Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
Horizon scanning 2024: anticipating trends to strengthen Elevate27
20/02/2025 – Source
Each year, in collaboration with Trensition, Ageas conducts the Horizon Scan, which highlights the major trends shaping the future of insurance and financial services. In 2024, Generative Artificial Intelligence (GenAI) emerged as an unavoidable revolution, transforming business processes and customer experience. The rise of FinTech and InsurTech redefined distribution channels, making services more accessible and personalized. Furthermore, sustainability and mental well-being took on an increasingly prominent role, influencing both products and work environments. This strategic monitoring allows Ageas to adapt and strengthen its positioning through its Elevate27 program.
AG (75% owned by Ageas) is also accelerating its expansion with its Elevate27 plan, particularly in non-life insurance. The insurer is making its first steps in the Netherlands, targeting businesses through a Dutch branch and a network of authorized agents. These agents will manage offers, contracts, and claims, while leaving the risk-taking to AG. After obtaining approvals from the National Bank of Belgium (BNB), AG is focusing on external growth without impacting its Belgian market.
2024 Report of the National Bank of Belgium
20/02/2025 – Source
The Annual Report reviews the economic and financial developments in Belgium and abroad over the year under review. In 2024, the global economy performed relatively well despite ongoing geopolitical tensions and regional conflicts, such as those in the Middle East. Oil and gas prices remained below previous peaks, inflation declined in most countries, and central banks began normalizing monetary policies. This combination of lower inflation and rising nominal incomes provided economic relief, with no major financial shocks occurring. However, public perception often painted a more negative picture than reality, influenced by pessimistic narratives in politics and media. Given fiscal challenges such as aging populations, energy transitions, and increased defense spending, stronger growth is essential. The year was also marked by significant elections worldwide, offering new governments the chance to reassess economic strategies. As economic blocs become more isolationist, the EU and its members must focus on internal growth. This introduction to the Bank’s Report outlines key economic trends, particularly in Belgium and the Eurozone, emphasizing necessary reforms to sustain growth and resilience.
The AAE welcomes the EU Commission's guidelines on the AI system definition
20/02/2025 – Source
The European Commission’s new guidelines on AI system definition clarify that classical actuarial methods and techniques are not considered AI systems under the AI Act. Actuaries have long relied on data-driven models, but these models, though complex, do not function as AI. The AAE emphasizes that actuaries operate under strict professional standards and are responsible for ensuring transparency in their models. The organization appreciates the EU’s efforts to provide clarity, particularly in Section 5.2 of the guidelines, which aligns with traditional actuarial techniques. While high-risk AI systems must meet strict regulations, well-established actuarial models like generalized linear models are not classified as AI systems, reducing unnecessary regulatory burdens for actuaries.
Mobility in Belgium: the impact of electrification, aging car fleet, and the popularity of mobility budgets
14/02/2025 – Source 1 – Source 2
Between 2022 and 2024, Touring recorded a 23% increase in the total number of technical files. The cause ? The aging of Belgium’s car fleet and the growing number of affiliated vehicles. Hybrid and electric vehicles are experiencing spectacular growth, now representing 20% of the files compared to only 5% in 2022. Battery failures and the use of boosters have notably increased, highlighting the technical challenges related to these powertrains.
At the same time, bicycle assistance continues to progress (+12%) and the mobility budget is experiencing significant growth in Belgium( the number of workers adopting this system has increased by 50% in one year).
KBC: Strong growth in insurance results for Q4 2024
13/02/2025 – Source
KBC Group recorded an insurance services result of 125 million euros in the fourth quarter of 2024, with a significant improvement in non-life insurance (+69% compared to the previous quarter) due to a recovery after storms and floods, and a 27% increase year-on-year. Life insurance also saw a 38% increase for the quarter and a 24% increase year-on-year, driven by higher insurance revenues. The combined ratio for non-life insurance stood at 90%, compared to 87% in 2023. Non-life insurance sales reached €591 million (+8%), while life insurance sales decreased by 8% for the quarter but increased by 7% year-on-year, with strong demand for guaranteed rate and hybrid products.
Liquidation of FWU Life Insurance Lux due to insolvency
13/02/2025 – Source
The District Court of Luxembourg ordered, on January 31, 2025, the dissolution and liquidation of FWU Life Insurance Lux, following a request from the Insurance Commissariat (CAA) for failure to meet solvency requirements. The insurer, which had already been sanctioned in 2022, officially acknowledged its insolvency in July 2024. A liquidator has been appointed to manage the claims of policyholders, who will receive a pre-filled statement and must submit their claims by January 31, 2028.
AXA Launches Mind Health Self-Check to measure employees' mental Well-being
05/02/2025 – Source
The Mind Health Self-check is a tool designed to assess the mental well-being of employees through two scientifically-backed questionnaires. The tool anonymously measures overall mental health and workplace well-being, providing employees with personalized recommendations and offering employers a consolidated, anonymized report with actionable insights. Additionally, the self-check is integrated with AXA’s group disability insurance covering psychological conditions, ensuring a comprehensive approach to mental health and work-related stress. It distinguishes between ‘mental well-being’ and ‘mental health’ to reduce stigma and encourage open dialogue.
Increase in accidents involving uninsured drivers in 2024
31/01/2025 – Source
The Belgian Common Guarantee Fund (FCGB) recorded 6,550 new cases related to accidents involving uninsured drivers in 2024, marking an increase of 4.7% compared to 2023. Claims involving unidentified vehicles also rose by 12.2%, reaching 799 cases. Additionally, claims related to force majeure (+5.1%) and theft or suspected theft (+57.4%) saw significant increases. Accidents abroad involving Belgian victims rose by 4.6%, reflecting an overall upward trend in cases handled by the FCGB.
