Life Insurance in Belgium, Key Trends and Opportunities to 2018

Transcription

1 Life Insurance in Belgium, Key Trends and Opportunities to 2018 Market Intelligence Report Reference code: IS0806MR Published: December Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)

2 1 Executive Summary Timetric s Life Insurance in Belgium, Key Trends and Opportunities to 2018 report provides detailed analysis of the market trends, drivers, challenges in the Belgian life insurance segment. It provides values of a number of Key Performance Indicators (KPI) such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions during the review period ( ) and forecast period ( ). The report also analyses various distribution channels operating in the segment and provides detailed information pertaining to the competitive landscape in the country. This brings together Timetric s research, modeling, and analysis expertise in order to develop an insightful report. This allows insurers to identify segment dynamics, competitive advantage and profile of insurers operating in the country. The report also covers a detailed regulatory policies and recent changes in regulatory structure. 1.1 Synopsis The report provides in-depth market analysis, information and insights into the Belgian life insurance segment, including: 1.2 Reasons to Buy The Belgian life insurance segment s growth prospects by life insurance category Key trends and drivers for the life insurance segment The various distribution channels in the Belgian life insurance segment The detailed competitive landscape in the life insurance segment in Belgium Detailed regulatory policies of the Belgian insurance industry Analysis of various consumer segments in Belgian life insurance Key developments in the Belgian life insurance segment New products launched by Belgian life insurers Make strategic business decisions using in-depth historic and forecast market data related to the Belgian life insurance segment and each category within it. Understand the demand-side dynamics, key market trends and growth opportunities in the Belgian life insurance segment. Assess the competitive dynamics in the life insurance segment. Identify the growth opportunities and market dynamics in key product categories. Gain insights into key regulations governing the Belgian insurance industry and their impact on companies and the industry's future. Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 2

3 EUR Billion 2 Belgian Insurance Industry Attractiveness 2.1 Insurance Industry Size, Figure 1: Belgian Insurance Gross Written Premium by Segment (EUR Billion), Life Non-life Personal accident and health Source: NBB, Belgium and Timetric analysis Timetric Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 3

4 CAGR Table 1: Belgian Insurance Gross Written Premium by Segment (Percentage Share), Segment Life Non-life Personal accident and health Overall 100.0% 100.0% 100.0% Source: NBB, Belgium and Timetric analysis Timetric Figure 2: Belgian Insurance Gross Written Premium Dynamics by Segment ( ) Life Non-Life Personal accident and health CAGR Source: NBB, Belgium and Timetric analysis Timetric Note: Bubble size represents the 2013 segment value Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 4

5 EUR Billion 3 Life Insurance Outlook 3.1 Life Insurance Growth Prospects by Category Figure 3: Belgian Life Insurance Gross Written Premium by Category (EUR Billion), Endowment Group whole life Individual other Group life others Source: NBB, Belgium and Timetric analysis Timetric Note: The individual others category includes unit-linked products Figure 4: Belgian Life Insurance Gross Written Premium by Category (Percentage Share), 2013 and 2018 Endowment Group whole life Individual other Group life others Inner Circle 2013 Outer Circle 2018 Source: NBB, Belgium and Timetric analysis Timetric Note: The individual others category includes unit-linked products Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 5

6 4 Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 6

7 B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tools to ensure that forecast methodologies are consistently applied Quality-control checklists Quality-control process Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources 4.1 Related Reports Life Insurance in India, Key Trends and Opportunities to 2018 Life Insurance in Indonesia, Key Trends and Opportunities to 2018 Life Insurance in Colombia, Key Trends and Opportunities to 2018 Life Insurance in Russia, Key Trends and Opportunities to 2018 Life Insurance in Mexico, Key Trends and Opportunities to 2018 Life Insurance in Argentina, Key Trends and Opportunities to 2018 Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 7

8 TABLE OF CONTENTS 1 Key Facts and Events Executive Summary Introduction What is this Report About? Definitions Methodology Belgian Insurance Industry Attractiveness Insurance Industry Size, Life Insurance Outlook Consumer Segmentation Key Drivers Key Trends Challenges Life Insurance Growth Prospects by Category Individual Life Insurance Individual endowment insurance Other individual other insurance Group Life Insurance Group whole life insurance Other group life insurance Life Insurance Growth Prospects by Customer Segment Individual single-premium insurance Individual non-single-premium insurance Group single-premium insurance Group non-single-premium insurance Life Insurance Growth Prospects by Product Type Total linked insurance business Total non-linked insurance business Analysis by Distribution Channel Direct Marketing Bancassurance Agencies E-Commerce Brokers Other Channels Governance, Risk and Compliance Legislation Overview and Historical Evolution Legislation and Market Practice by Type of Insurance Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 8

9 7.2.1 Life insurance Property insurance Motor insurance Marine, aviation and transit insurance Personal accident and health insurance Compulsory Insurance Motor third-party liability insurance Social insurance system Air carrier and aircraft operators insurance Supervision and Control International Association of Insurance Supervisors (IAIS) European Insurance and Occupational Pensions Authority (EIOPA) National Bank of Belgium (NBB) The Financial Services and Markets Authority (FSMA) Non-Admitted Insurance Regulations Overview Intermediaries Market practices Fines and penalties Company Registration and Operations Types of insurance organization Establishing a domestic company Foreign ownership Types of license Capital requirements Solvency margins Reserve requirements Investment regulations Statutory return requirements Fee structure Taxation Insurance premium or policy taxation Withholding taxes on premium paid overseas Corporate tax VAT Captives Legal System Introduction Access to court Alternative dispute resolution (ADR) Competitive Landscape and Strategic Insights Leading Companies in Belgian Life Insurance Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 9

10 8.2 Leading Life Insurers New Product Launches Leading Life Insurers Key Developments Comparison of the Top Five Insurers Gross written premium AG Insurance Company Overview AG Insurance key facts Axa Belgium Company Overview Axa Belgium key facts Axa Belgium key financials CBC Assurances Company Overview CBC Assurances key facts Ethias Company Overview Ethias key facts Ethias key financials Belfius (Belins) Insurance Belgium SA Company Overview Belfius Insurance Belgium SA key facts Allianz Benelux Company Overview Allianz Benelux key facts Delta Lloyd Life Company Overview Delta Lloyd Life key facts Vivium Assurances Company Overview Vivium key facts Ergo Insurance NV Company Overview Ergo Insurance NV key facts Argenta Assuranties NV (Aras) Company Overview Argenta Assuranties NA key facts Appendix Business Confidence Market capitalization trend Brussels Stock Exchange, Belgium Economic Performance GDP at constant prices (US$) GDP per capita at constant prices (US$) GDP at current prices (US$) GDP per capita at current prices (US$) GDP by key sector Agriculture net output at current prices (US$) Agriculture net output at current prices as a percentage of GDP Manufacturing net output at current prices (US$) Manufacturing net output at current prices as a percentage of GDP Mining, manufacturing and utilities at current prices (US$) Mining, manufacturing and utilities at current prices, as percentage of GDP Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 10

11 Construction net output at current prices (US$) Construction net output at current prices as a percentage of GDP Inflation rate Exports as a percentage of GDP Imports as a percentage of GDP Merchandise exports growth Merchandise imports growth Annual average exchange rate EUR US$ Infrastructure Commercial vehicle exports total value Commercial vehicle imports total value Automotive exports total value Automotive imports total value Total internet subscribers Labor Force Labor force Unemployment rate Demographics Gross national disposable income (US$) Household consumption expenditure (US$) Total population Urban and rural populations Age distribution of the total population Life expectancy Appendix Methodology Contact Timetric About Timetric Timetric s Services Disclaimer Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 11

12 LIST OF FIGURES Figure 1: Belgian Insurance Gross Written Premium by Segment (EUR Billion), Figure 2: Belgian Insurance Dynamics by Segment, Gross Written premium ( ) Figure 3: Belgian Insurance Direct Written Premium by Segment (EUR Billion), Figure 4: Belgian Insurance Dynamics by Segment, Direct Written Premium ( ) Figure 5: Belgian Life Insurance Number of Active Policies and Gross Written Premium (Percentage Share), Figure 6: Unemployment Rate (%), Figure 7: Rural and Urban Populations (%), Figure 8: Belgian Population Distribution by Age Group (%), Figure 9: Belgian Life Insurance Gross Written Premium by Category (EUR Billion), Figure 10: Belgian Life Insurance Gross Written Premium by Category (Percentage Share), 2013 and Figure 11: Belgian Life Insurance Dynamics by Category, Figure 12: Belgian Life Insurance New Business Written Premium (EUR Billion), Figure 13: Belgian Life Insurance New Business Written Premium (EUR Billion), Figure 14: Belgian Life Insurance Earned Premium (EUR Billion), Figure 15: Belgian Life Insurance Earned Premium (EUR Billion), Figure 16: Belgian Life Insurance Sum Assured (EUR Billion), Figure 17: Belgian Life Insurance Sum Assured (EUR Biillion), Figure 18: Belgian Life Insurance Paid Claims (EUR Billion), Figure 19: Belgian Life Insurance Paid Claims (EUR Billion), Figure 20: Belgian Life Insurance Incurred Loss (EUR Billion), Figure 21: Belgian Life Insurance Incurred Loss (EUR Billion), Figure 22: Belgian Life Insurance Loss Ratio (%), Figure 23: Belgian Life Insurance Loss Ratio (%), Figure 24: Belgian Life Insurance Commissions and Expenses (EUR Billion), Figure 25: Belgian Life Insurance Commissions and Expenses (EUR Billion), Figure 26: Belgian Life Insurance Combined Ratio (%), Figure 27: Belgian Life Insurance Combined Ratio (%), Figure 28: Belgian Life Insurance Fraud and Crimes (EUR Billion), Figure 29: Belgian Life Insurance Fraud and Crimes (EUR Billion), Figure 30: Belgian Life Insurance Total Assets (EUR Billion), Figure 31: Belgian Life Insurance Total Assets (EUR Billion), Figure 32: Belgian Life Insurance Total Investment Income (EUR Billion), Figure 33: Belgian Life Insurance Total Investment Income (EUR Billion), Figure 34: Belgian Life Insurance Retentions (EUR Billion), Figure 35: Belgian Life Insurance Retentions (EUR Billion), Figure 36: Belgian Life Insurance Investment Portfolio (EUR Billion), Figure 37: Belgian Life Insurance Investment Portfolio, 2009 and Figure 38: Belgian Life Insurance Penetration (%), Figure 39: Belgian Life Insurance Density (Number of Policies per Capita), Figure 40: Belgian Life Insurance Number of Active Policies (Thousand), Figure 41: Belgian Life Insurance Number of Active Policies (Thousand), Figure 42: Belgian Life Insurance Number of New Policies Sold (Thousand), Figure 43: Belgian Life Insurance Number of New Policies Sold (Thousand), Figure 44: Belgian Life Insurance Premium Per Capita (EUR), Figure 45: Belgian Individual Life Insurance Gross Written Premium by Category (EUR Billion), Figure 46: Belgian Individual Life Insurance Gross Written Premium by Category (Percentage Share), 2013 and Figure 47: Belgian Individual Life Insurance Dynamics by Category, Figure 48: Belgian Individual Life Insurance Direct Written Premium by Category (EUR Billion), Figure 49: Belgian Individual Life Insurance Direct Written Premium by Category (Percentage Share), 2013 and Figure 50: Belgian Individual Life Insurance Dynamics by Category, Figure 51: Belgian Individual Life Insurance Policies by Category (Thousand), Figure 52: Belgian Individual Life Insurance Policies by Category (Percentage Share), 2013 and Figure 53: Belgian Individual Life Insurance Dynamics by Category, Figure 54: Belgian Individual Endowment Insurance Number of Active Policies (Million), Figure 55: Belgian Individual Endowment Insurance Number of Active Policies (Million), Figure 56: Belgian Individual Endowment Insurance Gross Written Premium (EUR Billion), Figure 57: Belgian Individual Endowment Insurance Gross Written Premium (EUR Billion), Figure 58: Belgian Other Individual Insurance Number of Active Policies (Thousand), Figure 59: Belgian Other Individual Insurance Number of Active Policies (Million), Figure 60: Belgian Other Individual Insurance Gross Written Premium (EUR Billion), Figure 61: Belgian Other Individual Insurance Gross Written Premium (EUR Billion), Figure 62: Belgian Group Life Insurance Gross Written Premium by Category (EUR Billion), Figure 63: Belgian Group Life Insurance Gross Written Premium by Category (Percentage Share), 2013 and Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 12

13 Figure 64: Belgian Group Life Insurance Dynamics by Category, Figure 65: Belgian Group Life Insurance Direct Written Premium by Category (EUR Billion), Figure 66: Belgian Group Life Insurance Direct Written Premium by Category (Percentage Share), 2013 and Figure 67: Belgian Group Life Insurance Dynamics by Category, Figure 68: Belgian Group Life Insurance Policies by Category (Thousand), Figure 69: Belgian Group Life Insurance Policies by Category (Percentage Share), 2013 and Figure 70: Belgian Group Life Insurance Dynamics by Category, Figure 71: Belgian Group Whole Life Insurance Number of Active Policies (Million), Figure 72: Belgian Group Whole Life Insurance Number of Active Policies (Million), Figure 73: Belgian Group Whole Life Insurance Gross Written Premium (EUR Billion), Figure 74: Belgian Group Whole Life Insurance Gross Written Premium (EUR Billion), Figure 75: Belgian Other Group Life Insurance Number of Active Policies (Thousand), Figure 76: Belgian Group Life Others Insurance Number of Active Policies (Thousand), Figure 77: Belgian Group Life Others Insurance Gross Written Premium (EUR Million), Figure 78: Belgian Group Life Others Insurance Gross Written Premium (EUR Million), Figure 79: Belgian Individual Single-Premium Insurance Number of Active Policies (Million), Figure 80: Belgian Individual Single-Premium Insurance Number of Active Policies (Million), Figure 81: Belgian Individual Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 82: Belgian Individual Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 83: Belgian Individual Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 84: Belgian Individual Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 85: Belgian Individual Non-Single-Premium Insurance Number of Active Policies (Million), Figure 86: Belgian Individual Non-Single-Premium Insurance Number of Active Policies (Million), Figure 87: Belgian Individual Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 88: Belgian Individual Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 89: Belgian Individual Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 90: Belgian Individual Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 91: Belgian Group Single-Premium Insurance Number of Active Policies (Thousand), Figure 92: Belgian Group Single-Premium Insurance Number of Active Policies (Thousand), Figure 93: Belgian Group Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 94: Belgian Group Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 95: Belgian Group Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 96: Belgian Group Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 97: Belgian Group Non-Single-Premium Insurance Number of Active Policies (Million), Figure 98: Belgian Group Non-Single-Premium Insurance Number of Active Policies (Thousand), Figure 99: Belgian Group Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 100: Belgian Group Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Figure 101: Belgian Group Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 102: Belgian Group Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Figure 103: Belgian Linked Insurance Business Number of Active Policies (Thousand), Figure 104: Belgian Linked Insurance Business Number of Active Policies (Million), Figure 105: Belgian Linked Insurance Business Gross Written Premium (EUR Billion), Figure 106: Belgian Linked Insurance Business Gross Written Premium (EUR Billion), Figure 107: Belgian Linked Insurance Business Direct Written Premium (EUR Billion), Figure 108: Belgian Linked Insurance Business Direct Written Premium (EUR Billion), Figure 109: Belgian Non-Linked Insurance Business Number of Active Policies (Million), Figure 110: Belgian Non-Linked Insurance Business Number of Active Policies (Million), Figure 111: Belgian Non-Linked Insurance Business Gross Written Premium (EUR Billion), Figure 112: Belgian Non-Linked Insurance Business Gross Written Premium (EUR Billion), Figure 113: Belgian Non-Linked Insurance Business Direct Written Premium (EUR Billion), Figure 114: Belgian Non-Linked Insurance Business Direct Written Premium (EUR Billion), Figure 115: Belgian Life Insurance New Business Gross Written Premium by Distribution Channel (Percentage Share), 2013 and Figure 116: Belgian Life Insurance Direct Marketing Commission Paid (EUR Million), Figure 117: Belgian Life Insurance Direct Marketing Commission Paid (EUR Million), Figure 118: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 119: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 120: Belgian Life Insurance New Policies Sold Through Direct Marketing (Thousand), Figure 121: Belgian Life Insurance New Policies Sold Through Direct Marketing (Thousand), Figure 122: Belgian Life Insurance Number of Direct Marketing Distributors, Figure 123: Belgian Life Insurance Number of Direct Marketing Distributors, Figure 124: Belgian Life Insurance Bancassurance Commission Paid (EUR Million), Figure 125: Belgian Life Insurance Bancassurance Commission Paid (EUR Million), Figure 126: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 127: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 128: Belgian Life Insurance New Policies Sold Through Bancassurance (Million), Figure 129: Belgian Life Insurance New Policies Sold Through Bancassurance (Million), Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 13

14 Figure 130: Belgian Life Insurance Number of Bancassurance Distributors, Figure 131: Belgian Life Insurance Number of Bancassurance Distributors, Figure 132: Belgian Life Insurance Commission Paid to Agencies (EUR Million), Figure 133: Belgian Life Insurance Commission Paid to Agencies (EUR Million), Figure 134: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 135: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 136: Belgian Life Insurance New Policies Sold Through Agencies (Thousand), Figure 137: Belgian Life Insurance New Policies Sold Through Agencies (Thousand), Figure 138: Belgian Life Insurance Number of Agencies, Figure 139: Belgian Life Insurance Number of Agencies, Figure 140: Belgian Life Insurance E-Commerce Commission Paid (EUR Million), Figure 141: Belgian Life Insurance E-Commerce Commission Paid (EUR Million), Figure 142: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 143: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 144: Belgian Life Insurance New Policies Sold Through E-Commerce (Thousand), Figure 145: Belgian Life Insurance New Policies Sold Through E-Commerce (Thousand), Figure 146: Belgian Life Insurance Number of E-Commerce Distributors, Figure 147: Belgian Life Insurance Number of E-Commerce Distributors, Figure 148: Belgian Life Insurance Commission Paid to Brokers (EUR Million), Figure 149: Belgian Life Insurance Commission Paid to Brokers (EUR Million), Figure 150: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 151: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Figure 152: Belgian Life Insurance New Policies Sold Through Brokers (Million), Figure 153: Belgian Life Insurance New Policies Sold Through Brokers (Million), Figure 154: Belgian Life Insurance Number of Brokers, Figure 155: Belgian Life Insurance Number of Brokers, Figure 156: Belgian Life Insurance Commission Paid to Other Channels (EUR Million), Figure 157: Belgian Life Insurance Commission Paid to Other Channels (EUR Million), Figure 158: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 159: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Figure 160: Belgian Life Insurance New Policies Sold Through Other Channels (Thousand), Figure 161: Belgian Life Insurance New Policies Sold Through Other Channels (Thousand), Figure 162: Belgian Life Insurance Number of Distributors in Other Channels, Figure 163: Belgian Life Insurance Number of Distributors in Other Channels, Figure 164: Belgium Insurance Regulatory Framework Figure 165: Belgium The Three Pillars of Solvency II Figure 166: Belgium Insurance Supervision and Control at Various Levels Figure 167: Belgium Insurance Regulatory Frameworks for Company Registration and Operation Figure 168: Shares of Key Insurers in Belgian Life Insurance (%), Figure 169: Gross Written Premium Top Five Life Insurers, Figure 170: Belgium, Brussels Stock Exchange, Belgium Market Capitalization (US$ Billion), Figure 171: Belgian GDP at Constant Prices (US$ Billion), Figure 172: Belgian GDP Per Capita at Constant Prices (US$), Figure 173: Belgian GDP at Current Prices (US$ Billion), Figure 174: Belgian GDP Per Capita at Current Prices (US$), Figure 175: Belgian GDP by Key Sector (%) 2008 and Figure 176: Belgian Agriculture Net Output at Current Prices (US$ Billion), Figure 177: Belgian Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), Figure 178: Belgian Manufacturing Net Output at Current Prices (US$ Billion), Figure 179: Belgian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), Figure 180: Belgian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), Figure 181: Belgian Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), Figure 182: Belgian Construction Net Output at Current Prices (US$ Billion), Figure 183: Belgian Construction Output at Current Prices as a Percentage of GDP (%), Figure 184: Belgian Inflation Rate (%), Figure 185: Belgian Exports as a Percentage of GDP (%), Figure 186: Belgian Imports as a Percentage of GDP (%), Figure 187: Belgian Merchandise Exports Growth (%), Figure 188: Belgian Merchandise Imports Growth (%), Figure 189: Belgian Annual Average Exchange Rate US$ EUR, Figure 190: Belgian Commercial Vehicle Exports Total Value (US$ Million), Figure 191: Belgian Commercial Vehicle Imports Total Value (US$ Million), Figure 192: Belgian Automotive Exports Total Value (US$ Million), Figure 193: Belgian Automotive Imports Total Value (US$ Billion), Figure 194: Belgian Internet Subscriptions (Millions), Figure 195: Belgian Size of Labor Force (Million), Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 14

15 Figure 196: Belgian Unemployment Rate (%), Figure 197: Netherland Gross National Disposable Income (US$ Billion), Figure 198: Belgian Household Consumption Expenditure (US$ Billion), Figure 199: Belgian Total Population (Million), Figure 200: Belgian Urban and Rural Populations (%), Figure 201: Belgian Population Distribution by Age (%), Figure 202: Belgian Life Expectancy (Number of Years), Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 15

16 LIST OF TABLES Table 1: Belgian Life Insurance Key Facts, Table 2: Insurance Industry Definitions Table 3: Belgian Insurance Gross Written Premium by Segment (EUR Billion), Table 4: Belgian Insurance Gross Written Premium by Segment (US$ Billion), Table 5: Belgian Insurance Gross Written Premium by Segment (EUR Billion), Table 6: Belgian Insurance Gross Written Premium by Segment (US$ Billion), Table 7: Belgian Insurance Segmentation, Gross Written Premium (Percentage Share), Table 8: Belgian Insurance Direct Written Premium by Segment (EUR Billion), Table 9: Belgian Insurance Direct Written Premium by Segment (US$ Billion), Table 10: Belgian Insurance Direct Written Premium by Segment (EUR Billion), Table 11: Belgian Insurance Direct Written Premium by Segment (US$ Billion), Table 12: Belgian Insurance Segmentation, Direct Written Premium (Percentage Share), Table 13: Belgian Life Insurance Gross Written Premium by Category (EUR Billion), Table 14: Belgian Life Insurance Gross Written Premium by Category (US$ Billion), Table 15: Belgian Life Insurance Gross Written Premium by Category (EUR Billion), Table 16: Belgian Life Insurance Gross Written Premium by Category (US$ Billion), Table 17: Belgian Life Insurance New Business Written Premium (EUR Billion), Table 18: Belgian Life Insurance New Business Written Premium (EUR Billion), Table 19: Belgian Life Insurance Earned Premium (EUR Billion), Table 20: Belgian Life Insurance Earned Premium (EUR Billion), Table 21: Belgian Life Insurance Sum Assured (EUR Billion), Table 22: Belgian Life Insurance Sum Assured (EUR Biillion), Table 23: Belgian Life Insurance Paid Claims (EUR Billion), Table 24: Belgian Life Insurance Paid Claims (EUR Billion), Table 25: Belgian Life Insurance Incurred Loss (EUR Billion), Table 26: Belgian Life Insurance Incurred Loss (EUR Billion), Table 27: Belgian Life Insurance Loss Ratio (%), Table 28: Belgian Life Insurance Loss Ratio (%), Table 29: Belgian Life Insurance Commissions and Expenses (EUR Billion), Table 30: Belgian Life Insurance Commissions and Expenses (EUR Billion), Table 31: Belgian Life Insurance Combined Ratio (%), Table 32: Belgian Life Insurance Combined Ratio (%), Table 33: Belgian Life Insurance Fraud and Crimes (EUR Billion), Table 34: Belgian Life Insurance Fraud and Crimes (EUR Billion), Table 35: Belgian Life Insurance Total Assets (EUR Billion), Table 36: Belgian Life Insurance Total Assets (EUR Billion), Table 37: Belgian Life Insurance Total Investment Income (EUR Billion), Table 38: Belgian Life Insurance Total Investment Income (EUR Billion), Table 39: Belgian Life Insurance Retentions (EUR Billion), Table 40: Belgian Life Insurance Retentions (EUR Billion), Table 41: Belgian Individual Life Insurance Gross Written Premium by Category (EUR Billion), Table 42: Belgian Individual Life Insurance Gross Written Premium by Category (US$ Billion), Table 43: Belgian Individual Life Insurance Gross Written Premium by Category (EUR Billion), Table 44: Belgian Individual Life Insurance Gross Written Premium by Category (US$ Billion), Table 45: Belgian Individual Life Insurance Direct Written Premium by Category (EUR Billion), Table 46: Belgian Individual Life Insurance Direct Written Premium by Category (US$ Billion), Table 47: Belgian Individual Life Insurance Direct Written Premium by Category (EUR Billion), Table 48: Belgian Individual Life Insurance Direct Written Premium by Category (US$ Billion), Table 49: Belgian Individual Life Insurance Policies by Category (Thousand), Table 50: Belgian Individual Life Insurance Policies Premium by Category (Thousand), Table 51: Belgian Individual Endowment Insurance Number of Active Policies (Million), Table 52: Belgian Individual Endowment Insurance Number of Active Policies (Million), Table 53: Belgian Individual Endowment Insurance Gross Written Premium (EUR Billion), Table 54: Belgian Individual Endowment Insurance Gross Written Premium (EUR Billion), Table 55: Belgian Other Individual Insurance Number of Active Policies (Thousand), Table 56: Belgian Other Individual Insurance Number of Active Policies (Million), Table 57: Belgian Other Individual Insurance Gross Written Premium (EUR Billion), Table 58: Belgian Other Individual Insurance Gross Written Premium (EUR Billion), Table 59: Belgian Group Life Insurance Gross Written Premium by Category (EUR Billion), Table 60: Belgian Group Life Insurance Gross Written Premium by Category (US$ Billion), Table 61: Belgian Group Life Insurance Gross Written Premium by Category (EUR Billion), Table 62: Belgian Group Life Insurance Gross Written Premium by Category (US$ Billion), Table 63: Belgian Group Life Insurance Direct Written Premium by Category (EUR Billion), Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 16

17 Table 64: Belgian Group Life Insurance Direct Written Premium by Category (US$ Billion), Table 65: Belgian Group Life Insurance Direct Written Premium by Category (EUR Billion), Table 66: Belgian Group Life Insurance Direct Written Premium by Category (US$ Billion), Table 67: Belgian Group Life Insurance Policies by Category (Thousand), Table 68: Belgian Group Life Insurance Policies Premium by Category (Thousand), Table 69: Belgian Group Whole Life Insurance Number of Active Policies (Million), Table 70: Belgian Group Whole Life Insurance Number of Active Policies (Million), Table 71: Belgian Group Whole Life Insurance Gross Written Premium (EUR Billion), Table 72: Belgian Group Whole Life Insurance Gross Written Premium (EUR Billion), Table 73: Belgian Other Group Life Insurance Number of Active Policies (Thousand), Table 74: Belgian Group Life Others Insurance Number of Active Policies (Thousand), Table 75: Belgian Group Life Others Insurance Gross Written Premium (EUR Million), Table 76: Belgian Group Life Others Insurance Gross Written Premium (EUR Million), Table 77: Belgian Individual Single-Premium Insurance Number of Active Policies (Million), Table 78: Belgian Individual Single-Premium Insurance Number of Active Policies (Million), Table 79: Belgian Individual Single-Premium Insurance Gross Written Premium (EUR Billion), Table 80: Belgian Individual Single-Premium Insurance Gross Written Premium (EUR Billion), Table 81: Belgian Individual Single-Premium Insurance Direct Written Premium (EUR Billion), Table 82: Belgian Individual Single-Premium Insurance Direct Written Premium (EUR Billion), Table 83: Belgian Individual Non-Single-Premium Insurance Number of Active Policies (Million), Table 84: Belgian Individual Non-Single-Premium Insurance Number of Active Policies (Million), Table 85: Belgian Individual Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Table 86: Belgian Individual Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Table 87: Belgian Individual Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Table 88: Belgian Individual Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Table 89: Belgian Group Single-Premium Insurance Number of Active Policies (Thousand), Table 90: Belgian Group Single-Premium Insurance Number of Active Policies (Thousand), Table 91: Belgian Group Single-Premium Insurance Gross Written Premium (EUR Billion), Table 92: Belgian Group Single-Premium Insurance Gross Written Premium (EUR Billion), Table 93: Belgian Group Single-Premium Insurance Direct Written Premium (EUR Billion), Table 94: Belgian Group Single-Premium Insurance Direct Written Premium (EUR Billion), Table 95: Belgian Group Non-Single-Premium Insurance Number of Active Policies (Million), Table 96: Belgian Group Non-Single-Premium Insurance Number of Active Policies (Thousand), Table 97: Belgian Group Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Table 98: Belgian Group Non-Single-Premium Insurance Gross Written Premium (EUR Billion), Table 99: Belgian Group Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Table 100: Belgian Group Non-Single-Premium Insurance Direct Written Premium (EUR Billion), Table 101: Belgian Linked Insurance Business Number of Active Policies (Thousand), Table 102: Belgian Linked Insurance Business Number of Active Policies (Million), Table 103: Belgian Linked Insurance Business Gross Written Premium (EUR Billion), Table 104: Belgian Linked Insurance Business Gross Written Premium (EUR Billion), Table 105: Belgian Linked Insurance Business Direct Written Premium (EUR Billion), Table 106: Belgian Linked Insurance Business Direct Written Premium (EUR Billion), Table 107: Belgian Non-Linked Insurance Business Number of Active Policies (Million), Table 108: Belgian Non-Linked Insurance Business Number of Active Policies (Million), Table 109: Belgian Non-Linked Insurance Business Gross Written Premium (EUR Billion), Table 110: Belgian Non-Linked Insurance Business Gross Written Premium (EUR Billion), Table 111: Belgian Non-Linked Insurance Business Direct Written Premium (EUR Billion), Table 112: Belgian Non-Linked Insurance Business Direct Written Premium (EUR Billion), Table 113: Belgian Life Insurance Direct Marketing Commission Paid (EUR Million), Table 114: Belgian Life Insurance Direct Marketing Commission Paid (EUR Million), Table 115: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 116: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 117: Belgian Life Insurance New Policies Sold Through Direct Marketing (Thousand), Table 118: Belgian Life Insurance New Policies Sold Through Direct Marketing (Thousand), Table 119: Belgian Life Insurance Number of Direct Marketing Distributors, Table 120: Belgian Life Insurance Number of Direct Marketing Distributors, Table 121: Belgian Life Insurance Bancassurance Commission Paid (EUR Million), Table 122: Belgian Life Insurance Bancassurance Commission Paid (EUR Million), Table 123: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 124: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 125: Belgian Life Insurance New Policies Sold Through Bancassurance (Million), Table 126: Belgian Life Insurance New Policies Sold Through Bancassurance (Million), Table 127: Belgian Life Insurance Number of Bancassurance Distributors, Table 128: Belgian Life Insurance Number of Bancassurance Distributors, Table 129: Belgian Life Insurance Commission Paid to Agencies (EUR Million), Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 17

18 Table 130: Belgian Life Insurance Commission Paid to Agencies (EUR Million), Table 131: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 132: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 133: Belgian Life Insurance New Policies Sold Through Agencies (Thousand), Table 134: Belgian Life Insurance New Policies Sold Through Agencies (Thousand), Table 135: Belgian Life Insurance Number of Agencies, Table 136: Belgian Life Insurance Number of Agencies, Table 137: Belgian Life Insurance E-Commerce Commission Paid (EUR Million), Table 138: Belgian Life Insurance E-Commerce Commission Paid (EUR Million), Table 139: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 140: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 141: Belgian Life Insurance New Policies Sold Through E-Commerce (Thousand), Table 142: Belgian Life Insurance New Policies Sold Through E-Commerce (Thousand), Table 143: Belgian Life Insurance Number of E-Commerce Distributors, Table 144: Belgian Life Insurance Number of E-Commerce Distributors, Table 145: Belgian Life Insurance Commission Paid to Brokers (EUR Million), Table 146: Belgian Life Insurance Commission Paid to Brokers (EUR Million), Table 147: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 148: Belgian Life Insurance New Business Gross Written Premium (EUR Billion), Table 149: Belgian Life Insurance New Policies Sold Through Brokers (Million), Table 150: Belgian Life Insurance New Policies Sold Through Brokers (Million), Table 151: Belgian Life Insurance Number of Brokers, Table 152: Belgian Life Insurance Number of Brokers, Table 153: Belgian Life Insurance Commission Paid to Other Channels (EUR Million), Table 154: Belgian Life Insurance Commission Paid to Other Channels (EUR Million), Table 155: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 156: Belgian Life Insurance New Business Gross Written Premium (EUR Million), Table 157: Belgian Life Insurance New Policies Sold Through Other Channels (Thousand), Table 158: Belgian Life Insurance New Policies Sold Through Other Channels (Thousand), Table 159: Belgian Life Insurance Number of Distributors in Other Channels, Table 160: Belgian Life Insurance Number of Distributors in Other Channels, Table 161: Belgium Life Insurance Regulatory Framework Table 162: Belgium Property Insurance Regulatory Framework Table 163: Belgium Motor Insurance Regulatory Framework Table 164: Belgium Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft Table 165: Belgium Insurance Premium Taxation Table 166: Belgium Corporate Tax Rates for the Financial Year Ending Table 167: Shares of Key Insurers in Belgian Life Insurance (%), Table 168: AG Insurance, Key Facts Table 169: Axa Belgium, Key Facts Table 170: Axa Belgium, Key Financials (EUR Million) Table 171: CBC Assurances, Key Facts Table 172: Ethias, Key Facts Table 173: Ethias, Key Financials (EUR Million) Table 174: Belfius Insurance Belgium SA, Key Facts Table 175: Allianz Benelux, Key Facts Table 176: Delta Lloyd Life, Key Facts Table 177: Vivium, Key Facts Table 178: Ergo Insurance NV, Key Facts Table 179: Argenta Assuranties NA, Key Facts Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 18