Keeping Up With The Market – September 2022

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

New products




Urban Data is the new tool launched by Ethias to help cities and local authorities. By collecting their own claims data, the insurance company facilitates risk prevention decisions for local authorities.

As one of the most important insurance companies on the Belgian market, Ethias holds a large amount of claims data that she decided to leverage by aggregating them to track the location of disasters on a map of municipalities, monitor their evolution, identify trends in their occurrence, etc. Thanks to this tool, cities and local authorities will be better able to define risk prevention interventions.

Discover the tool: 


NN Wellbeing Services is the new service launched by NN, a Belgian life insurer, for the self-employed and their families. Concretely, this new service offers preventive support for the mental health of the manager, as well as personalised coaching on the latter, as NN knows that mental health issues can have serious consequences on business. For example, the policyholder will receive advice on finding a work-life balance and relaxation strategies. In addition, the service offers customisable options, such as Manager Assist which provides advice to managers on dealing with a difficult employee or productivity issues.

NN Wellbeing Services is available for all Scala disability contracts taken out from 4 September 2022.



EU regulation No 1126/2008

Union européenne | Courrier international

Back in September 2022, the European Union modified the regulation about the IFRS 17 norm. The published attachment follows up on the amendment introduced by the International Accounting Standard Board (IAS) in December 2021.

This amendment helps apply transitional arrangements concerning the aforementioned norm, only for companies applying IFRS 17 and IFRS 9 for the first time. More particularly, this solves a major problem: classification differences regarding comparative information of the last period of financial information presentation. Attached to Regulation No 1126/2008, the amendment comes into effect on 29 September.

Read the Commission Regulation: FrançaisNederlandsEnglish


Online comparison tool from State Secretary for Consumer Protection

With a very diverse range of insurance products on the Belgian market, one knows how difficult it can be to make the right choice. Therefore, Eva De Bleeker, State Secretary for Consumer Protection, wants to develop an online comparison tool for banking and insurance products. This tool will be available from early 2023 and will help consumers to better choose the right insurance product adapted to their needs and situation. All of this is possible thanks to a rate simulator and comparison modules. This comparison tool lists the products of all informed insurers and providers.


News of the market

Ageas - Wikipedia

A new entity

From 1st January next year, Ageas Re will be the new reinsurance activity of the group Ageas for third parties in Europe, the Middle East, and Africa.

The group is already active in reinsurance since 2018, but for internal entities only. With this new activity for third parties, which is part of the Impact24 strategy, Ageas expects to reach 200 million euros in net profit in 5 years.

Ageas Re will be implemented in several stages. With an allocation of 215 million euros over a five-year period for its development, the group will start by offering reinsurance services to insurers in the EMEA zone who insure individuals. Then, Ageas Re will be able to cover larger risks, such as the engineering risk. In Asia, reinsurance is provided through the collaboration with Taiping Re, which has existed since 2020.

A possible withdrawal 

According to Bloomberg, the life insurer Ageas could leave France, but the latter did not wish to comment on this subject.

Ageas recorded a turnover of 452 million euros in 2021, with a 27% drop in inflows. The life business in Portugal and Belgium fell by 14% and 5% respectively. The decision to leave France could be because of the aforementioned results in the life insurance activity (pensions and savings). However, following the implementation of its “Impact24” strategy, the group wishes to strengthen its position in Europe and Asia.


A few months after his nomination, Frédéric Van der Schueren, the new CEO of Belfius Insurance, expresses his desires for his mandate. His primary aim is to position the company as the 4th largest insurer in the Belgian market. To do that, he wants to boost the banking channel through the sale of insurance.

However, Frédéric Van der Schueren says that the other channels such as DVV and Corona are complementary to his objective. In addition, in view of the bancassurer’s new positioning, branches 21 and 44 will be further developed, and support will be provided in the form of a discount for the so-called “energy friendly” home insurance, i.e. insurance that contributes to energy improvements in buildings. Finally, the CEO is considering a deferral of payment for mortgage loans in the context of the current economic crisis, as well as for some premiums.


AXA Belgium published her half-year financial results: the insurance company presents a profit of 1,904 million euros.

Concerning the damage insurance, the company realised a profit of 5% higher for professionals and of 2% higher for individuals. Operational results remain fixed up to the amount of 193 million euros, despite storms.

Find more information on these results here.


MS Amlin AG announced mid-September his name change to ‘MS Reinsurance’. Being part of MS&AD’s strategy to become a global leading reinsurer, Robert Wiest, Chief Executive Officer of MS Reinsurance highlights the importance of this evolution in the context of sustainable growth, after a change in the operating landscape.

Despite the name change, clients’ offer remains unchanged and the reinsurance company operates from its usual premises.