Market – December 2023
This month, read more about the final report on the assessment of the Belgian financial sector and the rise in motor insurance rates.
- Assessment of the Belgian financial sector and of its regulation
- Motor insurance rates to rise in 2024
- Baloise to sell its life insurance portfolio to ING
Assessment of the Belgian financial sector and of its regulation
In 2023, the Belgian financial sector has undergone an assessment under the International Monetary Fund’s Financial Stability Assessment Program (FSAP), with the close collaboration of the FSMA.
Based on a liquidity stress test, the assessment found that the Belgian investment fund sector is resilient and able to absorb large shocks. The FSMA will conduct this type of test periodically, as recommended by the IMF, to quickly identify any structural vulnerabilities in the investment fund sector.
The final report has recently been published by the IMF Board.
Motor insurance rates to rise in 2024
An average rise of 3.9% is forecast for car insurance rates. This increase is due in particular to the rise in claims, the increase in the cost of labour and repairs, the tightening of reinsurance conditions and the high price of cars.
Baloise to sell its life insurance portfolio to ING
Baloise is said to be currently in discussions with the Dutch group ING to transfer its Belgian life insurance portfolio worth EUR 1 billion.
An agreement could be signed shortly.
