Keeping Up With The Market – May 2023

Every month, we help you keep up with the Belgian and Luxembourg insurance markets.


DECAVI’s Non-Life awards

April means the ceremony of DECAVI’s Non-Life insurance awards.

Motor insurance: Axa Belgium received an award for its car insurance Confort Auto and P&V received two awards, for its legal protection and car insurance products. Belfius Insurance was awarded for its bike insurance.

Home insurance: AG was awarded for its fire insurance Top Habitation, Ethias was awarded a trophy for its fire insurance for tenants and I.B.I.S Insurance for its fire insurance for co-owners.

Liability insurance: Ethias received an award for its family insurance and AG for its tax legal protection insurance Providis. 

Professional insurance: Ethias was awarded for its workers’ compensation insurance, AG received an award its insurance for SME’s Modulis Easy and  Hiscox for its cyber insurance CyberClear.

Health insurance: DKV Belgium received an award for its DKV Hospi Flexi. 

Travel insurance: Allianz Assistance received a trophy for its ROYAL Service insurance.

Innovation and digital: Allianz Benelux was praised for its innovative Scan Risques & Assurances and Axa Belgium and was praised for its digital development.

The insurer AG was awarded the Brokerage award for the 10th year in a row and received an award for its developments in prevention and social commitment.


P&V Group’s results

P&V Group has published its annual results. An increase of 12% has been reported for its net results, which amounted to 43 million €.

The insurer’s total collection increased by 3,8% and amounted to 1,83 billion €. This rise was driven in particular by its Non-life operations, which grew by 8.5% in 2022.

Its Solvency ratio is 172%.


Guide for information notes

The Financial Services and Markets Authority has published a guide for information notes on investment offers. With this guide, the FSMA aims to share its recommendations and applicable rules on the interpretations and expectations of entities selling these products.

The aim of this guide is to enable investors to obtain clear information from sales entities and to ensure their protection.

Certification against cyber risk

Keeping Up With The MarketThe Centre for Cybersecurity Belgium, as a certification authority, is responsible for coordinating, certifying and monitoring the implementation of the European Cyber Security Act (CSA). To do so, the Centre for Cybersecurity Belgium will develop 4 levels of certification for companies, to ensure controls in relation to their cybersecurity. For each of these levels, based on the type of establishment to monitor, the number of controls varies.

With these certification levels, the Centre for Cybersecurity aims to help companies protect against cyber risk and to reduce this risk. According to the center, the certification could be a guarantee of security for shareholders, suppliers and customers.

Policyholders’ digital expectations

According to a survey conducted by iO, experts in communication and digital transformation, and BUFL, surveys specialists, insurance companies could better meet the digital expectations of their clients by offering more digital insurance portfolios which are easily accessible.

The survey shows that some policyholders find it difficult to understand what their coverage includes. Allowing them to easily and quickly consult their insurance portfolio and access their coverage and associated costs is essential for them.

This new approach could allow insurers to be more competitive, given that the lack of transparency and accessibility to these services is considered as an issue for policyholders.


“A” rating for Ethias

DistinctionsThe famous financial rating agency Fitch gives Ethias an IFS “A” rating. The “A” score demonstrates the solid financial situation of Ethias and its strong market position given the current economic environment.

Fitch confirms that the insurer is very well capitalised and performs well operationally and financially.


KBC Assurances: first quarter results

KBC Assurances has released its first quarter results and it shows that insurance revenues amount to 631 million €, a rise of 9% compared to the first quarter of 2022.

The result of the insurance services amounts to 110 million €, a decrease of 29 million compared to the last quarter. This decrease is explained by the rise in insurance services expenses and the decrease in the non-life reinsurance result. The non-life combined ratio is 83% and the sales increased by 11%.

The sales of life products fell by 34% compared to the last quarter, in particular due to a decrease in the sales of guaranteed interest rate products and branch 23 products.

Find out more on the results here.


Checks for accidents at work

In the future, checks will be done for “accidents at work” reports refused by insurance companies, upon the request of the Minister of Social Affairs, Franck Vandenbroucke.

This decision has been taken following a statement: according to Fredis agency, 14,6% of the reports have been refused in 2021, for a total of 21.000 workers. This would represent one file out of five according to trade unions.

The Minister intends, in consultation with trade unions, to implement tight controls on insurers regarding these reports.

The Motor Insurance Insolvency Fund

In Luxembourg, the Motor Insurance Insolvency Fund, which stems from the European Directive 2021/2118, raises concerns among insurers. Its aim is to compensate victims of car accidents in case of insurer’s bankruptcy. It will come into force on 23 December 2023.

Insurers will finance this fund. Indeed, they will have to pay an annual contribution of 0.5% of the premiums issued from 2024 onwards. This will cost one million euros annually. Moreover, according to Marc Hengen, this fund could create a systemic risk due to the heterogeneity of the Luxembourg market players’ sizes.

For these reasons, the ACA is opposed to this bill. It is now up to the Council of State to react.



This weekend, the Belgian & European Pride took place in Brussels, the opportunity to celebrate inclusiveness, diversity and equality.

As always, some insurance companies showed their support by participating in this event with colleagues. Others proudly displayed the rainbow colours on their buildings or on their logo to remind us that they are working every day to become more inclusive and allow their employees to be themselves.

Here is a sneak peek of some initiatives spotted on Linkedin:


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