Boston, MA -- (ReleaseWire) -- 01/23/2014 -- In terms of gross written premium, the Belgian non-life insurance segment accounted for 25.0% of the country's total insurance industry in 2012. The segment grew in terms of written premium value from EUR6.4 billion (US$9.4 billion) in 2008 to EUR7.9 billion (US$10.2 billion) in 2012, at a compound annual growth rate (CAGR) of 5.4% during the review period (2008-2012). The growth was primarily generated by the country's favorable regulatory environment for non-life insurers, such as the compulsory nature of motor and fire insurance, which helped these categories record fast growth during the review period. The segment's growth was further accelerated by the country's strong transport connections with European nations such as France, Germany and the Netherlands. After facing the global financial crisis in 2009 and increasing concerns over the subsequent European sovereign debt crisis, the Belgian insurance industry experienced recovery in 2012.
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- Despite difficult business and economic conditions, the Belgian non-life insurance segment registered a favorable CAGR of 5.4% during the review period
- The non-life segment's growth was primarily derived from the country's favorable regulatory environment, which includes compulsory third-party liability motor insurance and fire insurance
- Motor insurance was the largest category within the segment in terms of written premium during the review period
- The distribution network for non-life insurance products in Belgium includes insurance brokers, agency networks, bancassurance, financial brokers and direct channels
- The Belgian insurance industry is regulated and supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA)
- The Belgian non-life insurance segment is dominated by multinationals and is highly concentrated; the 10 leading companies together accounted for 78.4% of the segment in 2012
This report provides a comprehensive analysis of the non-life insurance segment in Belgium:
- It provides historical values for Belgium's non-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 non-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 non-life insurance products in Belgium
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Belgium for the non-life insurance segment
- It provides a detailed analysis of the reinsurance segment in Belgium and its growth prospects
Companies Mentioned in this Report: Axa Belgium, AG Insurance, Ethias, CBC Assurance, Baloise, Belfius, DKV Belgium, Allianz Belgium, Vivium Assurance, P&V Assurance
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