Partnerships – December 2023

This month, read more about the partnerships between AG and Energy Infrastructure Partners and Belfius Direct Assurances and Tom&Co.

AG becomes investor of one of the largest onshore wind farms in Europe

AG Insurance signs an alliance with Energy Infrastructure Partners to become a major minority shareholder in the Nysäter wind farm in Sweden, one of the largest onshore wind farms in Europe.

As you may recall, AG has exceeded the €10 billion mark in investments with a positive impact. This investment represents a new stage in its sustainable investment strategy.


Belfius Direct Assurances and Tom&Co form an alliance for pet insurance


Thierry Le Grelle, CEO of Tom&Co and Frédéric Van der Schueren, CEO of Belfius Insurance

Only 3% of the 4.5 million dogs and cats in our country are covered by pet insurance. Belfius Direct Assurances has seen the number of its policies increase by 25% since the pandemic. Naturally, the insurer decided to team up with Tom&Co to further develop this market by distributing its insurance for dogs and cats via Tom&Co.



Legislation – December 2023

This month, read more about recent updates on the CSRD Directive, the Guarantee Funds for Financial Services and the guaranteed income.


FSMA published a communication regarding the CSRD Directive

The FSMA has published a new communication addressing the challenges posed by the CSRD Directive for companies listed on a regulated market. The aim is to help the companies get ready for this new legislation on sustainability reporting.

The communication outlines the implementation schedule for the CRSD, the broad lines of the new information requirements and the new reporting standards. It also explains how these new disclosure requirements relate to other regulations (taxonomy, SFDR, etc.).

Check out the communication here: FR/NL 


New framework for the Guarantee Funds

A completely new framework has been introduced for the Guarantee Fund for Financial Services, replacing the Royal Decree of 14 November 2008. Most of the fundamental principles are included in the legislation of 23 November 2023, but a number of changes have also been made, including to the deposit guarantee schemes.

This framework law (FR/NL) came into force on 11 December 2023.


The guaranteed income will no longer be limited for people suffering from mental disorders

The Antwerp Labour Court has ruled that limiting the coverage of a guaranteed income insurance policy for mental disorders is contrary to anti-discrimination law.

Previously, the guaranteed income was limited in time in the case of mental disorders, which was not the case for other illnesses and conditions. According to the sector, this decision to prohibit time limits would make people suffering from mental disorders and physical ailments uninsurable.





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

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.



Appointments – December 2023

Who are the most recent appointments as directors and C-levels in the Benelux? Discover the new face of Swiss Life Luxembourg and Lloyd’s Europe.


Karine Verbruggen

Karine Verbruggen appointed CEO of Swiss Life Luxembourg.

Karine joined Swiss Life Luxembourg in 2016. Karine Verbruggen joined the company in 2016 as Chief Transformation Officer (CTO) and led the integration of elipsLife after its acquisition in 2021. For four years, she headed the Employee Benefits operations department and for two years the Business engineering team.

She succeeds Theo Iaponas, who has been appointed CEO of Swiss Life’s international subsidiary.



Jonathan May

Jonathan May appointed CEO of Lloyd’s Europe.

Jonathan May joined Lloyd’s of London in 2006, where over the course of 17 years he has held a number of senior positions, most recently as Chief Financial Officer and Chief Operating Officer of Lloyd’s Europe. He is taking over from Amélie Breitburd, who will be leaving the company on 31 December 2023. The appointment will come into effect on 1 January 2024.




Legislation – November 2023

This month, read more about recent updates on new legislation impacting the insurance industry.



New rules for cancelling an insurance policy

As we discussed last month, a new law regarding the cancellation of an insurance contract was being debated in the House. It has now been published in the official government bulletin and will come into effect on 1 October 2024.

For this purpose, Assuralia has explained the new rules. You can consult them here: FR/NL



The House passed the law restricting the link between mortgage loans and insurance

There has also been further progress on the implementation of a law aimed at restricting the link between mortgage loans and fire insurance. The House has now passed this bill in plenary session.

Consumers will now be able to take out a new fire insurance or outstanding balance insurance policy with another insurer free of charge once a third of the mortgage term has expired.