Boston, MA -- (SBWire) -- 10/29/2012 --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.
Key Highlights
- 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.
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Companies Mentioned in this Report: AXA Belgium , AG Insurance , Ethias , KBC Assurances , Dexia Insurance Belgium SA , DKV Belgium , Allianz Belgium , Mercator Assurances , Vivium
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