Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018

Transcription

1 Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Market Intelligence Report Reference code: IS0807MR 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 Non-Life Insurance in the Belgium, Key Trends and Opportunities to 2018 report provides detailed analysis of the market trends, drivers, challenges in the Belgian non-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 non-life insurance segment, including: 1.2 Reasons to Buy The Belgian non-life insurance segment s growth prospects by non-life insurance category Key trends and drivers for the non-life insurance segment The various distribution channels in the Belgian non-life insurance segment The detailed competitive landscape in the non-life insurance segment in Belgium Detailed regulatory policies of the Belgian insurance industry Analysis of various consumer segments in Belgian non-life insurance Key developments in the Belgian non-life insurance segment New products launched by Belgian non-life insurers Make strategic business decisions using in depth historic and forecast market data related to Belgian non-life insurance segment and each category within it Understand the demand-side dynamics, key market trends and growth opportunities within Belgian non-life insurance segment Assess the competitive dynamics in the non-life insurance segment Identify the growth opportunities and market dynamics within key product categories Gain insights into key regulations governing Belgian insurance segment and its impact on companies and the industry's future Non-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 Non-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 Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 4

5 EUR Billion 3 Non-Life Insurance Outlook 3.1 Non-Life Insurance Growth Prospects by Category Figure 3: Belgian Non-Life Insurance Gross Written Premium by Category (EUR Billion), Motor Property Liability Marine, aviation and transit Source: NBB,Belgium and Timetric analysis Timetric Figure 4: Belgian Non-Life Insurance Gross Written Premium by Category (% Share), 2013 and 2018 Motor Property Liability Marine, aviation and transit Inner Circle 2013 Outer Circle 2018 Source: NBB,Belgium and Timetric analysis Timetric Non-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 Non-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 Non-Life Insurance in India, Key Trends and Opportunities to 2018 Non-Life Insurance in Indonesia, Key Trends and Opportunities to 2018 Non-Life Insurance in Colombia, Key Trends and Opportunities to 2018 Non-Life Insurance in Russia, Key Trends and Opportunities to 2018 Non-Life Insurance in Mexico, Key Trends and Opportunities to 2018 Non-Life Insurance in Argentina, Key Trends and Opportunities to 2018 Non-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, Non-Life Insurance Outlook Consumer Segmentation Key Drivers Key Trends Challenges Non-Life Insurance Growth Prospects by Category Property Insurance Fire and allied perils insurance Engineering insurance Agriculture insurance Other property insurance Motor Insurance Motor hull insurance Motor third-party insurance Liability Insurance Professional liability insurance Environmental and hazardous material risk insurance Other liability insurance Marine, Aviation and Transit Insurance Marine insurance Marine hull insurance Marine liability insurance Aviation insurance Transit insurance Analysis by Distribution Channel Direct Marketing Bancassurance Agencies E-Commerce Brokers Other Channels Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 8

9 7 Governance, Risk and Compliance Legislation Overview and Historical Evolution Legislation and Market Practice by Type of Insurance 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 Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 9

10 7.8.3 Alternative dispute resolution (ADR) Competitive Landscape and Strategic Insights Overview Leading Companies in the Belgium Non-Life Insurance Segment Leading Non-life Insurers New Product Launches Leading Non-life Insurers Key Developments Comparison of the Top Five Insurers Gross written premium Axa Belgium SA Company Overview Axa Belgium SA key facts Axa Belgium SA key financials AG Insurance Company Overview AG Insurance key facts Ethias Company Overview Ethias key facts Ethias key financials CBC Assurances Company Overview CBC Assurances key facts Baloise Insurance Company Overview Baloise Insurance key facts Belfius (Belins) Insurance Belgium SA Company Overview Belfius Insurance Belgium SA key facts DKV Belgium Company Overview DKV Belgium key facts Allianz Belgium Company Overview Allianz Belgium key facts Allianz Belgium key financials Vivium Company Overview Vivium key facts Vivium key financials P&V Assurance Company Overview P&V Assurance key facts Appendix Business Confidence Market capitalization trend Brussels Stock Exchange, Belgian 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$) Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 10

11 9.1.8 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 a percentage of GDP 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 Non-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: Indian Non-Life Insurance Number of Active Policies and Construction (% Share), Figure 6: Belgian Distribution of Employment by Sector (%), Figure 7: Belgian Construction and Manufacturing Net Output (US$ Billion), Figure 8: Belgian Rural and Urban Populations (%), 2009 and Figure 9: Belgian Vehicle Sales by Category, Figure 10: Belgian Exports and Imports as a Percentage of GDP, Figure 11: Belgian Non-Life Insurance Gross Written Premium by Category (EUR Billion), Figure 12: Belgian Non-Life Insurance Gross Written Premium by Category (% Share), 2013 and Figure 13: Belgian Non-Life Insurance Gross Written Premium Dynamics by Category (%), Figure 14: Belgian Non-Life Insurance Direct Written Premium by Category (EUR Billion), Figure 15: Belgian Non-Life Insurance Direct Written Premium by Category (% Share), 2013 and Figure 16: Belgian Non-Life Insurance Direct Written Premium Dynamics by Category (%), Figure 17: Belgian Non-Life Insurance Earned Premium (EUR Billion), Figure 18: Belgian Non-Life Insurance Earned Premium (EUR Billion), Figure 19: Belgian Non-Life Insurance Paid Claims by Category (EUR Billion), Figure 20: Belgian Non-Life Insurance Incurred Loss by Category (EUR Billion), Figure 21: Belgian Non-Life Insurance Retentions by Category (EUR Billion), Figure 22: Belgian Non-Life Insurance Loss Ratio (%), Figure 23: Belgian Non-Life Insurance Loss Ratio (%), Figure 24: Belgian Non-Life Insurance Commissions and Expenses (EUR Billion), Figure 25: Belgian Non-Life Insurance Commissions and Expenses (EUR Billion), Figure 26: Belgian Non-Life Insurance Combined Ratio (%), Figure 27: Belgian Non-Life Insurance Combined Ratio (%), Figure 28: Belgian Non-Life Insurance Fraud and Crimes (EUR Million), Figure 29: Belgian Non-Life Insurance Fraud and Crimes (EUR Million), Figure 30: Belgian Non-Life Insurance Total Assets (EUR Billion), Figure 31: Belgian Non-Life Insurance Total Assets (EUR Billion), Figure 32: Belgian Non-Life Insurance Total Investment Income (EUR Billion), Figure 33: Belgian Non-Life Insurance Total Investment Income (EUR Billion), Figure 34: Belgian Non-Life Insurance Retentions (EUR Billion), Figure 35: Belgian Non-Life Insurance Retentions (EUR Billion), Figure 36: Belgian Non-Life Insurance Investment Portfolio (EUR Billion), Figure 37: Belgian Non-Life Insurance Investment Portfolio (% Share), 2009 and Figure 38: Belgian Non-Life Insurance Penetration (%), Figure 39: Belgian Non-Life Insurance Number of Policies Sold (Thousand), Figure 40: Belgian Non-Life Insurance Number of Policies Sold (Thousand), Figure 41: Belgian Non-Life Insurance Premium Per Capita (EUR), Figure 42: Belgian Property Insurance Gross Written Premium by Sub-Category (EUR Billion), Figure 43: Belgian Property Insurance Gross Written Premium Dynamics by Sub-Category (%), Figure 44: Belgian Property Insurance Direct Written Premium by Sub-Category (EUR Billion), Figure 45: Belgian Property Insurance Direct Written Premium Dynamics by Sub-Category (%), Figure 46: Belgian Property Insurance Loss Ratio (%), Figure 47: Belgian Property Insurance Loss Ratio (%), Figure 48: Belgian Fire and Allied Perils Insurance Number of Policies Sold (Million), Figure 49: Belgian Fire and Allied Perils Insurance Number of Policies Sold (Million), Figure 50: Belgian Fire and Allied Perils Insurance Gross Written Premium (EUR Billion), Figure 51: Belgian Fire and Allied Perils Insurance Gross Written Premium (EUR Billion), Figure 52: Belgian Engineering Insurance Number of Policies Sold (Thousand), Figure 53: Belgian Engineering Insurance Number of Policies Sold (Thousand), Figure 54: Belgian Engineering Insurance Gross Written Premium (EUR Million), Figure 55: Belgian Engineering Insurance Gross Written Premium (EUR Million), Figure 56: Belgian Agriculture Insurance Number of Policies Sold (Thousand), Figure 57: Belgian Agriculture Insurance Number of Policies Sold (Thousand), Figure 58: Belgian Agriculture Insurance Gross Written Premium (EUR Million), Figure 59: Belgian Agriculture Insurance Gross Written Premium (EUR Million), Figure 60: Belgian Other Property Insurance Number of Policies Sold (Million), Figure 61: Belgian Other Property Insurance Number of Policies Sold (Million), Figure 62: Belgian Other Property Insurance Gross Written Premium (EUR Billion), Figure 63: Belgian Other Property Insurance Gross Written Premium (EUR Billion), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 12

13 Figure 64: Belgian Motor Insurance Gross Written Premium by Sub-Category (EUR Billion), Figure 65: Belgian Motor Insurance Gross Written Premium Dynamics by Sub-Category, Figure 66: Belgian Motor Insurance Direct Written Premium by Sub-Category (EUR Billion), Figure 67: Belgian Motor Insurance Direct Written Premium Dynamics by Sub-Category, Figure 68: Belgian Motor Insurance Loss Ratio (%), Figure 69: Belgian Motor Insurance Loss Ratio (%), Figure 70: Belgian Motor hull Insurance Number of Policies Sold (Million), Figure 71: Belgian Motor hull Insurance Number of Policies Sold (Million), Figure 72: Belgian Motor hull Insurance Gross Written Premium (EUR Billion), Figure 73: Belgian Motor hull Insurance Gross Written Premium (EUR Billion), Figure 74: Belgian Motor Third-Party Insurance Number of Policies Sold (Million), Figure 75: Belgian Motor Third-Party Insurance Number of Policies Sold (Million), Figure 76: Belgian Motor Third-Party Insurance Gross Written Premium (EUR Billion), Figure 77: Belgian Motor Third-Party Insurance Gross Written Premium (EUR Billion), Figure 78: Belgian Liability Insurance Gross Written Premium by Sub-Category (EUR Billion), Figure 79: Belgian Liability Insurance Gross Written Premium Dynamics by Sub-Category (%), Figure 80: Belgian Liability Insurance Direct Written Premium by Sub-Category (EUR Billion), Figure 81: Belgian Liability Insurance Direct Written Premium Dynamics by Sub-Category (%), Figure 82: Belgian Liability Insurance Loss Ratio (%), Figure 83: Belgian Liability Insurance Loss Ratio (%), Figure 84: Belgian Professional Liability Insurance Number of Policies Sold (Thousand), Figure 85: Belgian Professional Liability Insurance Number of Policies Sold (Thousand), Figure 86: Belgian Professional Liability Insurance Written Premium (EUR Million), Figure 87: Belgian Professional Liability Insurance Written Premium (EUR Million), Figure 88: Belgian Environmental and Hazardous Material Risk Insurance Number of Policies Sold (Thousand), Figure 89: Belgian Environmental and Hazardous Material Risk Insurance Number of Policies Sold (Thousand), Figure 90: Belgian Environmental and Hazardous Material Risk Insurance Written Premium (EUR Million), Figure 91: Belgian Environmental and Hazardous Material Risk Insurance Written Premium (EUR Million), Figure 92: Belgian Other Liability Insurance Number of Policies Sold (Million), Figure 93: Belgian Other Liability Insurance Number of Policies Sold (Million), Figure 94: Belgian Other Liability Insurance Written Premium (EUR Billion), Figure 95: Belgian Other Liability Insurance Written Premium (EUR Billion), Figure 96: Belgian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (EUR Billion), Figure 97: Belgian Marine, Aviation and Transit Insurance Gross Written Premium Dynamics by Sub-Category (%), Figure 98: Belgian Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (EUR Billion), Figure 99: Belgian Marine, Aviation and Transit Insurance Direct Written Premium Dynamics by Sub-Category (%), Figure 100: Belgian Marine Insurance Number of Policies Sold (Thousand), Figure 101: Belgian Marine Insurance Number of Policies Sold (Thousand), Figure 102: Belgian Marine Insurance Gross Written Premium (EUR Million), Figure 103: Belgian Marine Insurance Gross Written Premium (EUR Million), Figure 104: Belgian Aviation Insurance Number of Policies Sold (Thousand), Figure 105: Belgian Aviation Insurance Number of Policies Sold (Thousand), Figure 106: Belgian Aviation Insurance Gross Written Premium (EUR Million), Figure 107: Belgian Aviation Insurance Gross Written Premium (EUR Million), Figure 108: Belgian Marine, Aviation and Transit Insurance Loss Ratio (%), Figure 109: Belgian Marine, Aviation and Transit Insurance Loss Ratio (%), Figure 110: Belgian Marine Insurance Gross Written Premium by Policy Type (EUR Million), Figure 111: Belgian Marine Insurance Dynamics by Policy Type (%), Figure 112: Belgian Marine hull Insurance Number of Policies Sold (Thousand), Figure 113: Belgian Marine hull Insurance Number of Policies Sold (Thousand), Figure 114: Belgian Marine hull Insurance Gross Written Premium (EUR Million), Figure 115: Belgian Marine hull Insurance Gross Written Premium (EUR Million), Figure 116: Belgian Marine liability Insurance Number of Policies Sold, Figure 117: Belgian Marine liability Insurance Number of Policies Sold, Figure 118: Belgian Marine liability Insurance Gross Written Premium (EUR Thousand), Figure 119: Belgian Marine liability Insurance Gross Written Premium (EUR Thousand), Figure 120: Belgian Aviation Insurance Number of Policies Sold (Thousand), Figure 121: Belgian Aviation Insurance Number of Policies Sold (Thousand), Figure 122: Belgian Aviation Insurance Gross Written Premium (EUR Million), Figure 123: Belgian Aviation Insurance Gross Written Premium (EUR Million), Figure 124: Belgian Transit Insurance Number of Policies Sold (Thousand), Figure 125: Belgian Transit Insurance Number of Policies Sold (Thousand), Figure 126: Belgian Transit Insurance Gross Written Premium (EUR Million), Figure 127: Belgian Transit Insurance Gross Written Premium (EUR Million), Figure 128: Belgian Non-Life Insurance Gross Written Premium by Distribution Channel (% Share), 2013 and Figure 129: Belgian Non-Life Insurance Direct Marketing Commission Paid (EUR Million), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 13

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

15 Figure 196: Belgian Construction Output at Current Prices as a Percentage of GDP (%), Figure 197: Belgian Inflation Rate (%), Figure 198: Belgian Exports as a Percentage of GDP (%), Figure 199: Belgian Imports as a Percentage of GDP (%), Figure 200: Belgian Merchandise Exports Growth (%), Figure 201: Belgian Merchandise Imports Growth (%), Figure 202: Belgian Annual Average Exchange Rate US$ EUR, Figure 203: Belgian Commercial Vehicles Exports Total Value (US$ Million), Figure 204: Belgian Commercial Vehicles Imports Total Value (US$ Million), Figure 205: Belgian Automotive Exports Total Value (US$ Million), Figure 206: Belgian Automotive Imports Total Value (US$ Billion), Figure 207: Belgian Internet Subscriptions (Millions), Figure 208: Belgian Size of Labor Force (Million), Figure 209: Belgian Unemployment Rate (%), Figure 210: Netherland Gross National Disposable Income (US$ Billion), Figure 211: Belgian Household Consumption Expenditure (US$ Billion), Figure 212: Belgian Total Population (Million), Figure 213: Belgian Urban and Rural Populations (%), Figure 214: Belgian Population Distribution by Age (%), Figure 215: Belgian Life Expectancy (Number of Years), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 15

16 LIST OF TABLES Table 1: Belgian Non-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 Non-Life Insurance Gross Written Premium by Category (EUR Billion), Table 14: Belgian Non-Life Insurance Gross Written Premium by Category (US$ Billion), Table 15: Belgian Non-Life Insurance Gross Written Premium by Category (EUR Billion), Table 16: Belgian Non-Life Insurance Gross Written Premium by Category (US$ Billion), Table 17: Belgian Non-Life Insurance Direct Written Premium by Category (EUR Billion), Table 18: Belgian Non-Life Insurance Direct Written Premium by Category (US$ Billion), Table 19: Belgian Non-Life Insurance Direct Written Premium by Category (EUR Billion), Table 20: Belgian Non-Life Insurance Direct Written Premium by Category (US$ Billion), Table 21: Belgian Non-Life Insurance Earned Premium (EUR Billion), Table 22: Belgian Non-Life Insurance Earned Premium (EUR Billion), Table 23: Belgian Non-Life Insurance Paid Claims by Category (EUR Billion), Table 24: Belgian Non-Life Insurance Paid Claims by Category (US$ Billion), Table 25: Belgian Non-Life Insurance Paid Claims by Category (EUR Billion), Table 26: Belgian Non-Life Insurance Paid Claims by Category (US$ Billion), Table 27: Belgian Non-Life Insurance Incurred Loss by Category (EUR Billion), Table 28: Belgian Non-Life Insurance Incurred Loss by Category (US$ Billion), Table 29: Belgian Non-Life Insurance Incurred Loss by Category (EUR Billion), Table 30: Belgian Non-Life Insurance Incurred Loss by Category (US$ Billion), Table 31: Belgian Non-Life Insurance Retentions by Category (EUR Billion), Table 32: Belgian Non-Life Insurance Retentions by Category (US$ Billion), Table 33: Belgian Non-Life Insurance Retentions by Category (EUR Billion), Table 34: Belgian Non-Life Insurance Retentions by Category (US$ Billion), Table 35: Belgian Non-Life Insurance Loss Ratio (%), Table 36: Belgian Non-Life Insurance Loss Ratio (%), Table 37: Belgian Non-Life Insurance Commissions and Expenses (EUR Billion), Table 38: Belgian Non-Life Insurance Commissions and Expenses (EUR Billion), Table 39: Belgian Non-Life Insurance Combined Ratio (%), Table 40: Belgian Non-Life Insurance Combined Ratio (%), Table 41: Belgian Non-Life Insurance Fraud and Crimes (EUR Million), Table 42: Belgian Non-Life Insurance Fraud and Crimes (EUR Million), Table 43: Belgian Non-Life Insurance Total Assets (EUR Billion), Table 44: Belgian Non-Life Insurance Total Assets (EUR Billion), Table 45: Belgian Non-Life Insurance Total Investment Income (EUR Billion), Table 46: Belgian Non-Life Insurance Total Investment Income (EUR Billion), Table 47: Belgian Non-Life Insurance Retentions (EUR Billion), Table 48: Belgian Non-Life Insurance Retentions (EUR Billion), Table 49: Belgian Property Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 50: Belgian Property Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 51: Belgian Property Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 52: Belgian Property Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 53: Belgian Property Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 54: Belgian Property Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 55: Belgian Property Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 56: Belgian Property Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 57: Belgian Property Insurance Loss Ratio (%), Table 58: Belgian Property Insurance Loss Ratio (%), Table 59: Belgian Fire and Allied Perils Insurance Number of Policies Sold (Million), Table 60: Belgian Fire and Allied Perils Insurance Number of Policies Sold (Million), Table 61: Belgian Fire and Allied Perils Insurance Gross Written Premium (EUR Billion), Table 62: Belgian Fire and Allied Perils Insurance Gross Written Premium (EUR Billion), Table 63: Belgian Engineering Insurance Number of Policies Sold (Thousand), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 16

17 Table 64: Belgian Engineering Insurance Number of Policies Sold (Thousand), Table 65: Belgian Engineering Insurance Gross Written Premium (EUR Million), Table 66: Belgian Engineering Insurance Gross Written Premium (EUR Million), Table 67: Belgian Agriculture Insurance Number of Policies Sold (Thousand), Table 68: Belgian Agriculture Insurance Number of Policies Sold (Thousand), Table 69: Belgian Agriculture Insurance Gross Written Premium (EUR Million), Table 70: Belgian Agriculture Insurance Gross Written Premium (EUR Million), Table 71: Belgian Other Property Insurance Number of Policies Sold (Million), Table 72: Belgian Other Property Insurance Number of Policies Sold (Million), Table 73: Belgian Other Property Insurance Gross Written Premium (EUR Billion), Table 74: Belgian Other Property Insurance Gross Written Premium (EUR Billion), Table 75: Belgian Motor Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 76: Belgian Motor Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 77: Belgian Motor Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 78: Belgian Motor Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 79: Belgian Motor Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 80: Belgian Motor Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 81: Belgian Motor Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 82: Belgian Motor Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 83: Belgian Motor Insurance Loss Ratio (%), Table 84: Belgian Motor Insurance Loss Ratio (%), Table 85: Belgian Motor hull Insurance Number of Policies Sold (Million), Table 86: Belgian Motor hull Insurance Number of Policies Sold (Million), Table 87: Belgian Motor hull Insurance Gross Written Premium (EUR Billion), Table 88: Belgian Motor hull Insurance Gross Written Premium (EUR Billion), Table 89: Belgian Motor Third-Party Insurance Number of Policies Sold (Million), Table 90: Belgian Motor Third-Party Insurance Number of Policies Sold (Million), Table 91: Belgian Motor Third-Party Insurance Gross Written Premium (EUR Billion), Table 92: Belgian Motor Third-Party Insurance Gross Written Premium (EUR Billion), Table 93: Belgian Liability Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 94: Belgian Liability Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 95: Belgian Liability Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 96: Belgian Liability Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 97: Belgian Liability Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 98: Belgian Liability Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 99: Belgian Liability Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 100: Belgian Liability Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 101: Belgian Liability Insurance Loss Ratio (%), Table 102: Belgian Liability Insurance Loss Ratio (%), Table 103: Belgian Professional Liability Insurance Number of Policies Sold (Thousand), Table 104: Belgian Professional Liability Insurance Number of Policies Sold (Thousand), Table 105: Belgian Professional Liability Insurance Written Premium (EUR Million), Table 106: Belgian Professional Liability Insurance Written Premium (EUR Million), Table 107: Belgian Environmental and Hazardous Material Risk Insurance Number of Policies Sold (Thousand), Table 108: Belgian Environmental and Hazardous Material Risk Insurance Number of Policies Sold (Thousand), Table 109: Belgian Environmental and Hazardous Material Risk Insurance Written Premium (EUR Million), Table 110: Belgian Environmental and Hazardous Material Risk Insurance Written Premium (EUR Million), Table 111: Belgian Other Liability Insurance Number of Policies Sold (Million), Table 112: Belgian Other Liability Insurance Number of Policies Sold (Million), Table 113: Belgian Other Liability Insurance Written Premium (EUR Billion), Table 114: Belgian Other Liability Insurance Written Premium (EUR Billion), Table 115: Belgian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 116: Belgian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 117: Belgian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (EUR Billion), Table 118: Belgian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (US$ Billion), Table 119: Belgian Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 120: Belgian Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 121: Belgian Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (EUR Billion), Table 122: Belgian Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (US$ Billion), Table 123: Belgian Marine Insurance Number of Policies Sold (Thousand), Table 124: Belgian Marine Insurance Number of Policies Sold (Thousand), Table 125: Belgian Marine Insurance Gross Written Premium (EUR Million), Table 126: Belgian Marine Insurance Gross Written Premium (EUR Million), Table 127: Belgian Aviation Insurance Number of Policies Sold (Thousand), Table 128: Belgian Aviation Insurance Number of Policies Sold (Thousand), Table 129: Belgian Aviation Insurance Gross Written Premium (EUR Million), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 17

18 Table 130: Belgian Aviation Insurance Gross Written Premium (EUR Million), Table 131: Belgian Marine, Aviation and Transit Insurance Loss Ratio (%), Table 132: Belgian Marine, Aviation and Transit Insurance Loss Ratio (%), Table 133: Belgian Marine Insurance Gross Written Premium by Policy Type (EUR Billion), Table 134: Belgian Marine Insurance Gross Written Premium by Policy Type (US$ Billion), Table 135: Belgian Marine Insurance Gross Written Premium by Policy Type (EUR Billion), Table 136: Belgian Marine Insurance Gross Written Premium by Policy Type (US$ Billion), Table 137: Belgian Marine hull Insurance Number of Policies Sold (Thousand), Table 138: Belgian Marine hull Insurance Number of Policies Sold (Thousand), Table 139: Belgian Marine hull Insurance Gross Written Premium (EUR Million), Table 140: Belgian Marine hull Insurance Gross Written Premium (EUR Million), Table 141: Belgian Marine liability Insurance Number of Policies Sold, Table 142: Belgian Marine liability Insurance Number of Policies Sold, Table 143: Belgian Marine liability Insurance Gross Written Premium (EUR Thousand), Table 144: Belgian Marine liability Insurance Gross Written Premium (EUR Thousand), Table 145: Belgian Aviation Insurance Number of Policies Sold (Thousand), Table 146: Belgian Aviation Insurance Number of Policies Sold (Thousand), Table 147: Belgian Aviation Insurance Gross Written Premium (EUR Million), Table 148: Belgian Aviation Insurance Gross Written Premium (EUR Million), Table 149: Belgian Transit Insurance Number of Policies Sold (Thousand), Table 150: Belgian Transit Insurance Number of Policies Sold (Thousand), Table 151: Belgian Transit Insurance Gross Written Premium (EUR Million), Table 152: Belgian Transit Insurance Gross Written Premium (EUR Million), Table 153: Belgian Non-Life Insurance Direct Marketing Commission Paid (EUR Million), Table 154: Belgian Non-Life Insurance Direct Marketing Commission Paid (EUR Million), Table 155: Belgian Non-Life Insurance Gross Written Premium Through Direct Marketing (EUR Billion), Table 156: Belgian Non-Life Insurance Gross Written Premium Through Direct Marketing (EUR Billion), Table 157: Belgian Non-Life Insurance Policies Sold Through Direct Marketing (Million), Table 158: Belgian Non-Life Insurance Policies Sold Through Direct Marketing (Million), Table 159: Belgian Non-Life Insurance Number of Direct Marketing Distributors, Table 160: Belgian Non-Life Insurance Number of Direct Marketing Distributors, Table 161: Belgian Non-Life Insurance Bancassurance Commission Paid (EUR Million), Table 162: Belgian Non-Life Insurance Bancassurance Commission Paid (EUR Million), Table 163: Belgian Non-Life Insurance Gross Written Premium Through Bancassurance (EUR Million), Table 164: Belgian Non-Life Insurance Gross Written Premium Through Bancassurance (EUR Million), Table 165: Belgian Non-Life Insurance Policies Sold Through Bancassurance (Million), Table 166: Belgian Non-Life Insurance Policies Sold Through Bancassurance (Million), Table 167: Belgian Non-Life Insurance Number of Bancassurance Distributors, Table 168: Belgian Non-Life Insurance Number of Bancassurance Distributors, Table 169: Belgian Non-Life Insurance Commission Paid to Agencies (EUR Million), Table 170: Belgian Non-Life Insurance Commission Paid to Agencies (EUR Million), Table 171: Belgian Non-Life Insurance Gross Written Premium Through Agencies (EUR Million), Table 172: Belgian Non-Life Insurance Gross Written Premium Through Agencies (EUR Million), Table 173: Belgian Non-Life Insurance Policies Sold Through Agencies (Million), Table 174: Belgian Non-Life Insurance Policies Sold Through Agencies (Million), Table 175: Belgian Non-Life Insurance Number of Agencies, Table 176: Belgian Non-Life Insurance Number of Agencies, Table 177: Belgian Non-Life Insurance E-Commerce Commission Paid (EUR Million), Table 178: Belgian Non-Life Insurance E-Commerce Commission Paid (EUR Million), Table 179: Belgian Non-Life Insurance Gross Written Premium Through E-Commerce (EUR Million), Table 180: Belgian Non-Life Insurance Gross Written Premium Through E-Commerce (EUR Million), Table 181: Belgian Non-Life Insurance Policies Sold Through E-Commerce (Thousand), Table 182: Belgian Non-Life Insurance Policies Sold Through E-Commerce (Thousand), Table 183: Belgian Non-Life Insurance Number of E-Commerce Distributors, Table 184: Belgian Non-Life Insurance Number of E-Commerce Distributors, Table 185: Belgian Non-Life Insurance Commission Paid to Brokers (EUR Billion), Table 186: Belgian Non-Life Insurance Commission Paid to Brokers (EUR Billion), Table 187: Belgian Non-Life Insurance Gross Written Premium Through Brokers (EUR Billion), Table 188: Belgian Non-Life Insurance Gross Written Premium Through Brokers (EUR Billion), Table 189: Belgian Non-Life Insurance Policies Sold Through Brokers (Million), Table 190: Belgian Non-Life Insurance Policies Sold Through Brokers (Million), Table 191: Belgian Non-Life Insurance Number of Brokers, Table 192: Belgian Non-Life Insurance Number of Brokers, Table 193: Belgian Non-Life Insurance Commission Paid to Other Channels (EUR Million), Table 194: Belgian Non-Life Insurance Commission Paid to Other Channels (EUR Million), Table 195: Belgian Non-Life Insurance Gross Written Premium Through Other Channels (EUR Million), Non-Life Insurance in Belgium, Key Trends and Opportunities to 2018 Page 18