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Insurance penetration in Belgium 1980-2016

Insurance penetration in Belgium from 1980 to 2016*

by Raynor de Best, last edited Sep 17, 2018
Insurance penetration in Belgium 1980-2016 This statistic shows the insurance penetration in Belgium from 1980 to 2016. Insurance penetration is defined as insurance premiums as a percentage of GDP, and is deemed the standard measure to check the development of a country's insurance market. In 2016, Belgium reached an insurance penetration of approximately 6.4 percent. There were 118 insurance companies in Belgium at the end of the same year. The biggest insurance branch in Belgium is the "life" branch, which focuses on life insurances, pensions and funeral in kind insurances and reached a market share of life insurance business in terms of gross premium, the ratio of gross life insurance premium to the total gross premium, of approximately 76 percent in Belgium in 2005. This, however, decreased to approximately 59 percent in 2015. This development coincides with the European Central Bank purchasing assets on credit markets across Europe and, consequently, low interest rates in long-term investments, such as the capital market rate of ten-year government bonds in Belgium. From 2006 onwards, the number of life insurance companies decreased steadily. In 2007, there were approximately 30 companies active on the domestic market with 22 companies by the end of 2016.
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Insurance penetration in Belgium from 1980 to 2016*

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