Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
Ageas strengthens its footprint: Saga acquisition and share buyback complete
Ageas has completed the acquisition of Acromas Insurance Company Limited (AICL), Saga’s underwriting business, after receiving all regulatory approvals. This acquisition launches a 20-year partnership with Saga Services Limited to distribute home and motor insurance to Saga clients, particularly those over 50. Simultaneously, Ageas completed its 2024-2025 share buyback program, repurchasing 3,910,230 shares, representing 1.97% of total shares outstanding for approximately EUR 200 million, bringing its total shareholding to 4.13% of issued shares. These moves strengthen Ageas’ strategic position in Europe and the UK and demonstrate its financial resilience.
AG boosts interest rates on key savings and investment products
21/07/25 – Source
AG has raised the interest rates on several of its savings and investment products in response to market trends. For its Branche 21 products, Future Invest Bon and AG Invest+, new contracts now offer a guaranteed 3% for the first year (up from 2.75%) and 2.5% for the following seven years (up from 2.25%), combining a secure return with potential profit-sharing. In Branche 26, rates on products like AG Business Invest and other plans were increased by 0.25%, bringing most rates to 2.0–2.5% depending on the term. These adjustments enhance both short- and long-term returns, providing more attractive options for both new and existing clients.
Wildfires push global disaster losses to $131bn in H1 2025
29/07/25 – Source
Natural disasters caused around US$131 billion in economic losses worldwide in the first half of 2025, with insured losses soaring to nearly US$80 billion, the second-highest ever recorded for a first half-year. The most costly event was the unprecedented Los Angeles wildfires in January, which alone generated US$53 billion in damages (US$40 billion insured), making them the most destructive wildfires in history. A 7.7-magnitude earthquake in Myanmar added further devastation, killing an estimated 4,500 people and causing US$12 billion in losses. Munich Re warns that climate change is intensifying the frequency and severity of such events, as the world logged its second-warmest first half-year on record, underscoring the urgent need for prevention and adaptation measures.
Legal protection insurers: New coverage for victims of domestic violence
01/08/2025- Source
Starting in 2025, legal protection insurers in Belgium are updating their codes of conduct to better protect victims of domestic violence. An exception is now made to the principle of non-coverage between insured persons living under the same roof: a victim of physical assault (or abuse in the case of minors) by another insured person is covered as soon as the perpetrator is subject to official criminal proceedings.
This coverage also extends to civil claims for damages based on non-contractual liability, in accordance with the terms of the policy. Each insurer remains free to extend these measures beyond this minimum framework.
AXA acquires Prima, Italy’s leading direct insurance provider
01/08/25 – Source
AXA has announced the acquisition of Prima, Italy’s leading direct insurer, which generated €1.2 billion in gross written premiums in 2024 and holds around 10% of the Italian personal motor market. The deal will nearly double AXA’s motor insurance business in Italy and strengthen its direct distribution capabilities in Europe, leveraging Prima’s proprietary tech platform and its 1,100+ employees. Under the agreement, AXA will acquire 51% of Prima for €0.5 billion, with options on the remaining 49%. Closing is expected by the end of 2025, subject to regulatory approvals.
Belgian banks KBC and Belfius show strong resilience in 2025 EU stress tests
01/08/2025 – Source 1 – Source 2
The 2025 European Banking Authority (EBA) stress tests of 64 major EU banks show that Belgian banks KBC and Belfius remain resilient in a highly uncertain environment marked by geopolitical tensions and protectionist trade policies. At the end of 2024, KBC had a CET1 ratio of 14.9% and Belfius 16.3%, both above the Eurozone average of 15.6%. Under the severe stress scenario, KBC’s ratio fell by 2.94 percentage points and Belfius’ by 3.92, both maintaining levels above the Eurozone average. Belfius, in particular, closed the test with a CET1 ratio of 12.36% at the end of 2027, demonstrating its strong capital buffers and effective risk management. The results highlight the importance for banks to maintain robust capital cushions to absorb shocks and continue lending during adverse conditions, though the tests assume static balance sheets and do not predict future profitability.
Belgian insurance premiums reach 17-Year high
02/08/2025 – Source
In 2024, the average Belgian spent €2,878 on insurance, the highest level since 2008, according to Swiss Re data analyzed by L’Echo. Non-life insurance premiums, covering home, auto, and liability policies, saw the strongest increase at 8%, reaching an average of €1,418 and now accounting for nearly half of total insurance spending. Life insurance premiums rose more modestly by 1.4%, to €1,460, marking the highest level in over a decade. Swiss Re anticipates slower growth in both life and non-life insurance premiums in 2025 due to economic slowdown, market volatility, and easing interest rates, with life insurance expected to rebound in 2026.
Phishing and online fraud remain a threat in Belgium, especially for young People
04/08/2025 – Source
In 2024, phishing and online fraud continued to affect Belgians, with around €49 million stolen despite banks blocking or recovering 75% of fraudulent transactions. Awareness is improving, but gaps remain: 8% of Belgians, and 23% of young people, still don’t know what phishing is, and some youth are willing to share bank codes (5%) or cards (13%). Positively, 64% of victims now know how to respond, and extra security measures during online purchases are widely accepted. However, risks like “money mule” scams remain poorly known among young people, with only 24% aware of them. The financial sector is actively responding through targeted anti-fraud campaigns, guidance flyers, and enhanced verification systems to better protect consumers. Read the full study by Febelfin in collaboration with research agency Indiville here.
European Commission approves Helvetia-Baloise merger
06/08/25 – Source
The European Commission has approved the merger between Helvetia and Baloise, creating the new entity Helvetia Baloise, which will manage over CHF 20 billion in premiums per year and hold a 20% share of the Swiss market. Belgium, Baloise’s second-largest market, will account for around 10% of the new entity’s business. Headquartered in Basel, the group will employ over 22,000 people across eight European countries. Annual synergies of CHF 350 million are expected, with job cuts primarily in Switzerland and Germany, while Belgium will remain unaffected. The merger is expected to close by the end of 2025.
Belgium reports rising accidents, sharp increase in electric scooter incidents
07/08/2025 – Source 1 – Source 2
According to Statbel’s 2024 open data, 43,646 Belgian-registered vehicles were involved in road accidents, with 42,934 identified through the DIV. These datasets detail vehicle types (SUV, city car, sedan, minivan, etc.) but count vehicles, not accidents. Meanwhile, the first quarter of 2025 saw a 62% surge in electric scooter accidents, rising from 291 to 470 incidents with injuries or fatalities, averaging 5 per day, with the largest increase in Wallonia (+95%). In total, 1,853 scooter accidents were recorded in 2024, up 14% from 2023, and some fatalities went unreported to police. To address this trend, the Vias Institute recommends stricter speed limits, mandatory helmets and high-visibility vests, faster speed-measuring device approval, and stricter technical standards. Overall, total accidents rose slightly (+3%), with a small decrease in fatalities in Wallonia and an increase in Flanders. Authorities emphasize that safe “soft mobility” must protect all road users.
