Keeping Up With The Market – January 2023

Every month, we help you keep up with the Belgian insurance market.

Merger & acquisition

Ageas coveted by BE Group

After a first attempt in 2020, BE Group, a consortium of former investment bankers, has attempted to take over Ageas Group. This operation, if successful, would be one of the most significant in the sector.

However, BE Group may have difficulties in finding Belgian shareholders.



The Belgian fund sector reaches a negative percentage

End of 2022, the sector of Belgian funds recorded a decline of -2,1%.

More specifically, the net assets of funds that invest mainly in variable income securities, such as mixed funds and equity funds, fell by -2.6% over this period. Besides, mixed funds are the ones which experienced a decrease and especially the pension funds, with a decrease of -4,2%.

Lastly, the net assets of funds invested in fixed-income securities dropped by -0,2%.

More information on key figures here.


Accident at work : the kilometric allowance indexed

The kilometric allowance received by victims of an accident at work for any travel related to work or care has been indexed. The government has increased the amount per kilometer from €0,2479 to €0,3704.

In addition, this allowance is now linked to the central index and is adjusted annually according to the IPC.

This change does not apply to travel expenses incurred by public transport.


Proven insurance fraud between 100 and 140 million euros per year

According to Assuralia, proven insurance fraud is between 100 and 140 million euros per year. This corresponds to the amount of expenses that are avoided or that insurance companies can reclaim from fraudsters. This remains an estimate, as fraud is difficult to ascertain.

The estimate includes 5 to 10% of the expenses for non-life insurance. In addition, 750 million euros could correspond to the amount of erroneous payments.


The results of the pension saving funds

As a result of the fall in the equity markets, the return on pension savings funds fell by an average of 16%. A similar situation to 2008.

If we take a closer look, dynamic funds have been more affected by the economic situation than mixed and defensive funds. However, pension funds imply a long-term investment, and therefore a more advantageous return in a few years.

Moreover, the market shows that savers do not withdraw their investments immediately. Indeed, BNP Paribas Fortis has estimated that withdrawals fell by 36% in 2022.

For 2023, the investment strategy will be cautious and seems to be more oriented toward bonds. Indeed, the risk of bad results from companies worries investors.


ING investors barometer

For the 11th consecutive month, the ING Barometer remains below neutral level, with 81 points.

According to the barometer, two trends stand out: real estate remains the best investment for 2023 and young investors also believe in crypto-currencies, despite the turbulent year these assets have experienced.

Indeed, 29% of respondents choose real estate, compared to only 19% for stocks or equity funds. Furthermore, only 7% of investors consider bonds and bond funds as one of the best investments.

Overall, it should be noted that uncertainty about the stock market remains high among investors.

More information about the barometer here.

Brokers as major players of the Belgian insurance market

The insurance market collected 29.3 billion euros in 2021, an increase of 5% compared to 2020.

The non-life, individual life branch 23, and group life operations recorded higher premium income in 2021. Branch 23 products are increasingly popular, partly due to the continuing low-interest rates and the recovery of stock market results in 2021.

Moreover, brokers hold 52,8% of the overall insurance market inflow.

Of this 52,8%, 27,6% is held by exclusive networks and bancassurers. Only 19.6% of insurers’ direct distribution channels account for the overall premium income.

Brokers play a significant part in both non-life and life products, accounting for 46% of the market share in the latter case. In particular, they have gained ground in savings and investment insurance. In addition, non-life insurance for professionals is sold via brokers, who hold 46.3% of the market.


Allianz Risk barometer 2023

Allianz has published its annual barometer of business risk rankings. The barometer is based on the opinions of 2,712 risk management experts from 94 countries and regions.

For the second year in a row, cyber incidents and business interruptions top the list. The third most important fear of Belgian companies is the risks linked to legislative and regulatory changes.

Risks related to natural disasters, climate, and pandemics declined in the ranking. In 10th place, political risk and violence have appeared.

You can find more information on this barometer here.

Car insurance premiums rising

Due to inflation and rising costs, car insurance premiums will increase among various insurers during the course of this year.

Here is the percentage of increase per insurance company:

  • AG Insurance and Axa – 4,5%
  • Corona Direct – 5%
  • Baloise – 5,3%
  • Belfius – 6%
  • Federale Assurance – 3,5 to 8%

The increase in costs is linked in particular to the need for more qualified labour, as the components to be repaired are becoming increasingly advanced. In addition, the price of spare parts imported from abroad also has an impact on costs.

It is necessary to take into account that the increase in premiums is also due to the real value of cars, which has increased for both new and second-hand vehicles.


Ethias enters venture capital

Ethias is launching an investment fund with the aim of supporting promising young national companies in the financial and insurance sector. The fund is called Ethias Ventures. Raising already 20 million euros in its debut, about 1 million euros will be granted per application. At the time of writing, 50 applications are already being analysed internally.

Ethias Ventures has a double objective: to support promising fintechs and insurtechs to launch their products and to provide Ethias’ customers with innovative solutions.

To carry out this project, three innovation managers and a corporate finance specialist have joined the boat. In addition, Ethias Ventures will benefit from the expertise of the entire group.

The company will say more about this project on 15 February.



Changes for debt collectors

People involved in debt collection activities must subscribe to a professional liability insurance. Until now, based on the Royal Decree of 17 February 2005, the minimum cover was €175,000 and the excess €3,500. However, from this year onwards, these amounts will increase to €187,500 and €3,750 respectively.

These increases are due to the rise of the consumer price index. These amounts apply from 1 January to the next annual deadline.




Appointments – January 2023

Who are the most recent appointments as directors and C-levels in Belux? January was a particularly quiet month.


Christophe Pochez has been appointed Chief Risk Officer of Federale Assurance. For nearly 16 years, he was Head of ALM and Financial Risk Management of the company.

Christophe holds a master’s degree in Actuarial Science from the Université Catholique de Louvain. He started his career in the banking sector, and more particularly at Belfius (formerly Dexia). In 2007, he has joined Federale Assurance to head the ALM and Risk Management team.


Christophe Van Loo

Christophe Van Loo will become the new Chief Commercial Officer Institutional Partners of NN, succeeding Joost van Ginkel. His nomination depends on the decision of the National Bank.

With over 20 years of experience in the financial sector, Christophe will be responsible for defending the interests of the insurer and its various banking partners.

Joost van Ginkel will be in charge of customer satisfaction.


Thierry Ballas

Thierry Ballas has been appointed Head of external communication, branding and digital content of P&V Group.

Thierry worked for 8 years at Bpost before joining the insurance company. Additionally, he has broad experience, varying from the automobile sector at Mercedes, and Toyota to cosmetics at L’Oréal.




Michael Müller

Michael Müller, Managing Director of the Swiss branch, will become the new CEO of Baloise, as of 1st July 2023. Indeed, he will take over from Gert De Winter.

Gert will leave the company on 30th June for personal reasons.  He had been in this position since 2016.




Antonio Corpas

Elio Fratini






At the beginning of January, we learned the tragic news of the death of Antonio Corpas, CEO of OneLife. He joined the company in 2008 as Head of tax & legal and group general counsel. Ten years later, he became CEO of the group.

End of December, a succession plan has been set up in which Elio Fratini took over the position on an interim base. This plan will be maintained.




Keeping Up With The Market – December 2022

Every month, we help you keep up with the Belgian insurance market.

  1. Acquisition
  2. Partnerships
  3. Products
  4. Market
  5. Legislation



Ageas sells its French subsidiary

Ageas has put its French subsidiary up for sale for 200 million euros. In mid-December, the Belgian insurer was expecting up to 10 bids. Among the candidates are the French insurers Société Générale Assurances and Albingia.

For the future successful buyer of Ageas France, Ageas Patrimoine, the platform for the distribution of savings products via asset management advisors (AMAs), as well as the Sicavonline brand, a pioneer in the sale of funds on the Internet, are real assets



Pilot project between Baloise and its subsidiary B-Tonic

Larger companies with workers’ compensation insurance from Baloise can choose to convert their profit-sharing into B-Tonic wellbeing solutions for their staff.

This project promotes sustainable wellbeing policies in companies. As the specific needs and priorities regarding wellbeing are unique for each company, B-Tonic carried out an analysis to find out what the main needs are. These include: easy access to drinking water, quiet spaces, special attention to ergonomic aspects, reintegration policies and structural initiatives.

For more information on trends in wellbeing at work, you can read the report here.



Partnership between AG and Doktr

Digital consultations will now be more accessible thanks to the collaboration between AG and Doktr, the teleconsultation application.

This partnership between two Belgian companies aims to create an ecosystem that supports the specific Belgian care model and prepares it for a hybrid physical and digital consultation future.

The application is scheduled to be rolled out in 2023 to AG’s group health insurance clients.



Automated claims reporting for Axa

Another step towards digitalization for the insurer AXA that deploys its eclaims system to home insurance. At first, only brokers will have access to this tool. It will be available for customers from April 2023.

This tool facilitates the management of a claim since the customer can directly declare the claim by entering all the necessary data and documents. A video call with an expert is also available. The amount of compensation, as well as any franchise, is calculated automatically.



Fire insurance premiums to rise by 10,8%

Here is another consequence of inflation in Belgium: fire insurance will rise by 10,8% in 2023.

As a matter of fact, 98% of insurance compagnies calculate the price of premiums based on the Abex index. The latter found an increase in the price of construction materials of 10,8%, compared to 5,6% last year. Therefore, fire insurance premiums will increase too.


Ageas and its Impact 24 investment plan

As part of its Impact 24 strategic plan to better invest its assets to reduce carbon emissions, Ageas has decided to join the UN-convened Net Zero Owner Alliance and is the first Belgian asset owner to do so.

The initiative is composed of and led by insurers, pension funds and foundations committed to moving their investment portfolios towards net zero greenhouse gas emissions by 2050.

With regard to the carbon intensity of its investment portfolio, Ageas has set an initial intermediate target of a 50% reduction in net zero greenhouse gas emissions by 2030. In addition, Ageas wants to invest 5 billion for the climate and drive the Group towards sustainability.


Study on the costs of investment funds

Investment funds, which are very popular in Belgium, have been the subject of a study by the FSMA.

Concerning key figures of investment funds, the net assets of these funds amount to €183 billion, a decrease of 13,9% compared to 2021. While pension funds remained stable (114 million), mixed funds decreased to €83 million. It is also noticeable that investors are increasingly investing in sustainable funds. In fact, net subscriptions to this type of fund amounted to €213 million.

The FSMA has also published some figures on the fees associated with these funds, which are a source of concern for investors.

The average entry fee is 2,2% and the average current fee is 1,1%. These figures, available here, provide the information necessary for investors to better understand these fees.


Overview of the IORPs

Other figures published by the FSMA concern the 2021 overview of the Institutions for Occupational Retirement Provision.

Key figures are:

  • 169 IORPs are subject to reporting obligation, 15 less than in 2020.
  • The total balance sheet amounts to €47,1 billion, an increase of 9% compared to 2020. This increase is due to the good performance of financial markets and to an increase in cross-border activities.
  • Three quarters of the assets have been invested in equity and bond funds.
  • The average coverage rate is 124%.

You can find more detailed information on the overview here.


AXA Belgium: the digital champion in non-life insurance

Sia Partners has established a ranking of the digital trajectory of 15 Belgian insurers and AXA is number 1 in non-life.

The rest of the ranking is as follows:

  1. KBC
  2. Belfius
  3. Ethias
  4. Corona Direct
  5. Yuzzu
  6. AG
  7. Allianz
  8. Federale Assurance
  9. Baloise

Overall the Belgian insurance sector scored 11,15 out of 20.


Reminder from the FSMA about customer requirements and needs

The needs analysis when concluding an insurance contract still raise questions from insurance distributors. This is why the FSMA has decided to recall the main lines of this rule of conduct, by formulating them as questions and answers.

More information on those explanations here.


Stress test conducted on European pension funds

EIOPA has conducted a stress test on the resilience of the European pension fund sector to a climate change scenario. The stress test was developed by the European Systemic Risk Board (ESRB) in close cooperation with the European Central Bank. Belgian pension funds took part in this test.

The scenario was applied both to the balance sheet figures drawn up according to the National Balance Sheet (NBS) and to the so-called Common Balance Sheet (CBS). The results of this stress test for Belgium are positive for both schemes mentioned above. Indeed, the Belgian pension fund sector was resilient on average, even when confronted with a simulation of tense economic circumstances. This result is mainly due to the large margins retained by the pension funds concerned and/or the presence of strong sponsors.

Belgium is one of the countries that manage to maintain full coverage of their obligations in the stress test scenario.



EU regulation : Digital Operational Resilience Act

The European Union launches a new regulation aimed at strengthening the IT security of financial institutions such as banks, insurance companies and investment firms and enabling them to operate in the event of major disruptions.

Whilst EIOPA will further refine this regulation on the basis of its “technical standards”, insurance companies will therefore have to adapt their IT framework, before the regulation comes into effect in the first semester of 2023. The new regulation will have a 2-year implementation period and will be fully applicable in 2025.





Assuropolis, Le secteur belge des fonds de pension résiste, même confronté à un scénario climatique défavorable dans un stress test

Assuropolis, Baloise et B-Tonic lancent un projet pilote unique pour promouvoir des politiques de bien-être durables dans les entreprises

Les Echos, Société Générale et Eurazeo sur les rangs pour racheter l’assureur Ageas France

Assuropolis, Plusieurs candidats pour Ageas France

Assuropolis, AG et Doktr s’associent pour soutenir l’accessibilité aux téléconsultations

Assuropolis, FSMA : exigences et besoins du client

Assuropolis, AXA Belgium est le champion du numérique en assurance non-vie

L’Echo, Axa automatise son assurance habitation

Assuropolis, Institutions de retraite professionnelle : aperçu 2021

Assuropolis, L’actif net total des fonds d’investissement belges s’élevait à près de 183 milliards d’euros à la fin du 3e trimestre de l’année 2022

Assuropolis, Étude de la FSMA sur les coûts liés aux investissements en fonds

Assuropolis, Ageas accélère la transition vers des émissions de carbone nettes nulles dans son portefeuille d’investissement

Assuropolis, Les grands défis de la résilience opérationnelle numérique pour les assureurs

Assuropolis, Les primes d’assurance-incendie augmenteront de 10,8 % en 2023

Appointments – December 2022

Who are the most recent appointments as directors and C-levels in Belux ?

Gianni De Muynck

Gianni de Muynck left AXA Belgium for a new challenge at ING.

After spending 8 years working for the media relations and being AXA’s spokesperson, Gianni de Muynck has recently started a new chapter in the Communication & Brand Experience department of ING.

At ING, he met up with his former mentor, Laurent Winnock.



Erik Weekers

Erik Weekers will become the new CEO of the Federatie voor Verzekerings- en Financiële tussenpersonen (FVF), as of 1 January 2023. He will succeed to Kelly Schamphelaere.

Erik has been appointed by the FVF’s board thanks to his valuable experience in the insurance sector and particularly in management. After having started his career at AnHyp and then at AXA Belgium, Erik led Axfin. After that, he launched Stronger, his coaching and training agency. As part of his job, he trained several banking agents, brokers and insurance companies. He is also an active member of Aquilae.



Philippe Van Belle

Another type of appointment was that of Philippe Van Belle as CIO of the Year 2022. The award was given by DataNews magazine in recognition of the “CIO who demonstrates strategic vision, leadership, personality and the ability to contribute to an organization’s business strategy.”

This award recognizes Philippe’s 35-year career at AG and his dedication to the “Replatforming” project. Conducted last April, this project provides AG with a modern and innovative platform that places it more than ever at the forefront of digitalization issues.




A few days ago, Silke Lautenschläger, the current CEO of Ergo Insurance and DKV Belgium, announced that she was leaving the company. After having worked for 12 years within the Ergo Group, including 5 years as CEO of Ergo and DKV, Silke wishes to devote herself to the foundation of which she is Chair of the Board of Trustees, Deutsche Herzstiftung.

Sebastian Schimdtke

Ruth Verstraete

Sebastian Schimdtke, Chief Administration Officer of Ergo, will take over the management in January 2023.

At the same time, Ruth Verstraete, Chief Risk Officer of DKV Belgium, will take over the management of the company.



Mabel Bolier

The insurer AIG is also undergoing change with the appointment of Mabel Bolier in early December. She has become Head of Claims for France, Belgium and Luxembourg. As a result, she has also joined the board of directors.

Graduated from the University NCOI and from the University Enaco, Mabel Bolier has joined the group in 2015 as Life and Health insurance claims Manager. Then, she handled financial risk claims for Belgium and The Netherlands.


Caroline Bertrand

Caroline Bertrand has been appointed Chief Marketing Officer and Chief HR Officer of GIG Gulf, formerly AXA Gulf.

Caroline started her career in the marketing department of AXA Belgium 20 years ago. She then joined AXA Group, based in Paris. Several years later, she leaved Paris to join AXA Gulf, based in Mexico, as Chief Marketing Officer.





Keeping Up With The Market – November 2022

Every month, we help you keep up with the Belgian insurance market.

1. Mergers & acquisitions

2. Partnership

3. Products

4. Market

5. Financial results

6. Legislation

Mergers & acquisitions

Insudata saved from bankruptcy

After being declared bankrupt, the company Insudata, including Sigura and Cobra, has been transferred to Wim Coekelbergs, the actual director of Insudata. He will act in his own name or in the name of a company to be created.

Insudata creates and develops data management software for insurance companies.


AG and BNP to acquire Touring

AG and BNP Paribas Fortis become shareholders of Touring, with 75 and 25% respectively. The three companies are partners for several years. The amount of the acquisition has not been reported yet.

The CEO of Touring, Bruno de Thibault, believes this acquisition to be essential to remain the leader of the sector in a never-changing market. Touring will remain independent within this new organization, but will become a subsidiary of AG. As a result, Touring’s activities will be part of AG’s portfolio, unlike BNP which has no operational power.

Products will continue to be sold under the brand name Touring and this acquisition will not have any consequence for the 600 collaborators of the company.

The closing of the sale is expected by mid-2023.



AG and Colruyt to launch an autonomous vehicle

AG and Colruyt join together to launch a project of autonomous vehicle on the public road. This vehicle is intended to deliver products from Colruyt to one of its collection point in Londerzeel. It is a great first in Belgium and it will allow AG to gain more experience in the field of mobility.

In this partnership, AG will insure the civil liability of the vehicle. This pilot project is aimed at collecting data on risks of autonomous vehicles and supporting alternative mobility.



Renault and Mobilize Insurance

Renault launches a car insurance subsidiary for the European market, called Mobilize Insurance.

The objective? To market motor contracts under their own brand, associated with an insurance partnership in each country. Renault already collaborates with Allianz and Axa.

Basically, Renault will start launching its new product in France in September 2023, and then the car giant will expand it into Italy and Germany. The group’s target is 3,6 million contracts by 2030.



ING investor barometer at its lowest level

ING investor barometer has achieved its lowest level since 2004. In fact, the latter reached 57 points, which is 43 points below the neutrality level. Most of the investors interviewed pointed out that the economic situation worsened in the last three months.

ING press release

As ING mentioned, the long-term expectations regarding the stock market achieved a low level. Therefore, investors have a smaller risk appetite. Indeed, only 21% of them think it is the right time to invest in the riskiest sectors.


Supplementary pension: data and bill published

Each year, the FSMA publishes data concerning the second pension pilar, i.e. the supplementary pension.

In Belgium, 4.170.000 people have a supplementary pension, an increase of 3% compared to last year. According to the FSMA, employees are more likely to create such fund thanks to a company plan or a sectoral plan. The reserves built up under a company plan amount to 59.3 billion euros compared to 5.4 billion euros under a sectoral plan.

More detailed information on the results published by the FSMA here.

In addition, a bill has been introduced in the House of Representatives concerning the second pension pilar. The first objective of the bill is to provide more transparent information obligations to insurance companies, as it already exists for IRPs (Institutions de Retraite Professionnelles). More qualitative and transparent information for citizens to increase trust is a second objective. Lastly, administrative simplification is intended.

The introduction of this law would be staggered.


Assuralia issued new guidelines

Concerning insurance contracts, Assuralia and the professional unions of medical experts issued guidelines for insurers and medical experts in order to ensure transparency and empathy during a patient medical expertise.

Medical experts must apply the guidelines before, during and after a medical expertise. Insurers will follow them up with medical experts of their network.

You can find more information on these guidelines here.


Regulation on variable premium insurance contracts

Mid-November, the FSMA published a regulation concerning the prohibition of variable premium insurance contracts promoted through the sale of multimedia devices.

The ban results from the fact that some sellers fail to comply with the requirements of these contracts by claiming that the premium is free in the first month, but forget to mention that the premium increases thereafter. Therefore, the authority decided to ban the sale of such contracts through a regulation approved by a royal decree.


Brexit: statement for insurance intermediaries

The Financial Services and Markets Authority  published a statement on Belgian insurance brokers working with British brokers.

The statement mentions the Brexit context and its consequences for brokers. Additionally, the institution highlights the prohibition for insurance distributors to work with brokers that are not registered with the Belgian institution.

To know more about this statement, click here.


Warning about credit insurance product offerings

The EIOPA also issued a warning to insurers and bancassurers regarding credit insurance product offerings. With this warning, the European regulator would like to ensure that the products have a fair cost/benefit ratio for consumers.

To this end, measures have been taken regarding high commissions charged by insurance distributors and conflicts of interest in bancassurance business models.

You can read the full warning here.


Allianz: a top-ranked company

Allianz is a top-ranked company in Interbrand’s Best Global Brands Ranking for the fourth year in a row. The insurer ranks 34th. Its brand image is worth 18,7 billion dollars.

You can find the top 100 here.


Axa’s decision concerning wages indexation

The insurance company Axa is not going to index wages above 5 400€. This decision reflects the costs of automatic wage indexation. Els Jans, Director of Personnel at Axa, explained that the amount of 5 400€ is “the upper limit of the wage scales agreed at sectoral level.”

Similarly to other insurance companies, other bonuses, paid in units, are not indexed. In such a situation, the system of units, as well as the indexation limit, do not meet with the unions’ approval. They are therefore considering some actions. However, the insurance joint committee stated that above 5 400€, indexation is not mandatory.

Axa’s decision has a similar effect to an earthquake for the sector.


Axa to pay 100 000€ to FSMA

Failing to comply with legal obligations, Axa Belgium is due to 100 000€ to the FSMA.

At stake? Hundreds of insurance distribution acts from SPRL X through the platform of Axa Belgium between 13 April and 25 June 2019, despite the fact that SPRL X was no longer registered with the FSMA as an insurance intermediary since 9 April 2019.

Axa does not collaborate with SPRL X since 4 April 2019. Following this, producer accounts and producer mandates should have been blocked. But, due to human error, this was not the case.  As a result, the FSMA considered it a fail to comply with legal obligations.


Some insurance premiums undervalued

For the Institute of Actuaries in Belgium, the conclusion is clear: some non-life insurance premiums are undervalued by 8%, due to inflation.

As a result, the pricing of specific branches of insurance will be adjusted upwards. Home insurance has already been adjusted, as it is based on the Abex index. By contrast, car insurance premiums are likely to be raised, which is already the case at Belfius Insurance.

Other players in the sector such as Ethias, Axa or AG Insurance are wondering. For some of them, an increase in insurance premiums could occur for damage and legal protection insurance.


Amendments on CABRIO app

This month, the FSMA is making a number of changes on the CABRIO application for intermediaries and lenders.

A first modification is the settlement of the automatic processing of a company change of address. Moreover, insurance and reinsurance brokers, as well as banking and investment intermediaries are not committed to mention each of their Belgian offices to the FSMA. The Crossroads Bank for Enterprises already provides them.

In addition, the FSMA has also published shorter model questionnaires for candidates and shareholders, as well as shorter model mandates. Some questions have been clarified too.

Finally, requests for simple amendments for which no documentation is required will be processed more quickly within the application.


Financial results

For the insurance group Ageas, the net income totals 567 million euros. In Belgium, the profits amount to 89 million euros.

On the life hand, Belgian receipts fell by 3% due to a decrease in volume of savings products. On the non-life hand, Belgian receipts increased by 4% thanks to the home and car insurance segments. To learn more on Ageas’ results, check this link.

Additionally, Ageas’ main shareholder Fosun, a Chinese company, stated not to trade its share. In second position of Ageas’ shareholders comes the Société Fédérale de Participations et d’Investissement (SFPI-FPIM).

Besides information on its financial results, S&P Global Ratings gave Ageas and its subsidiaries AG Insurance and Ageas Insurance Ltd. a A+ score. This score is equivalent to “a long-term issuer credit and insurer financial strength”. This definition highlights the resilience of the Group’s profits and capitalisation to the current market situation.

Concerning Allianz Benelux, the total premium income is 2,645 million euros, a decrease of 4,6% compared to last year. On the non-life hand, premiums are equivalent to 1,625 million euros and on the life hand, to 1,380 million euros.

The operating result is 284,0 million euros. More specifically, on the life hand, it amounts to 139,6 million euros, thanks to an increase in the Belgian investment margins. On the non-life hand, it amounts to 144,4 million euros, which partly results from a reinsurance transaction. More information on Allianz Benelux results here.

Similarly to Allianz and Ageas, KBC published its third quarter results. As stated by the latter, the technical income coming from the non-life insurance activities amounts to 232 million euros. The high non-life technical income is due to an increase in premiums income of 8% and a decrease of 15% in technical charge. Similarly, the earned premiums increased by 4%. The combined ratio is of 86%, compared to 89% last year. Check the press release of KBC to learn more on these results.



Appeal from Assuralia rejected by the Constitutional Court

Regarding the tax on securities accounts we previously discussed, the Constitutional Court dismisses the appeal lodged by Assuralia. The latter, together with 6 other parts, previously called for the (partial) cancellation of this tax.

In this context, the Court highlights its two main objectives regarding the introduction of the tax. Firstly, the Constitutional Court wants to remove the anti-abuse provision related to the division of a security account in several ones within a same intermediate. Secondly, the Court withdraws the retroactive effect of the general anti-abuse provision regarding the period before the law came into effect.


Royal decree concerning civil liability insurance for real estate agents

The obligation of real estate agents to insure their civil liability has been revised by a royal decree which replaces the deontological directive of 14 September 2006. The decree contains a number of changes.

Basic principles do not change. However, for insurance companies, the deadline to send the list of real estate agents to the IPI, Institut Professionnel des agents immobiliers, has changed: the due date is 31 March. In addition, the IPI can now sign a collective or individual insurance contract for its members.

The royal decree came into force on 24 November 2022.


Law concerning the right to be forgotten

New changes occurred concerning the right to be forgotten that we already discussed here. Insurance companies, that are members of Assuralia, are subject to a stringent code of conduct which extends the right to be forgotten to guaranteed income insurances. However, insurers which are not members of Assuralia are not yet committed to this code of conduct. Following the government’s decision, non-affiliated insurers will now have to follow this code of conduct too.

As from 1 January 2023, the deadline for the right to be forgotten will be reduced to five years.

This law came into force on 27 November 2022.



Assuropolis, La sur les comptes-titres: la Cour Constitutionnelle rejette le recours d’Assuralia

L’Echo, Les bénéfices d’Ageas touchés par l’inflation, mais la croissance se poursuit

L’Echo, La Chine plombe Ageas et ce n’est peut-être pas fini

Assuropolis, Ageas publie ses résultats pour les neufs premiers mois 2022

Assuropolis, le Fosun n’envisage pas de vendre sa participation dans Ageas

Assuropolis, Allianz à nouveau assureur numéro 1 dans le Best Global Brands Ranking d’Interbrand

Assuropolis, Sigura et Cobra sauvés de la faillite, la reprise est terminée

Assuropolis, Renault se lance dans l’assurance automobile en Europe

L’Argus dans l’assurance, Assurance auto : Renault repart à la conquête de nouveaux clients

Assuropolis, Allianz Benelux : résultats au cours des trois premiers trimestres 2022

Assuropolis, FSMA : règlement transactionnel de 100.000 euros avec AXA Belgium

Assuropolis, KBC: résultats de l’assurance au troisième trimestre

Assuropolis, FSMA : deuxième pilier de pension en images – aperçu 2022

Assuropolis, Modifications attendues de la loi sur les pensions complémentaires

Assuropolis, Un règlement de la FSMA interdit certains contrats d’assurance multimédia

L’Echo, Chez AXA, les salaires élevés ne seront que partiellement indexés

L’Echo, Quand Axa brise le tabou de l’indexation des salaires

Assuropolis, Les patients peuvent compter sur un cadre clair et transparent en cas d’expertise médicale

L’Echo, Les primes d’assurance sont sous-estimées de 8%

Assuropolis, ING : La confiance des investisseurs belges à un niveau historiquement bas

ING, Baromètre ING des investisseurs : La confiance des investisseurs belges à un niveau historiquement bas

Assuropolis, Assurance en responsabilité civile des agents immobiliers : un arrêté royal remplace la directive déontologique de l’IPI

L’Echo, AG et BNP Paribas Fortis rachètent Touring

Assuropolis, FSMA : Warning Bancassurance EIOPA

Assuropolis, Brexit : feedback statement pour les intermédiaires d’assurances

Assuropolis, S&P confirme les notations “A+” d’Ageas, avec perspectives stables

Assuropolis, Moins d’administration pour les intermédiaires et les prêteurs

Assuropolis, AG assure le premier véhicule autonome sur la voie publique en Belgique