Boston, MA -- (SBWIRE) -- 10/23/2012 -- Despite difficult business and economic conditions, the Belgian non-life insurance segment registered a positive CAGR during the review period. This growth was primarily derived from the country’s favorable regulatory environment, which consists of compulsory third-party liability motor insurance and house insurance. The growth was further encouraged by a rise in the sale of passenger cars and increasing consumer awareness with regards to products such as fire and allied perils, and liability insurance as a consequence of The Financial Services and Markets Authority’s (FSMA’s) initiative to promote financial education. The favorable regulatory environment for motor and house insurance is expected to boost the segment over the forecast period.
- The Belgian government is on the verge of implementing compulsory fire insurance in an effort to provide assistance to tenant and landlords in the case of any damages caused by fire in commercial and residential buildings.
- The Belgian government encourages foreign investment through various incentives such as lower corporate tax structures, national interest deduction, patent income relief and VAT grouping. In addition, Belgium’s policy makers offer a variety of fiscal measures to facilitate investment.
- Belgian passenger car sales increased by 14.6% in 2010 and 4.7% in 2011 respectively, as compared to their respective previous years despite challenging economic conditions in the European region. This growth was further supported by the competitive pricing of car financing and an increase in citizen’s income levels, which helped generate a greater demand for motor insurance products during the review period.
- Insurance product sales through the bancassurance channel gained in popularity during the review period. Leading non-life insurers such as AXA, AG Insurance and Ethias increased their focus on direct marketing in order to avoid administrative costs during a time of unfavorable business conditions.
- The Belgian non-life insurance segment posted positive growth during the review period with the support of favorable regulatory norms for motor and house insurance. In addition, the Belgian government is expected to make fire insurance compulsory, which will help the non-life insurance segment to grow at a faster pace over the forecast period.
- A number of multinationals such as AXA and Allianz have expanded their geographical market presence to Belgium. Moreover, the Belgian government‘s lucrative strategies and favorable regulatory environment for FDI, motor insurance and house insurance encouraged domestic enterprises to participate in the non-life insurance segment.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the non-life insurance market in Belgium:
Companies Mentioned in this Report: AXA Belgium , AG Insurance , Ethias , KBC Assurances , Dexia Insurance Belgium SA , DKV Belgium , Allianz Belgium , Mercator Assurances , Vivium
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Financial Services research reports at Fast Market Research
You may also be interested in these related reports:
- Life Insurance in South Africa, Key Trends and Opportunities to 2016: Micro Insurance Programs and Rural Insurance Penetration Key to Market Expansion
- Non-Life Insurance in South Africa, Key Trends and Opportunities to 2016: Introduction of Compulsory Motor Third-Party Liability Insurance to Drive Market Growth
- Personal Accident and Health Insurance in the Netherlands, Key Trends and Opportunities to 2016
- Non-Life Insurance in Singapore, Key Trends and Opportunities to 2016
- Life Insurance in Belgium, Key Trends and Opportunities to 2016
- Life Insurance in the Netherlands, Key Trends and Opportunities to 2016
- Personal Accident and Health Insurance in Pakistan, Key Trends and Opportunities to 2016
- Life Insurance in the UK, Key Trends and Opportunities to 2016
- Non-Life Insurance in the Netherlands, Key Trends and Opportunities to 2016
- Non-Life Insurance in Iran, Key Trends and Opportunities to 2016