Boston, MA -- (SBWIRE) -- 09/18/2012 -- The Belgian reinsurance segment registered a decline in growth during the review period due to the severe economic conditions caused by the global financial crisis in 2009 and rising sovereign debt in the country and EU member states. Due to these factors, the insurance industry registered a decline in gross written premiums during the review period. As a result, the proportion of insurance ceded to reinsurance decreased subsequently. In addition, global reinsurers have not expanded their positions in Belgium in the last few years due unfavorable business and political conditions.
- Solvency II legislation is a fundamental reform of capital adequacy requirements and risk management and is expected to be a framework for insurance regulation worldwide. EU member states, such as Belgium, are expected to introduce the new regulatory norms in 2014.
- EU member states, such as Belgium, are under tremendous pressure due to the weak economic conditions and growing concern over public debt. Belgium’s sovereign debt is approximately equal to its GDP and the country is unable to repay its debt or borrow from other nations, partially due to the negative credit rating assigned by credit rating agencies such as Standard & Poor’s.
- The Belgian reinsurance market is relatively small in terms of market share when compared to other EU member states. The respective market consists of several multinational corporations (MNCs) and no pure domestic businesses. As a result, insurance companies tend to support overseas markets such as Switzerland, UK, Bermuda and the US.
- The Belgian reinsurance market is highly consolidated with the presence of both domestic and overseas reinsurers. Leading companies such as SECURA Belgian Re, Sirius Belgium Réassurances S.A., Everest Re and Aspen Re operate in the market.
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This report provides a comprehensive analysis of the reinsurance market in Belgium:
- It provides historical values for the Belgian reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
- It offers a detailed analysis of the key sub-segments in the Belgian reinsurance market, along with market forecasts until 2016
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Belgium and its growth prospects
- It profiles the top reinsurance companies in Belgium
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the Belgian reinsurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Belgian reinsurance market
- Assess the competitive dynamics in the reinsurance market
- Identify the growth opportunities and market dynamics within key product categories
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