Life Insurance in Belgium, Key Trends and Opportunities to 2019

Published: Aug, 2016 | Pages: 160 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Life Insurance in Belgium, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Belgian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Belgian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary

Timetric's 'Life Insurance in Belgium, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Belgian life insurance segment, including:

• The Belgian life insurance segment's growth prospects by life insurance category

• Key trends, drivers and challenges for the life insurance segment

• A comprehensive overview of the Belgian economy and demographics

• The various distribution channels in the Belgian life insurance segment

• Details of the competitive landscape in the life insurance segment in Belgium

• Details of regulatory policy applicable to the Belgian insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Belgium:

• It provides historical values for the Belgian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Belgian life insurance segment, and market forecasts to 2019.

• It analyzes the various distribution channels for life insurance products in Belgium.

• It profiles the top life insurance companies in Belgium and outlines the key regulations affecting them.
Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Belgian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Belgian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Belgian insurance industry, and their impact on companies and the industry's future.
Key Highlights

• The insurance industry faces challenges in the form of high interest rates guaranteed on a large proportion of their liabilities.

• From January 1, 2014, the premium tax on branch 21 and 23 insurance was raised from 1.1% to 2%. Certain categories of life insurance - such as creditor and group insurance, and pension funds - are exempt from these premium taxes.

• The Belgian government faces severe challenges in the form of weak economic growth, with GDP set to grow at around 1%, and a weakened economic outlook.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.4.1 Individual Life Insurance
4.4.2 Group Life Insurance
4.5 Life Insurance Growth Prospects by Product Type
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Belgian Life Insurance Segment
6.2.1 AG Insurance - Company Overview
6.2.2 Axa Belgium - Company Overview
6.2.3 CBC Assurances - Company Overview
6.2.4 Ethias - Company Overview
6.2.5 Belfius (Belins) Insurance Belgium SA - Company Overview
6.2.6 Allianz Benelux - Company Overview
6.2.7 Delta Lloyd Life - Company Overview
6.2.8 Vivium Assurances - Company Overview
6.2.9 Ergo Insurance NV - Company Overview
6.2.10 Argenta Assuranties NV (Aras) - Company Overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Social insurance system
7.4.3 Air carrier and aircraft operators insurance
7.4.4 Professional indemnity insurance for alternative investment fund managers
7.4.5 Clinical trials liability insurance
7.4.6 Professional indemnity insurance for insurance intermediaries
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors (IAIS)
7.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
7.5.3 Federation of European Risk Management Associations (FERMA)
7.5.4 National Bank of Belgium (NBB)
7.5.5 The Financial Services and Markets Authority (FSMA)
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a domestic company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Belgian Life Insurance - Key Facts, 2014
Table 2: Belgium Government Credit Ratings
Table 3: Belgian Life Insurance - New Business Direct Written Premium (EUR Billion), 2010-2014
Table 4: Belgian Life Insurance - New Business Direct Written Premium (EUR Billion), 2014-2019
Table 5: Belgian Life Insurance - Net Earned Premium (EUR Billion), 2010-2014
Table 6: Belgian Life Insurance - Net Earned Premium (EUR Billion), 2014-2019
Table 7: Belgian Life Insurance - Paid Claims (EUR Billion), 2010-2014
Table 8: Belgian Life Insurance - Paid Claims (EUR Billion), 2014-2019
Table 9: Belgian Life Insurance - Incurred Loss (EUR Billion), 2010-2014
Table 10: Belgian Life Insurance - Incurred Loss (EUR Billion), 2014-2019
Table 11: Belgian Life Insurance - Commissions and Expenses (EUR Billion), 2010-2014
Table 12: Belgian Life Insurance - Commissions and Expenses (EUR Billion), 2014-2019
Table 13: Belgian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 14: Belgian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 15: Belgian Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2010-2014
Table 16: Belgian Life Insurance - Renewal Business Direct Written Premium (EUR Billion), 2014-2019
Table 17: Belgian Life Insurance - Total Assets (EUR Billion), 2010-2014
Table 18: Belgian Life Insurance - Total Assets (EUR Billion), 2014-2019
Table 19: Belgian Life Insurance - Total Investment Income (EUR Billion), 2010-2014
Table 20: Belgian Life Insurance - Total Investment Income (EUR Billion), 2014-2019
Table 21: Belgian Life Insurance - Net Written Premium (EUR Billion), 2010-2014
Table 22: Belgian Life Insurance - Net Written Premium (EUR Billion), 2014-2019
Table 23: Belgian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
Table 24: Belgian Individual Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
Table 25: Belgian Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 26: Belgian Individual Endowment Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 27: Belgian Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 28: Belgian Other Individual Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 29: Belgian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2010-2014
Table 30: Belgian Group Life Insurance - Direct Written Premium by Category (EUR Billion), 2014-2019
Table 31: Belgian Group Whole Life Insurance - Direct Written Premium (EUR Billion), 2010-2014
Table 32: Belgian Group Whole Life Insurance - Direct Written Premium (EUR Billion), 2014-2019
Table 33: Belgian Other Group Life Insurance - Direct Written Premium (EUR million), 2010-2014
Table 34: Belgian Other Group Life Insurance - Direct Written Premium (EUR Million), 2014-2019
Table 35: Belgian Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 36: Belgian Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 37: Belgian Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2010-2014
Table 38: Belgian Non-Linked Insurance Business - Direct Written Premium (EUR Billion), 2014-2019
Table 39: Belgian Life Insurance - Direct Marketing Value of Commissions (EUR Million), 2010-2014
Table 40: Belgian Life Insurance - Direct Marketing Value of Commissions (EUR Million), 2014-2019
Table 41: Belgian Life Insurance - Direct Marketing New Business Direct Written Premium (EUR Billion), 2010-2014
Table 42: Belgian Life Insurance - Direct Marketing New Business Direct Written Premium (EUR Billion), 2014-2019
Table 43: Belgian Life Insurance - Sales Force, 2010-2014
Table 44: Belgian Life Insurance - Sales Force, 2014-2019
Table 45: Belgian Life Insurance - Bancassurance Value of Commissions (EUR Billion), 2010-2014
Table 46: Belgian Life Insurance - Bancassurance Value of Commissions (EUR Billion), 2014-2019
Table 47: Belgian Life Insurance - Bancassurance New Business Direct Written Premium (EUR Billion), 2010-2014
Table 48: Belgian Life Insurance - Bancassurance New Business Direct Written Premium (EUR Billion), 2014-2019
Table 49: Belgian Life Insurance - Number of Banking Entities, 2010-2014
Table 50: Belgian Life Insurance - Number of Banking Entities, 2014-2019
Table 51: Belgian Life Insurance - Agencies' Value of Commissions (EUR Million), 2010-2014
Table 52: Belgian Life Insurance - Agencies' Value of Commissions (EUR Million), 2014-2019
Table 53: Belgian Life Insurance - Agencies' New Business Direct Written Premium (EUR Billion), 2010-2014
Table 54: Belgian Life Insurance - Agencies' New Business Direct Written Premium (EUR Billion), 2014-2019
Table 55: Belgian Life Insurance - Number of Insurance Agents, 2010-2014
Table 56: Belgian Life Insurance - Number of Insurance Agents, 2014-2019
Table 57: Belgian Life Insurance - E-Commerce Value of Commissions (EUR Million), 2010-2014
Table 58: Belgian Life Insurance - E-Commerce Value of Commissions (EUR Million), 2014-2019
Table 59: Belgian Life Insurance - E-Commerce New Business Direct Written Premium (EUR Million), 2010-2014
Table 60: Belgian Life Insurance - E-Commerce New Business Direct Written Premium (EUR Million), 2014-2019
Table 61: Belgian Life Insurance - Brokers' Value of Commissions (EUR Million), 2010-2014
Table 62: Belgian Life Insurance - Brokers' Value of Commissions (EUR Million), 2014-2019
Table 63: Belgian Life Insurance - Brokers' New Business Direct Written Premium (EUR Billion), 2010-2014
Table 64: Belgian Life Insurance - Brokers' New Business Direct Written Premium (EUR Billion), 2014-2019
Table 65: Belgian Life Insurance - Number of Insurance Brokers, 2010-2014
Table 66: Belgian Life Insurance - Number of Insurance Brokers, 2014-2019
Table 67: Belgian Life Insurance - Other Channels' Value of Commissions (EUR Million), 2010-2014
Table 68: Belgian Life Insurance - Other Channels' Value of Commissions (EUR Million), 2014-2019
Table 69: Belgian Life Insurance - Other Channels' New Business Direct Written Premium (EUR Million), 2010-2014
Table 70: Belgian Life Insurance - Other Channels' New Business Direct Written Premium (EUR Million), 2014-2019
Table 71: Belgian Life Insurance - Segment Shares (%), 2014
Table 72: AG Insurance, Key Facts
Table 73: AG Insurance, Key Financials (EUR Million)
Table 74: Axa Belgium, Key Facts
Table 75: Axa Belgium, Key Financials (EUR Million)
Table 76: CBC Assurances, Key Facts
Table 77: CBC Assurances, Key Financials (EUR Million)
Table 78: Ethias, Key Facts
Table 79: Ethias, Key Financials (EUR Million)
Table 80: Belfius Insurance Belgium SA, Key Facts
Table 81: Belfius, Key Financials (EUR Million)
Table 82: Allianz Benelux, Key Facts
Table 83: Allianz Belgium, Key Financials (EUR Million)
Table 84: Delta Lloyd Life, Key Facts
Table 85: Delta Lloyd, Key Financials (EUR Million)
Table 86: Vivium, Key Facts
Table 87: Vivium, Key Financials (EUR Million)
Table 88: Ergo Insurance NV, Key Facts
Table 89: Ergo Insurance, Key Financials (EUR Million)
Table 90: Argenta Assuranties NA, Key Facts
Table 91: Belgium - Insurance Regulatory Framework Key Features
Table 92: Belgium - Life Insurance Regulatory Framework
Table 93: Belgium - Property Insurance Regulatory Framework
Table 94: Belgium - Motor Insurance Regulatory Framework
Table 95: Belgium - Liability Insurance Regulatory Framework
Table 96: Belgium - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 97: Belgium - Insurance Premium Taxation 2016
Table 98: Belgium - Corporate Tax Rates for the Financial Year Ending 2016
Table 99: Insurance Industry Definitions