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Recently Released Market Study: Personal Accident and Health Insurance in Belgium, Key Trends and Opportunities to 2017

Recently published research from Timetric, "Personal Accident and Health Insurance in Belgium, Key Trends and Opportunities to 2017", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 01/20/2014 -- In gross written premium terms, the Belgian personal accident and health insurance segment accounted for 9.7% of the country's total insurance industry in 2012, with a value of EUR3.1 billion (US$3.9 billion) after recording a CAGR of 2.1% during the review period (2008-2012). This growth was primarily due to an increase in medical expenditure and Belgian outbound tourism. The expansion of the segment was also supported by positive demographic factors such as increased life expectancy and the country's large urban population. In addition, an increase in the government's private and public healthcare expenditure also fuelled segment growth. However, this was hindered to an extent by weak economic growth and the impact of the eurozone sovereign debt crisis.

Key Highlights

- Belgium's personal health and accident insurance segment recorded a review-period CAGR of 2.1% despite several domestic and international setbacks. Chief among these was the financial crisis that resulted from the collapse of Lehman brothers in 2009 and a subsequent increase in national debt, events which impaired Belgium's industrial development during the review period
- Increase in outbound tourism driving growth for travel insurance category
- Personal accident and health insurance policies are primarily distributed through insurance brokers, with the brokers channel accounting for a 61.0% share of the segment's total gross written premiums in 2012
- The Belgian insurance industry is regulated and supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA)
- A number of multinational insurers, such as AXA, Ergo and Allianz, have significant operations in Belgium and multinationals collectively dominate the country's personal accident and health insurance segment
- The written premium of Belgian health insurance is expected to reach PKR3.6 billion (US$39.2 million) in 2017, after registering a forecast-period CAGR of 19.4%

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Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Belgium:

- It provides historical values for Belgium's personal accident and health 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 personal accident and health 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 personal accident and health insurance products in Belgium

Companies Mentioned in this Report: Ethias, AXA, AG Insurance, ERGO, KBC, P&V Assurances, Chartis Europe, Belfius Insurance (Dexia), ING, Allianz

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