Boston, MA -- (ReleaseWire) -- 01/23/2014 -- The Belgian life insurance segment accounted for the largest proportion of gross written premiums in the country's insurance industry, with a share of 65.3% and was valued at EUR20.7 billion (US$26.6 billion) in 2012, after registering a CAGR of 1.7% during the review period (2008-2012). The slow growth was attributed to the sovereign debt crisis in the country that lasted the entire review period, which led to a rise in unemployment and a reduction in wages. It was further discouraged by political instability and a credit ratings downgrade by the leading rating agencies, Standard & Poor's and Moody's. Following the formation of a new government in December 2011, the economy and political situation improved. The International Monetary Fund (IMF) projects a positive economic development over the forecast period (2012-2017), with the life insurance segment expected to increase at a CAGR of 4.2% in terms of gross written premium value, from EUR20.7 billion (US$26.6 billion) in 2012 to EUR25.3 billion (US$32.3 billion) in 2017.
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- The economic crisis, political instability and increasing national debt all contributed towards the weak CAGR of 1.7% recorded by the life segment during the review period
- Individual unit-linked insurance was the fastest-growing category during the review period with a CAGR of 26.1%
- Belgium's distribution network of life insurance products comprises independent agencies, brokers, bancassurance and other distribution channels such as e-commerce, call centers and various government agencies such as post offices
- The Belgian insurance industry is regulated and supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA)
- The life insurance segment consists of domestic and multinational insurers. The segment is highly concentrated with the 10 leading companies accounting for 85.5% of the total segment in terms of gross written premium income in 2012
This report provides a comprehensive analysis of the life insurance segment in Belgium:
- It provides historical values for Belgium's life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key categories in Belgium's life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Belgium
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Belgium for the life insurance business
Companies Mentioned in this Report: AG Insurance, CBC Assurances, AXA Belgium, Belfius (Ex-Dexia), Ethias, Aras, Delta Lloyd Life, Allianz Belgium, ING Life, Vivium Assurances
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