark checks across databases

Market data cross-checked for consistency with accumulated data from:

Company filings

Government sources

4.1 Related Reports

Non-Life Insurance in India, Key Trends and Opportunities to 2018

Non-Life Insurance in Indonesia, Key Trends and Opportunities to 2018

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2018

Non-Life Insurance in Russia, Key Trends and Opportunities to 2018

Non-Life Insurance in Mexico, Key Trends and Opportunities to 2018

Non-Life Insurance in Argentina, Key Trends and Opportunities to 2018



TABLE OF CONTENTS

1 Key Facts and Events ..................................................................................................... 2

2 Executive Summary ........................................................................................................ 3

3 Introduction ................................................................................................................... 16

3.1 What is this Report About? ...................................................................................................... 16

3.2 Definitions ................................................................................................................................ 16

3.3 Methodology ............................................................................................................................ 18

4 Belgian Insurance Industry Attractiveness ................................................................ 20

4.1 Insurance Industry Size, 2009–2018 ........................................................................................ 21

5 Non-Life Insurance Outlook ......................................................................................... 29

5.1 Consumer Segmentation ......................................................................................................... 30

5.2 Key Drivers .............................................................................................................................. 34

5.3 Key Trends .............................................................................................................................. 35

5.4 Challenges .............................................................................................................................. 36

5.5 Non-Life Insurance Growth Prospects by Category ................................................................. 37

5.6 Property Insurance .................................................................................................................. 75

5.6.1 Fire and allied perils insurance ......................................................................................................... 83

5.6.2 Engineering insurance ...................................................................................................................... 87

5.6.3 Agriculture insurance ........................................................................................................................ 91

5.6.4 Other property insurance .................................................................................................................. 95

5.7 Motor Insurance ....................................................................................................................... 99

5.7.1 Motor hull insurance ....................................................................................................................... 107

5.7.2 Motor third-party insurance ............................................................................................................ 111

5.8 Liability Insurance .................................................................................................................. 115

5.8.1 Professional liability insurance ....................................................................................................... 123

5.8.2 Environmental and hazardous material risk insurance .................................................................. 127

5.8.3 Other liability insurance .................................................................................................................. 131

5.9 Marine, Aviation and Transit Insurance .................................................................................. 135

5.9.1 Marine insurance ............................................................................................................................ 151

5.9.2 Marine hull insurance ..................................................................................................................... 154

5.9.3 Marine liability insurance ................................................................................................................ 158

5.9.4 Aviation insurance .......................................................................................................................... 162

5.9.5 Transit insurance ............................................................................................................................ 166

6 Analysis by Distribution Channel .............................................................................. 170

6.1 Direct Marketing .................................................................................................................... 172

6.2 Bancassurance ...................................................................................................................... 180

6.3 Agencies ................................................................................................................................ 188

6.4 E-Commerce ......................................................................................................................... 196

6.5 Brokers .................................................................................................................................. 204

6.6 Other Channels ..................................................................................................................... 212



7 Governance, Risk and Compliance ........................................................................... 220

7.1 Legislation Overview and Historical Evolution ........................................................................ 221

7.2 Legislation and Market Practice by Type of Insurance ........................................................... 224

7.2.1 Life insurance ................................................................................................................................. 224

7.2.2 Property insurance ......................................................................................................................... 226

7.2.3 Motor insurance .............................................................................................................................. 229

7.2.4 Marine, aviation and transit insurance ........................................................................................... 230

7.2.5 Personal accident and health insurance ........................................................................................ 231

7.3 Compulsory Insurance ........................................................................................................... 232

7.3.1 Motor third-party liability insurance................................................................................................. 232

7.3.2 Social insurance system ................................................................................................................. 233

7.3.3 Air carrier and aircraft operators insurance .................................................................................... 234

7.4 Supervision and Control ........................................................................................................ 236

7.4.1 International Association of Insurance Supervisors (IAIS) ............................................................. 236

7.4.2 European Insurance and Occupational Pensions Authority (EIOPA) ............................................ 237

7.4.3 National Bank of Belgium (NBB) .................................................................................................... 237

7.4.4 The Financial Services and Markets Authority (FSMA) ................................................................. 237

7.5 Non-Admitted Insurance Regulations .................................................................................... 238

7.5.1 Overview ......................................................................................................................................... 238

7.5.2 Intermediaries ................................................................................................................................. 238

7.5.3 Market practices ............................................................................................................................. 238

7.5.4 Fines and penalties ........................................................................................................................ 238

7.6 Company Registration and Operations .................................................................................. 239

7.6.1 Types of insurance organization .................................................................................................... 240

7.6.2 Establishing a domestic company .................................................................................................. 240

7.6.3 Foreign ownership .......................................................................................................................... 241

7.6.4 Types of license.............................................................................................................................. 242

7.6.5 Capital requirements ...................................................................................................................... 243

7.6.6 Solvency margins ........................................................................................................................... 243

7.6.7 Reserve requirements .................................................................................................................... 246

7.6.8 Investment regulations ................................................................................................................... 246

7.6.9 Statutory return requirements ......................................................................................................... 247

7.6.10 Fee structure .................................................................................................................................. 247

7.7 Taxation ................................................................................................................................. 248

7.7.1 Insurance premium or policy taxation ............................................................................................ 248

7.7.2 Withholding taxes on premium paid overseas ............................................................................... 249

7.7.3 Corporate tax .................................................................................................................................. 249

7.7.4 VAT ................................................................................................................................................. 250

7.7.5 Captives .......................................................................................................................................... 250

7.8 Legal System ......................................................................................................................... 251

7.8.1 Introduction ..................................................................................................................................... 251

7.8.2 Access to court ............................................................................................................................... 251



7.8.3 Alternative dispute resolution (ADR) .............................................................................................. 252

8 Competitive Landscape and Strategic Insights ....................................................... 253

8.1 Overview ............................................................................................................................... 253

8.2 Leading Companies in the Belgium Non-Life Insurance Segment .......................................... 254

8.3 Leading Non-life Insurers – New Product Launches .............................................................. 255

8.4 Leading Non-life Insurers – Key Developments ..................................................................... 256

8.5 Comparison of the Top Five Insurers ..................................................................................... 257

8.5.1 Gross written premium ................................................................................................................... 257

8.6 Axa Belgium SA – Company Overview .................................................................................. 258

8.6.1 Axa Belgium SA – key facts ........................................................................................................... 258

8.6.2 Axa Belgium SA – key financials .................................................................................................... 258

8.7 AG Insurance – Company Overview ...................................................................................... 259

8.7.1 AG Insurance – key facts ............................................................................................................... 259

8.8 Ethias – Company Overview .................................................................................................. 260

8.8.1 Ethias – key facts ........................................................................................................................... 260

8.8.2 Ethias – key financials .................................................................................................................... 260

8.9 CBC Assurances – Company Overview ................................................................................. 261

8.9.1 CBC Assurances – key facts .......................................................................................................... 261

8.10 Baloise Insurance – Company Overview ............................................................................... 262

8.10.1 Baloise Insurance – key facts ......................................................................................................... 262

8.11 Belfius (Belins) Insurance Belgium SA – Company Overview ................................................ 263

8.11.1 Belfius Insurance Belgium SA – key facts ...................................................................................... 263

8.12 DKV Belgium – Company Overview ...................................................................................... 264

8.12.1 DKV Belgium – key facts ................................................................................................................ 264

8.13 Allianz Belgium – Company Overview ................................................................................... 265

8.13.1 Allianz Belgium – key facts ............................................................................................................. 265

8.13.2 Allianz Belgium – key financials ..................................................................................................... 265

8.14 Vivium – Company Overview ................................................................................................. 266

8.14.1 Vivium – key facts .......................................................................................................................... 266

8.14.2 Vivium – key financials ................................................................................................................... 266

8.15 P&V Assurance – Company Overview ................................................................................... 267

8.15.1 P&V Assurance – key facts ............................................................................................................ 267

9 Appendix – 1 ............................................................................................................... 268

9.1 Business Confidence ............................................................................................................. 268

9.1.1 Market capitalization trend – Brussels Stock Exchange, Belgian .................................................. 268

9.1.2 GDP at constant prices (US$) ........................................................................................................ 269

9.1.3 GDP per capita at constant prices (US$) ....................................................................................... 270

9.1.4 GDP at current prices (US$) .......................................................................................................... 271

9.1.5 GDP per capita at current prices (US$) ......................................................................................... 272

9.1.6 GDP by key sector ......................................................................................................................... 273

9.1.7 Agriculture net output at current prices (US$) ................................................................................ 274



9.1.8 Agriculture net output at current prices as a percentage of GDP .................................................. 275

9.1.9 Manufacturing net output at current prices (US$) .......................................................................... 276

9.1.10 Manufacturing net output at current prices as a percentage of GDP ............................................. 277

9.1.11 Mining, manufacturing and utilities at current prices (US$) ........................................................... 278

9.1.12 Mining, manufacturing and utilities at current prices, as a percentage of GDP ............................. 279

9.1.13 Construction net output at current prices, (US$) ............................................................................ 280

9.1.14 Construction net output at current prices as a percentage of GDP ............................................... 281

9.1.15 Inflation rate .................................................................................................................................... 282

9.1.16 Exports as a percentage of GDP.................................................................................................... 283

9.1.17 Imports as a percentage of GDP .................................................................................................... 284

9.1.18 Merchandise exports growth .......................................................................................................... 285

9.1.19 Merchandise imports growth .......................................................................................................... 286

9.1.20 Annual average exchange rate EUR–US$ ..................................................................................... 287

9.2 Infrastructure ......................................................................................................................... 288

9.2.1 Commercial vehicle exports – total value ....................................................................................... 288

9.2.2 Commercial vehicle imports – total value ....................................................................................... 289

9.2.3 Automotive exports – total value .................................................................................................... 290

9.2.4 Automotive imports – total value .................................................................................................... 291

9.2.5 Total internet subscribers ............................................................................................................... 292

9.3 Labor Force ........................................................................................................................... 293

9.3.1 Labor force ..................................................................................................................................... 293

9.3.2 Unemployment rate ........................................................................................................................ 294

9.4 Demographics ....................................................................................................................... 295

9.4.1 Gross national disposable income (US$) ....................................................................................... 295

9.4.2 Household consumption expenditure (US$) .................................................................................. 296

9.4.3 Total population .............................................................................................................................. 297

9.4.4 Urban and rural populations ........................................................................................................... 298

9.4.5 Age distribution of the total population ........................................................................................... 299

9.4.6 Life expectancy............................................................................................................................... 300

10 Appendix – 2 ............................................................................................................... 301

10.1 Methodology .......................................................................................................................... 301

10.2 Contact Timetric .................................................................................................................... 301

10.3 About Timetric ....................................................................................................................... 301

10.4 Timetric’s Services................................................................................................................. 302

10.5 Disclaimer .............................................................................................................................. 303



LIST OF FIGURES

Figure 1: Belgian Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2018 .................................................................... 23 Figure 2: Belgian Insurance – Dynamics by Segment, Gross Written premium (2009–2018) ....................................................................... 24 Figure 3: Belgian Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2018 .................................................................... 27 Figure 4: Belgian Insurance – Dynamics by Segment, Direct Written Premium (2009–2018) ....................................................................... 28 Figure 5: Indian Non-Life Insurance – Number of Active Policies and Construction (% Share), 2013 ........................................................... 30 Figure 6: Belgian Distribution of Employment by Sector (%), 2010–2012 ..................................................................................................... 31 Figure 7: Belgian Construction and Manufacturing Net Output (US$ Billion), 2008–2012 ............................................................................. 31 Figure 8: Belgian Rural and Urban Populations (%), 2009 and 2013 ........................................................................................................... 32 Figure 9: Belgian Vehicle Sales by Category, 2009–2013 ............................................................................................................................ 33 Figure 10: Belgian Exports and Imports as a Percentage of GDP, 2009–2013 ............................................................................................ 33 Figure 11: Belgian Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2018 .................................................... 39 Figure 12: Belgian Non-Life Insurance – Gross Written Premium by Category (% Share), 2013 and 2018 ................................................. 39 Figure 13: Belgian Non-Life Insurance – Gross Written Premium Dynamics by Category (%), 2009–2018 .................................................. 40 Figure 14: Belgian Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2009–2018 .................................................... 43 Figure 15: Belgian Non-Life Insurance – Direct Written Premium by Category (% Share), 2013 and 2018.................................................. 43 Figure 16: Belgian Non-Life Insurance – Direct Written Premium Dynamics by Category (%), 2009–2018 .................................................. 44 Figure 17: Belgian Non-Life Insurance – Earned Premium (EUR Billion), 2009–2013 .................................................................................. 45 Figure 18: Belgian Non-Life Insurance – Earned Premium (EUR Billion), 2013–2018 .................................................................................. 46 Figure 19: Belgian Non-Life Insurance – Paid Claims by Category (EUR Billion), 2009–2018 ...................................................................... 49 Figure 20: Belgian Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2009–2018 ................................................................... 52 Figure 21: Belgian Non-Life Insurance – Retentions by Category (EUR Billion), 2009–2018........................................................................ 55 Figure 22: Belgian Non-Life Insurance – Loss Ratio (%), 2009–2013 .......................................................................................................... 56 Figure 23: Belgian Non-Life Insurance – Loss Ratio (%), 2013–2018 .......................................................................................................... 57 Figure 24: Belgian Non-Life Insurance – Commissions and Expenses (EUR Billion), 2009–2013 ................................................................ 58 Figure 25: Belgian Non-Life Insurance – Commissions and Expenses (EUR Billion), 2013–2018 ................................................................ 59 Figure 26: Belgian Non-Life Insurance – Combined Ratio (%), 2009–2013 .................................................................................................. 60 Figure 27: Belgian Non-Life Insurance – Combined Ratio (%), 2013–2018 .................................................................................................. 61 Figure 28: Belgian Non-Life Insurance – Fraud and Crimes (EUR Million), 2009–2013 ................................................................................ 62 Figure 29: Belgian Non-Life Insurance – Fraud and Crimes (EUR Million), 2013–2018 ................................................................................ 63 Figure 30: Belgian Non-Life Insurance – Total Assets (EUR Billion), 2009–2013 ......................................................................................... 64 Figure 31: Belgian Non-Life Insurance – Total Assets (EUR Billion), 2013–2018 ......................................................................................... 65 Figure 32: Belgian Non-Life Insurance – Total Investment Income (EUR Billion), 2009–2013 ...................................................................... 66 Figure 33: Belgian Non-Life Insurance – Total Investment Income (EUR Billion), 2013–2018 ...................................................................... 67 Figure 34: Belgian Non-Life Insurance – Retentions (EUR Billion), 2009–2013 ........................................................................................... 68 Figure 35: Belgian Non-Life Insurance – Retentions (EUR Billion), 2013–2018 ........................................................................................... 69 Figure 36: Belgian Non-Life Insurance – Investment Portfolio (EUR Billion), 2009–2013 ............................................................................. 70 Figure 37: Belgian Non-Life Insurance – Investment Portfolio (% Share), 2009 and 2013 ............................................................................ 70 Figure 38: Belgian Non-Life Insurance – Penetration (%), 2009–2013 ......................................................................................................... 71 Figure 39: Belgian Non-Life Insurance – Number of Policies Sold (Thousand), 2009–2013 ......................................................................... 72 Figure 40: Belgian Non-Life Insurance – Number of Policies Sold (Thousand), 2013–2018 ......................................................................... 73 Figure 41: Belgian Non-Life Insurance – Premium Per Capita (EUR), 2009–2013 ....................................................................................... 74 Figure 42: Belgian Property Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................ 77 Figure 43: Belgian Property Insurance – Gross Written Premium Dynamics by Sub-Category (%), 2009–2018 ........................................... 77 Figure 44: Belgian Property Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................. 80 Figure 45: Belgian Property Insurance – Direct Written Premium Dynamics by Sub-Category (%), 2009–2018 ........................................... 80 Figure 46: Belgian Property Insurance – Loss Ratio (%), 2009–2013 .......................................................................................................... 81 Figure 47: Belgian Property Insurance – Loss Ratio (%), 2013–2018 .......................................................................................................... 82 Figure 48: Belgian Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2009–2013 ............................................................ 83 Figure 49: Belgian Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2013–2018 ............................................................ 84 Figure 50: Belgian Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2009–2013 ..................................................... 85 Figure 51: Belgian Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2013–2018 ..................................................... 86 Figure 52: Belgian Engineering Insurance – Number of Policies Sold (Thousand), 2009–2013 ................................................................... 87 Figure 53: Belgian Engineering Insurance – Number of Policies Sold (Thousand), 2013–2018 ................................................................... 88 Figure 54: Belgian Engineering Insurance – Gross Written Premium (EUR Million), 2009–2013 .................................................................. 89 Figure 55: Belgian Engineering Insurance – Gross Written Premium (EUR Million), 2013–2018 .................................................................. 90 Figure 56: Belgian Agriculture Insurance – Number of Policies Sold (Thousand), 2009–2013 ..................................................................... 91 Figure 57: Belgian Agriculture Insurance – Number of Policies Sold (Thousand), 2013–2018 ..................................................................... 92 Figure 58: Belgian Agriculture Insurance – Gross Written Premium (EUR Million), 2009–2013 .................................................................... 93 Figure 59: Belgian Agriculture Insurance – Gross Written Premium (EUR Million), 2013–2018 .................................................................... 94 Figure 60: Belgian Other Property Insurance – Number of Policies Sold (Million), 2009–2013 ..................................................................... 95 Figure 61: Belgian Other Property Insurance – Number of Policies Sold (Million), 2013–2018 ..................................................................... 96 Figure 62: Belgian Other Property Insurance – Gross Written Premium (EUR Billion), 2009–2013 .............................................................. 97 Figure 63: Belgian Other Property Insurance – Gross Written Premium (EUR Billion), 2013–2018 .............................................................. 98



Figure 64: Belgian Motor Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................... 101 Figure 65: Belgian Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2009–2018 ................................................... 101 Figure 66: Belgian Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................... 104 Figure 67: Belgian Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2009–2018 .................................................... 104 Figure 68: Belgian Motor Insurance – Loss Ratio (%), 2009–2013 ............................................................................................................. 105 Figure 69: Belgian Motor Insurance – Loss Ratio (%), 2013–2018 ............................................................................................................. 106 Figure 70: Belgian Motor hull Insurance – Number of Policies Sold (Million), 2009–2013 .......................................................................... 107 Figure 71: Belgian Motor hull Insurance – Number of Policies Sold (Million), 2013–2018 .......................................................................... 108 Figure 72: Belgian Motor hull Insurance – Gross Written Premium (EUR Billion), 2009–2013 .................................................................... 109 Figure 73: Belgian Motor hull Insurance – Gross Written Premium (EUR Billion), 2013–2018 .................................................................... 110 Figure 74: Belgian Motor Third-Party Insurance – Number of Policies Sold (Million), 2009–2013............................................................... 111 Figure 75: Belgian Motor Third-Party Insurance – Number of Policies Sold (Million), 2013–2018............................................................... 112 Figure 76: Belgian Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2009–2013 ........................................................ 113 Figure 77: Belgian Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2013–2018 ........................................................ 114 Figure 78: Belgian Liability Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................ 117 Figure 79: Belgian Liability Insurance – Gross Written Premium Dynamics by Sub-Category (%), 2009–2018 .......................................... 117 Figure 80: Belgian Liability Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2018 ............................................ 120 Figure 81: Belgian Liability Insurance – Direct Written Premium Dynamics by Sub-Category (%), 2009–2018 .......................................... 120 Figure 82: Belgian Liability Insurance – Loss Ratio (%), 2009–2013 .......................................................................................................... 121 Figure 83: Belgian Liability Insurance – Loss Ratio (%), 2013–2018 .......................................................................................................... 122 Figure 84: Belgian Professional Liability Insurance – Number of Policies Sold (Thousand), 2009–2013 .................................................... 123 Figure 85: Belgian Professional Liability Insurance – Number of Policies Sold (Thousand), 2013–2018 .................................................... 124 Figure 86: Belgian Professional Liability Insurance – Written Premium (EUR Million), 2009–2013 ............................................................. 125 Figure 87: Belgian Professional Liability Insurance – Written Premium (EUR Million), 2013–2018 ............................................................. 126 Figure 88: Belgian Environmental and Hazardous Material Risk Insurance – Number of Policies Sold (Thousand), 2009–2013 ................ 127 Figure 89: Belgian Environmental and Hazardous Material Risk Insurance – Number of Policies Sold (Thousand), 2013–2018 ................ 128 Figure 90: Belgian Environmental and Hazardous Material Risk Insurance – Written Premium (EUR Million), 2009–2013 ........................ 129 Figure 91: Belgian Environmental and Hazardous Material Risk Insurance – Written Premium (EUR Million), 2013–2018 ........................ 130 Figure 92: Belgian Other Liability Insurance – Number of Policies Sold (Million), 2009–2013 .................................................................... 131 Figure 93: Belgian Other Liability Insurance – Number of Policies Sold (Million), 2013–2018 .................................................................... 132 Figure 94: Belgian Other Liability Insurance – Written Premium (EUR Billion), 2009–2013 ........................................................................ 133 Figure 95: Belgian Other Liability Insurance – Written Premium (EUR Billion), 2013–2018 ........................................................................ 134 Figure 96: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2018 ............ 137 Figure 97: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium Dynamics by Sub-Category (%), 2009–2018 .......... 137 Figure 98: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2018 ............ 140 Figure 99: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium Dynamics by Sub-Category (%), 2009–2018 .......... 140 Figure 100: Belgian Marine Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 141 Figure 101: Belgian Marine Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 142 Figure 102: Belgian Marine Insurance – Gross Written Premium (EUR Million), 2009–2013 ...................................................................... 143 Figure 103: Belgian Marine Insurance – Gross Written Premium (EUR Million), 2013–2018 ...................................................................... 144 Figure 104: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2009–2013 ...................................................................... 145 Figure 105: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2013–2018 ...................................................................... 146 Figure 106: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2009–2013 .................................................................... 147 Figure 107: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2013–2018 .................................................................... 148 Figure 108: Belgian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2009–2013 ........................................................................ 149 Figure 109: Belgian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2018 ........................................................................ 150 Figure 110: Belgian Marine Insurance – Gross Written Premium by Policy Type (EUR Million), 2009–2018 .............................................. 153 Figure 111: Belgian Marine Insurance – Dynamics by Policy Type (%), 2009–2018 .................................................................................. 153 Figure 112: Belgian Marine hull Insurance – Number of Policies Sold (Thousand), 2009–2013 ................................................................. 154 Figure 113: Belgian Marine hull Insurance – Number of Policies Sold (Thousand), 2013–2018 ................................................................. 155 Figure 114: Belgian Marine hull Insurance – Gross Written Premium (EUR Million), 2009–2013 ............................................................... 156 Figure 115: Belgian Marine hull Insurance – Gross Written Premium (EUR Million), 2013–2018 ............................................................... 157 Figure 116: Belgian Marine liability Insurance – Number of Policies Sold, 2009–2013 ............................................................................... 158 Figure 117: Belgian Marine liability Insurance – Number of Policies Sold, 2013–2018 ............................................................................... 159 Figure 118: Belgian Marine liability Insurance – Gross Written Premium (EUR Thousand), 2009–2013 ..................................................... 160 Figure 119: Belgian Marine liability Insurance – Gross Written Premium (EUR Thousand), 2013–2018 ..................................................... 161 Figure 120: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2009–2013 ...................................................................... 162 Figure 121: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2013–2018 ...................................................................... 163 Figure 122: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2009–2013 .................................................................... 164 Figure 123: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2013–2018 .................................................................... 165 Figure 124: Belgian Transit Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 166 Figure 125: Belgian Transit Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 167 Figure 126: Belgian Transit Insurance – Gross Written Premium (EUR Million), 2009–2013 ...................................................................... 168 Figure 127: Belgian Transit Insurance – Gross Written Premium (EUR Million), 2013–2018 ...................................................................... 169 Figure 128: Belgian Non-Life Insurance – Gross Written Premium by Distribution Channel (% Share), 2013 and 2018 ............................. 171 Figure 129: Belgian Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2009–2013 .................................................. 172



Figure 130: Belgian Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2013–2018 .................................................. 173 Figure 131: Belgian Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2009–2013 ........................... 174 Figure 132: Belgian Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2013–2018 ........................... 175 Figure 133: Belgian Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2009–2013 ................................................... 176 Figure 134: Belgian Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2013–2018 ................................................... 177 Figure 135: Belgian Non-Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ................................................................ 178 Figure 136: Belgian Non-Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ................................................................ 179 Figure 137: Belgian Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2009–2013 ................................................... 180 Figure 138: Belgian Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2013–2018 ................................................... 181 Figure 139: Belgian Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2009–2013 ............................ 182 Figure 140: Belgian Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2013–2018 ............................ 183 Figure 141: Belgian Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2009–2013 ..................................................... 184 Figure 142: Belgian Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2013–2018 ..................................................... 185 Figure 143: Belgian Non-Life Insurance – Number of Bancassurance Distributors, 2009–2013 ................................................................. 186 Figure 144: Belgian Non-Life Insurance – Number of Bancassurance Distributors, 2013–2018 ................................................................. 187 Figure 145: Belgian Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2009–2013 ......................................................... 188 Figure 146: Belgian Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2013–2018 ......................................................... 189 Figure 147: Belgian Non-Life Insurance – Gross Written Premium Through Agencies (EUR Million), 2009–2013 ...................................... 190 Figure 148: Belgian Non-Life Insurance – Gross Written Premium Through Agencies (EUR Million), 2013–2018 ...................................... 191 Figure 149: Belgian Non-Life Insurance – Policies Sold Through Agencies (Million), 2009–2013 ............................................................... 192 Figure 150: Belgian Non-Life Insurance – Policies Sold Through Agencies (Million), 2013–2018 ............................................................... 193 Figure 151: Belgian Non-Life Insurance – Number of Agencies, 2009–2013 .............................................................................................. 194 Figure 152: Belgian Non-Life Insurance – Number of Agencies, 2013–2018 .............................................................................................. 195 Figure 153: Belgian Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2009–2013 ....................................................... 196 Figure 154: Belgian Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2013–2018 ....................................................... 197 Figure 155: Belgian Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2009–2013 ................................ 198 Figure 156: Belgian Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2013–2018 ................................ 199 Figure 157: Belgian Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2009–2013 ................................................... 200 Figure 158: Belgian Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2013–2018 ................................................... 201 Figure 159: Belgian Non-Life Insurance – Number of E-Commerce Distributors, 2009–2013 ..................................................................... 202 Figure 160: Belgian Non-Life Insurance – Number of E-Commerce Distributors, 2013–2018 ..................................................................... 203 Figure 161: Belgian Non-Life Insurance – Commission Paid to Brokers (EUR Billion), 2009–2013 ............................................................ 204 Figure 162: Belgian Non-Life Insurance – Commission Paid to Brokers (EUR Billion), 2013–2018 ............................................................ 205 Figure 163: Belgian Non-Life Insurance – Gross Written Premium Through Brokers (EUR Billion), 2009–2013 ......................................... 206 Figure 164: Belgian Non-Life Insurance – Gross Written Premium Through Brokers (EUR Billion), 2013–2018 ......................................... 207 Figure 165: Belgian Non-Life Insurance – Policies Sold Through Brokers (Million), 2009–2013 ................................................................. 208 Figure 166: Belgian Non-Life Insurance – Policies Sold Through Brokers (Million), 2013–2018 ................................................................. 209 Figure 167: Belgian Non-Life Insurance – Number of Brokers, 2009–2013 ................................................................................................ 210 Figure 168: Belgian Non-Life Insurance – Number of Brokers, 2013–2018 ................................................................................................ 211 Figure 169: Belgian Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2009–2013 ............................................... 212 Figure 170: Belgian Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2013–2018 ............................................... 213 Figure 171: Belgian Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2009–2013 ............................ 214 Figure 172: Belgian Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2013–2018 ............................ 215 Figure 173: Belgian Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2009–2013 ............................................... 216 Figure 174: Belgian Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2013–2018 ............................................... 217 Figure 175: Belgian Non-Life Insurance – Number of Distributors in Other Channels, 2009–2013 ............................................................. 218 Figure 176: Belgian Non-Life Insurance – Number of Distributors in Other Channels, 2013–2018 ............................................................. 219 Figure 177: Belgium – Insurance Regulatory Framework ........................................................................................................................... 220 Figure 178: Belgium – The Three Pillars of Solvency II .............................................................................................................................. 223 Figure 179: Belgium – Insurance Supervision and Control at Various Levels ............................................................................................. 236 Figure 180: Belgium – Insurance Regulatory Frameworks for Company Registration and Operation ......................................................... 239 Figure 181: Shares of Key Insurers in the Belgian Non-Life Insurance Segment (%), 2013 ....................................................................... 254 Figure 182: Gross Written Premium – Top Five Non-Life Insurers, 2013 ................................................................................................... 257 Figure 183: Belgian, Brussels Stock Exchange, Belgian Market Capitalization (US$ Billion), 2008–2012 .................................................. 268 Figure 184: Belgian GDP at Constant Prices (US$ Billion), 2009–2013 ..................................................................................................... 269 Figure 185: Belgian GDP per Capita at Constant Prices (US$), 2009–2013 .............................................................................................. 270 Figure 186: Belgian GDP at Current Prices (US$ Billion), 2009–2013 ....................................................................................................... 271 Figure 187: Belgian GDP per Capita at Current Prices (US$), 2009–2013 ................................................................................................. 272 Figure 188: Belgian GDP by Key Sector (%) 2008 and 2012 ..................................................................................................................... 273 Figure 189: Belgian Agriculture Net Output at Current Prices (US$ Billion), 2008–2012 ............................................................................ 274 Figure 190: Belgian Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012 ... 275 Figure 191: Belgian Manufacturing Net Output at Current Prices (US$ Billion), 2008–2012 ....................................................................... 276 Figure 192: Belgian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012 .............................................. 277 Figure 193: Belgian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008–2012 ........................................ 278 Figure 194: Belgian Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2008–2012 ............... 279 Figure 195: Belgian Construction Net Output at Current Prices (US$ Billion), 2008 – 2012 ....................................................................... 280



Figure 196: Belgian Construction Output at Current Prices as a Percentage of GDP (%), 2008–2012 ....................................................... 281 Figure 197: Belgian Inflation Rate (%), 2009–2013 .................................................................................................................................... 282 Figure 198: Belgian Exports as a Percentage of GDP (%), 2008–2012...................................................................................................... 283 Figure 199: Belgian Imports as a Percentage of GDP (%), 2008–2012 ...................................................................................................... 284 Figure 200: Belgian Merchandise Exports Growth (%), 2009–2012 ........................................................................................................... 285 Figure 201: Belgian Merchandise Imports Growth (%), 2009–2012 ........................................................................................................... 286 Figure 202: Belgian Annual Average Exchange Rate US$–EUR, 2009–2013 ............................................................................................ 287 Figure 203: Belgian Commercial Vehicles Exports – Total Value (US$ Million), 2009–2013 ...................................................................... 288 Figure 204: Belgian Commercial Vehicles Imports – Total Value (US$ Million), 2009–2013....................................................................... 289 Figure 205: Belgian Automotive Exports – Total Value (US$ Million), 2009–2013 ...................................................................................... 290 Figure 206: Belgian Automotive Imports – Total Value (US$ Billion), 2009–2013 ...................................................................................... 291 Figure 207: Belgian Internet Subscriptions (Millions), 2009–2013 .............................................................................................................. 292 Figure 208: Belgian Size of Labor Force (Million), 2008–2012 ................................................................................................................... 293 Figure 209: Belgian Unemployment Rate (%), 2009–2013 ........................................................................................................................ 294 Figure 210: Netherland Gross National Disposable Income (US$ Billion), 2008–2012 ............................................................................... 295 Figure 211: Belgian Household Consumption Expenditure (US$ Billion), 2009–2013 ................................................................................ 296 Figure 212: Belgian Total Population (Million), 2009–2013 ........................................................................................................................ 297 Figure 213: Belgian Urban and Rural Populations (%), 2009–2013 ........................................................................................................... 298 Figure 214: Belgian Population Distribution by Age (%), 2009–2013 ......................................................................................................... 299 Figure 215: Belgian Life Expectancy (Number of Years), 2009–2013 ........................................................................................................ 300



LIST OF TABLES

Table 1: Belgian Non-Life Insurance – Key Facts, 2013 ................................................................................................................................. 2 Table 2: Insurance Industry Definitions ........................................................................................................................................................ 16 Table 3: Belgian Insurance – Gross Written Premium by Segment (EUR Billion), 2009–2013 ..................................................................... 21 Table 4: Belgian Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013 ...................................................................... 21 Table 5: Belgian Insurance – Gross Written Premium by Segment (EUR Billion), 2013–2018 ..................................................................... 22 Table 6: Belgian Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018 ...................................................................... 22 Table 7: Belgian Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018 ....................................................... 24 Table 8: Belgian Insurance – Direct Written Premium by Segment (EUR Billion), 2009–2013 ...................................................................... 25 Table 9: Belgian Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013 ...................................................................... 25 Table 10: Belgian Insurance – Direct Written Premium by Segment (EUR Billion), 2013–2018 .................................................................... 26 Table 11: Belgian Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018 .................................................................... 26 Table 12: Belgian Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018 ..................................................... 28 Table 13: Belgian Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2009–2013 ..................................................... 37 Table 14: Belgian Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2009–2013 ...................................................... 37 Table 15: Belgian Non-Life Insurance – Gross Written Premium by Category (EUR Billion), 2013–2018 ..................................................... 38 Table 16: Belgian Non-Life Insurance – Gross Written Premium by Category (US$ Billion), 2013–2018 ...................................................... 38 Table 17: Belgian Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2009–2013 ..................................................... 41 Table 18: Belgian Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013 ...................................................... 41 Table 19: Belgian Non-Life Insurance – Direct Written Premium by Category (EUR Billion), 2013–2018 ..................................................... 42 Table 20: Belgian Non-Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018 ...................................................... 42 Table 21: Belgian Non-Life Insurance – Earned Premium (EUR Billion), 2009–2013 ................................................................................... 45 Table 22: Belgian Non-Life Insurance – Earned Premium (EUR Billion), 2013–2018 ................................................................................... 46 Table 23: Belgian Non-Life Insurance – Paid Claims by Category (EUR Billion), 2009–2013 ....................................................................... 47 Table 24: Belgian Non-Life Insurance – Paid Claims by Category (US$ Billion), 2009–2013 ....................................................................... 47 Table 25: Belgian Non-Life Insurance – Paid Claims by Category (EUR Billion), 2013–2018 ....................................................................... 48 Table 26: Belgian Non-Life Insurance – Paid Claims by Category (US$ Billion), 2013–2018 ....................................................................... 48 Table 27: Belgian Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2009–2013 .................................................................... 50 Table 28: Belgian Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2009–2013 ..................................................................... 50 Table 29: Belgian Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2013–2018 .................................................................... 51 Table 30: Belgian Non-Life Insurance – Incurred Loss by Category (US$ Billion), 2013–2018 ..................................................................... 51 Table 31: Belgian Non-Life Insurance – Retentions by Category (EUR Billion), 2009–2013 ......................................................................... 53 Table 32: Belgian Non-Life Insurance – Retentions by Category (US$ Billion), 2009–2013 ......................................................................... 53 Table 33: Belgian Non-Life Insurance – Retentions by Category (EUR Billion), 2013–2018 ......................................................................... 54 Table 34: Belgian Non-Life Insurance – Retentions by Category (US$ Billion), 2013–2018 ......................................................................... 54 Table 35: Belgian Non-Life Insurance – Loss Ratio (%), 2009–2013 ........................................................................................................... 56 Table 36: Belgian Non-Life Insurance – Loss Ratio (%), 2013–2018 ........................................................................................................... 57 Table 37: Belgian Non-Life Insurance – Commissions and Expenses (EUR Billion), 2009–2013 ................................................................. 58 Table 38: Belgian Non-Life Insurance – Commissions and Expenses (EUR Billion), 2013–2018 ................................................................. 59 Table 39: Belgian Non-Life Insurance – Combined Ratio (%), 2009–2013 ................................................................................................... 60 Table 40: Belgian Non-Life Insurance – Combined Ratio (%), 2013–2018 ................................................................................................... 61 Table 41: Belgian Non-Life Insurance – Fraud and Crimes (EUR Million), 2009–2013 ................................................................................. 62 Table 42: Belgian Non-Life Insurance – Fraud and Crimes (EUR Million), 2013–2018 ................................................................................. 63 Table 43: Belgian Non-Life Insurance – Total Assets (EUR Billion), 2009–2013 .......................................................................................... 64 Table 44: Belgian Non-Life Insurance – Total Assets (EUR Billion), 2013–2018 .......................................................................................... 65 Table 45: Belgian Non-Life Insurance – Total Investment Income (EUR Billion), 2009–2013 ....................................................................... 66 Table 46: Belgian Non-Life Insurance – Total Investment Income (EUR Billion), 2013–2018 ....................................................................... 67 Table 47: Belgian Non-Life Insurance – Retentions (EUR Billion), 2009–2013 ............................................................................................. 68 Table 48: Belgian Non-Life Insurance – Retentions (EUR Billion), 2013–2018 ............................................................................................. 69 Table 49: Belgian Property Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 .............................................. 75 Table 50: Belgian Property Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013 .............................................. 75 Table 51: Belgian Property Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2013–2018 .............................................. 76 Table 52: Belgian Property Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2013–2018 .............................................. 76 Table 53: Belgian Property Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2013 .............................................. 78 Table 54: Belgian Property Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2009–2013 .............................................. 78 Table 55: Belgian Property Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2013–2018 .............................................. 79 Table 56: Belgian Property Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2013–2018 .............................................. 79 Table 57: Belgian Property Insurance – Loss Ratio (%), 2009–2013 ........................................................................................................... 81 Table 58: Belgian Property Insurance – Loss Ratio (%), 2013–2018 ........................................................................................................... 82 Table 59: Belgian Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2009–2013 ............................................................. 83 Table 60: Belgian Fire and Allied Perils Insurance – Number of Policies Sold (Million), 2013–2018 ............................................................. 84 Table 61: Belgian Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2009–2013 ...................................................... 85 Table 62: Belgian Fire and Allied Perils Insurance – Gross Written Premium (EUR Billion), 2013–2018 ...................................................... 86 Table 63: Belgian Engineering Insurance – Number of Policies Sold (Thousand), 2009–2013 ..................................................................... 87



Table 64: Belgian Engineering Insurance – Number of Policies Sold (Thousand), 2013–2018 ..................................................................... 88 Table 65: Belgian Engineering Insurance – Gross Written Premium (EUR Million), 2009–2013 ................................................................... 89 Table 66: Belgian Engineering Insurance – Gross Written Premium (EUR Million), 2013–2018 ................................................................... 90 Table 67: Belgian Agriculture Insurance – Number of Policies Sold (Thousand), 2009–2013....................................................................... 91 Table 68: Belgian Agriculture Insurance – Number of Policies Sold (Thousand), 2013–2018....................................................................... 92 Table 69: Belgian Agriculture Insurance – Gross Written Premium (EUR Million), 2009–2013 ..................................................................... 93 Table 70: Belgian Agriculture Insurance – Gross Written Premium (EUR Million), 2013–2018 ..................................................................... 94 Table 71: Belgian Other Property Insurance – Number of Policies Sold (Million), 2009–2013 ...................................................................... 95 Table 72: Belgian Other Property Insurance – Number of Policies Sold (Million), 2013–2018 ...................................................................... 96 Table 73: Belgian Other Property Insurance – Gross Written Premium (EUR Billion), 2009–2013 ............................................................... 97 Table 74: Belgian Other Property Insurance – Gross Written Premium (EUR Billion), 2013–2018 ............................................................... 98 Table 75: Belgian Motor Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 .................................................. 99 Table 76: Belgian Motor Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013................................................... 99 Table 77: Belgian Motor Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2013–2018 ................................................ 100 Table 78: Belgian Motor Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2013–2018................................................. 100 Table 79: Belgian Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2013 ................................................ 102 Table 80: Belgian Motor Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2009–2013 ................................................. 102 Table 81: Belgian Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2013–2018 ................................................ 103 Table 82: Belgian Motor Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2013–2018 ................................................. 103 Table 83: Belgian Motor Insurance – Loss Ratio (%), 2009–2013 .............................................................................................................. 105 Table 84: Belgian Motor Insurance – Loss Ratio (%), 2013–2018 .............................................................................................................. 106 Table 85: Belgian Motor hull Insurance – Number of Policies Sold (Million), 2009–2013 ............................................................................ 107 Table 86: Belgian Motor hull Insurance – Number of Policies Sold (Million), 2013–2018 ............................................................................ 108 Table 87: Belgian Motor hull Insurance – Gross Written Premium (EUR Billion), 2009–2013 ..................................................................... 109 Table 88: Belgian Motor hull Insurance – Gross Written Premium (EUR Billion), 2013–2018 ..................................................................... 110 Table 89: Belgian Motor Third-Party Insurance – Number of Policies Sold (Million), 2009–2013 ................................................................ 111 Table 90: Belgian Motor Third-Party Insurance – Number of Policies Sold (Million), 2013–2018 ................................................................ 112 Table 91: Belgian Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2009–2013 ......................................................... 113 Table 92: Belgian Motor Third-Party Insurance – Gross Written Premium (EUR Billion), 2013–2018 ......................................................... 114 Table 93: Belgian Liability Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 ............................................. 115 Table 94: Belgian Liability Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013 .............................................. 115 Table 95: Belgian Liability Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2013–2018 ............................................. 116 Table 96: Belgian Liability Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2013–2018 .............................................. 116 Table 97: Belgian Liability Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2013 ............................................. 118 Table 98: Belgian Liability Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2009–2013 .............................................. 118 Table 99: Belgian Liability Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2013–2018 ............................................. 119 Table 100: Belgian Liability Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2013–2018 ............................................ 119 Table 101: Belgian Liability Insurance – Loss Ratio (%), 2009–2013 ......................................................................................................... 121 Table 102: Belgian Liability Insurance – Loss Ratio (%), 2013–2018 ......................................................................................................... 122 Table 103: Belgian Professional Liability Insurance – Number of Policies Sold (Thousand), 2009–2013 ................................................... 123 Table 104: Belgian Professional Liability Insurance – Number of Policies Sold (Thousand), 2013–2018 ................................................... 124 Table 105: Belgian Professional Liability Insurance – Written Premium (EUR Million), 2009–2013 ............................................................ 125 Table 106: Belgian Professional Liability Insurance – Written Premium (EUR Million), 2013–2018 ............................................................ 126 Table 107: Belgian Environmental and Hazardous Material Risk Insurance – Number of Policies Sold (Thousand), 2009–2013 ............... 127 Table 108: Belgian Environmental and Hazardous Material Risk Insurance – Number of Policies Sold (Thousand), 2013–2018 ............... 128 Table 109: Belgian Environmental and Hazardous Material Risk Insurance – Written Premium (EUR Million), 2009–2013........................ 129 Table 110: Belgian Environmental and Hazardous Material Risk Insurance – Written Premium (EUR Million), 2013–2018........................ 130 Table 111: Belgian Other Liability Insurance – Number of Policies Sold (Million), 2009–2013 .................................................................... 131 Table 112: Belgian Other Liability Insurance – Number of Policies Sold (Million), 2013–2018 .................................................................... 132 Table 113: Belgian Other Liability Insurance – Written Premium (EUR Billion), 2009–2013 ....................................................................... 133 Table 114: Belgian Other Liability Insurance – Written Premium (EUR Billion), 2013–2018 ....................................................................... 134 Table 115: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2009–2013 ........... 135 Table 116: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2009–2013 ............ 135 Table 117: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (EUR Billion), 2013–2018 ........... 136 Table 118: Belgian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2013–2018 ............ 136 Table 119: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2009–2013 ........... 138 Table 120: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2009–2013 ............ 138 Table 121: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2013–2018 ........... 139 Table 122: Belgian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (US$ Billion), 2013–2018 ............ 139 Table 123: Belgian Marine Insurance – Number of Policies Sold (Thousand), 2009–2013 ......................................................................... 141 Table 124: Belgian Marine Insurance – Number of Policies Sold (Thousand), 2013–2018 ......................................................................... 142 Table 125: Belgian Marine Insurance – Gross Written Premium (EUR Million), 2009–2013 ....................................................................... 143 Table 126: Belgian Marine Insurance – Gross Written Premium (EUR Million), 2013–2018 ....................................................................... 144 Table 127: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 145 Table 128: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 146 Table 129: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2009–2013 ..................................................................... 147



Table 130: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2013–2018 ..................................................................... 148 Table 131: Belgian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2009–2013 ......................................................................... 149 Table 132: Belgian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2013–2018 ......................................................................... 150 Table 133: Belgian Marine Insurance – Gross Written Premium by Policy Type (EUR Billion), 2009–2013 ................................................ 151 Table 134: Belgian Marine Insurance – Gross Written Premium by Policy Type (US$ Billion), 2009–2013 ................................................ 151 Table 135: Belgian Marine Insurance – Gross Written Premium by Policy Type (EUR Billion), 2013–2018 ................................................ 152 Table 136: Belgian Marine Insurance – Gross Written Premium by Policy Type (US$ Billion), 2013–2018 ................................................ 152 Table 137: Belgian Marine hull Insurance – Number of Policies Sold (Thousand), 2009–2013 .................................................................. 154 Table 138: Belgian Marine hull Insurance – Number of Policies Sold (Thousand), 2013–2018 .................................................................. 155 Table 139: Belgian Marine hull Insurance – Gross Written Premium (EUR Million), 2009–2013................................................................. 156 Table 140: Belgian Marine hull Insurance – Gross Written Premium (EUR Million), 2013–2018................................................................. 157 Table 141: Belgian Marine liability Insurance – Number of Policies Sold, 2009–2013 ................................................................................ 158 Table 142: Belgian Marine liability Insurance – Number of Policies Sold, 2013–2018 ................................................................................ 159 Table 143: Belgian Marine liability Insurance – Gross Written Premium (EUR Thousand), 2009–2013 ...................................................... 160 Table 144: Belgian Marine liability Insurance – Gross Written Premium (EUR Thousand), 2013–2018 ...................................................... 161 Table 145: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2009–2013 ....................................................................... 162 Table 146: Belgian Aviation Insurance – Number of Policies Sold (Thousand), 2013–2018 ....................................................................... 163 Table 147: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2009–2013 ..................................................................... 164 Table 148: Belgian Aviation Insurance – Gross Written Premium (EUR Million), 2013–2018 ..................................................................... 165 Table 149: Belgian Transit Insurance – Number of Policies Sold (Thousand), 2009–2013 ......................................................................... 166 Table 150: Belgian Transit Insurance – Number of Policies Sold (Thousand), 2013–2018 ......................................................................... 167 Table 151: Belgian Transit Insurance – Gross Written Premium (EUR Million), 2009–2013 ....................................................................... 168 Table 152: Belgian Transit Insurance – Gross Written Premium (EUR Million), 2013–2018 ....................................................................... 169 Table 153: Belgian Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2009–2013 ................................................... 172 Table 154: Belgian Non-Life Insurance – Direct Marketing Commission Paid (EUR Million), 2013–2018 ................................................... 173 Table 155: Belgian Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2009–2013 ............................ 174 Table 156: Belgian Non-Life Insurance – Gross Written Premium Through Direct Marketing (EUR Billion), 2013–2018 ............................ 175 Table 157: Belgian Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2009–2013 ..................................................... 176 Table 158: Belgian Non-Life Insurance – Policies Sold Through Direct Marketing (Million), 2013–2018 ..................................................... 177 Table 159: Belgian Non-Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ................................................................. 178 Table 160: Belgian Non-Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ................................................................. 179 Table 161: Belgian Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2009–2013 .................................................... 180 Table 162: Belgian Non-Life Insurance – Bancassurance Commission Paid (EUR Million), 2013–2018 .................................................... 181 Table 163: Belgian Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2009–2013 ............................. 182 Table 164: Belgian Non-Life Insurance – Gross Written Premium Through Bancassurance (EUR Million), 2013–2018 ............................. 183 Table 165: Belgian Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2009–2013 ...................................................... 184 Table 166: Belgian Non-Life Insurance – Policies Sold Through Bancassurance (Million), 2013–2018 ...................................................... 185 Table 167: Belgian Non-Life Insurance – Number of Bancassurance Distributors, 2009–2013 .................................................................. 186 Table 168: Belgian Non-Life Insurance – Number of Bancassurance Distributors, 2013–2018 .................................................................. 187 Table 169: Belgian Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2009–2013 .......................................................... 188 Table 170: Belgian Non-Life Insurance – Commission Paid to Agencies (EUR Million), 2013–2018 .......................................................... 189 Table 171: Belgian Non-Life Insurance – Gross Written Premium Through Agencies (EUR Million), 2009–2013 ....................................... 190 Table 172: Belgian Non-Life Insurance – Gross Written Premium Through Agencies (EUR Million), 2013–2018 ....................................... 191 Table 173: Belgian Non-Life Insurance – Policies Sold Through Agencies (Million), 2009–2013 ................................................................ 192 Table 174: Belgian Non-Life Insurance – Policies Sold Through Agencies (Million), 2013–2018 ................................................................ 193 Table 175: Belgian Non-Life Insurance – Number of Agencies, 2009–2013 ............................................................................................... 194 Table 176: Belgian Non-Life Insurance – Number of Agencies, 2013–2018 ............................................................................................... 195 Table 177: Belgian Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2009–2013 ........................................................ 196 Table 178: Belgian Non-Life Insurance – E-Commerce Commission Paid (EUR Million), 2013–2018 ........................................................ 197 Table 179: Belgian Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2009–2013 ................................. 198 Table 180: Belgian Non-Life Insurance – Gross Written Premium Through E-Commerce (EUR Million), 2013–2018 ................................. 199 Table 181: Belgian Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2009–2013 .................................................... 200 Table 182: Belgian Non-Life Insurance – Policies Sold Through E-Commerce (Thousand), 2013–2018 .................................................... 201 Table 183: Belgian Non-Life Insurance – Number of E-Commerce Distributors, 2009–2013 ...................................................................... 202 Table 184: Belgian Non-Life Insurance – Number of E-Commerce Distributors, 2013–2018 ...................................................................... 203 Table 185: Belgian Non-Life Insurance – Commission Paid to Brokers (EUR Billion), 2009–2013 ............................................................. 204 Table 186: Belgian Non-Life Insurance – Commission Paid to Brokers (EUR Billion), 2013–2018 ............................................................. 205 Table 187: Belgian Non-Life Insurance – Gross Written Premium Through Brokers (EUR Billion), 2009–2013 .......................................... 206 Table 188: Belgian Non-Life Insurance – Gross Written Premium Through Brokers (EUR Billion), 2013–2018 .......................................... 207 Table 189: Belgian Non-Life Insurance – Policies Sold Through Brokers (Million), 2009–2013 .................................................................. 208 Table 190: Belgian Non-Life Insurance – Policies Sold Through Brokers (Million), 2013–2018 .................................................................. 209 Table 191: Belgian Non-Life Insurance – Number of Brokers, 2009–2013 ................................................................................................. 210 Table 192: Belgian Non-Life Insurance – Number of Brokers, 2013–2018 ................................................................................................. 211 Table 193: Belgian Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2009–2013 ................................................ 212 Table 194: Belgian Non-Life Insurance – Commission Paid to Other Channels (EUR Million), 2013–2018 ................................................ 213 Table 195: Belgian Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2009–2013 ............................. 214



Table 196: Belgian Non-Life Insurance – Gross Written Premium Through Other Channels (EUR Million), 2013–2018 ............................. 215 Table 197: Belgian Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2009–2013 ................................................ 216 Table 198: Belgian Non-Life Insurance – Policies Sold Through Other Channels (Thousand), 2013–2018 ................................................ 217 Table 199: Belgian Non-Life Insurance – Number of Distributors in Other Channels, 2009–2013 .............................................................. 218 Table 200: Belgian Non-Life Insurance – Number of Distributors in Other Channels, 2013–2018 .............................................................. 219 Table 201: Belgium – Life Insurance Regulatory Framework ..................................................................................................................... 224 Table 202: Belgium – Property Insurance Regulatory Framework.............................................................................................................. 226 Table 203: Belgium – Motor Insurance Regulatory Framework .................................................................................................................. 229 Table 204: Belgium – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft .......................................................... 235 Table 205: Belgium – Insurance Premium Taxation ................................................................................................................................... 248 Table 206: Belgium – Corporate Tax Rates for the Financial Year Ending 2013 ........................................................................................ 250 Table 207: Shares of Key Insurers in the Belgian Non-Life Insurance Segment (%), 2013 ........................................................................ 254 Table 208: Axa Belgium SA, Key Facts ..................................................................................................................................................... 258 Table 209: Axa Belgium SA, Key Financials (EUR Million) ........................................................................................................................ 258 Table 210: AG Insurance, Key Facts ......................................................................................................................................................... 259 Table 211: Ethias, Key Facts ..................................................................................................................................................................... 260 Table 212: Ethias, Key Financials (EUR Million) ........................................................................................................................................ 260 Table 213: CBC Assurances, Key Facts .................................................................................................................................................... 261 Table 214: Baloise Insurance, Key Facts ................................................................................................................................................... 262 Table 215: Belfius Insurance Belgium SA, Key Facts ................................................................................................................................ 263 Table 216: DKV Belgium, Key Facts .......................................................................................................................................................... 264 Table 217: Allianz Belgium, Key Facts ....................................................................................................................................................... 265 Table 218: Allianz Belgium, Key Financials (EUR Million) .......................................................................................................................... 265 Table 219: Vivium, Key Facts .................................................................................................................................................................... 266 Table 220: Vivium, Key Financials (EUR Million) ....................................................................................................................................... 266 Table 221: P&V Assurance, Key Facts ...................................................................................................................................................... 267

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Non-Life Insurance in Belgium, Key Trends and ... · Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Market Intelligence Report Reference code: IS0807MR Published: