Belgium Insurance Report - Business Monitor International - Industry Reports

Belgium Insurance Report

Belgium Insurance Report - Business Monitor International - Industry Reports
Belgium Insurance Report
Published Aug 30, 2016
57 pages — Published Aug 30, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

The life insurance sector in Belgium saw flat growth in ----, with premiums lingering at EUR--.-bn while falling by --.- in US dollar terms due to the aforementioned currency movements. We expect to see a slight recovery in ----, when premiums are forecast to increase in local currency terms, rising by -.- to EUR--.-bn (a fall of -.- in US dollar terms to USD--.-bn). ...We expect to see a slight recovery in ----, when premiums are forecast to increase in local currency terms, rising by -.- to EUR--.-bn (a fall of -.- in US dollar terms to USD--.-bn). Belgium s overall economic performance is closely linked to the eurozone as a whole, and continuing concerns about its long-term stability will be a drag on the Belgian economy, particularly in light of Britain s recent vote to leave the EU. This will inevitably affect consumer confidence and with it consumer spending on non-essential items, particularly where compulsory pension contributions are quite high. ...Positive trends for life insurance include the ever greater number of Belgians aged -- and over, whose numbers will continue to climb over the forecast period, increasing demand for retirement and various other

...BMI View: The outlook for Belgium s life insurance market is more positive than in previous years, with premiums forecast to grow slowly but steadily in local currency terms over the five-year forecast period through to ----. Currency movements mean that growth will be more varied in US dollar terms, including a short-term market contraction in ----. As Belgian life insurance is a mature market, there is limited scope for organic consumer base growth in the country, leaving insurers reliant upon wider economic growth and product development. Latest updates We are maintaining our forecasts for Belgium s life insurance market this quarter, with premiums forecast to grow by -.- in local currency terms in ---- to reach EUR--.-bn - around -- of gross premiums written in the market. Currency movements mean this will translate to a fall of -.- in US dollar terms, reflecting the weakness of the euro against the dollar, with life premiums totalling USD--.-bn. ...Latest updates We are maintaining our forecasts for Belgium s life insurance market this quarter, with premiums forecast to grow by -.- in local currency terms in ---- to reach EUR--.-bn - around -- of gross premiums written in the market. Currency movements mean this will translate to a fall of -.- in US dollar terms, reflecting the weakness of the euro against the dollar, with life premiums totalling USD--.-bn.

...We hold a relatively subdued outlook for economic growth in Belgium, having recently revised down our real GDP forecasts to -.- in both ---- and ----, from forecasts of -.- for both years previously. This downgrade was mainly due to the impacts of increased security measures and a slight softening of EU demand, and slower growth will likely impact upon demand in both the life and non-life sectors. Life insurance is the slightly larger sector in the Belgian market, accounting for -- of premiums written in ----. As Belgian life insurance is a mature market, premiums are expected to grow relatively slowly over the coming years, increasing by an annual average of -.- in local currency terms between ---- and ----. Slightly stronger growth is forecast for the non-life sector, with premiums rising by an annual average of -.- between ---- and ----. ...

  
Source:
Document ID
2055-4133
Country
Industry
Format:
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Belgium Insurance Report" Aug 30, 2016. Alacra Store. Dec 07, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Belgium-Insurance-Report-2026-1593>
  
APA:
Business Monitor International - Industry Reports. (2016). Belgium Insurance Report Aug 30, 2016. New York, NY: Alacra Store. Retrieved Dec 07, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Belgium-Insurance-Report-2026-1593>
  
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