Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
FSMA strengthens oversight of pension product costs to protect savers
20/01/2025 – Source
The FSMA has published an update to its report on costs in second- and third-pillar pension products, revealing that costs remained broadly stable between 2020 and 2022, although a slight increase was observed for branch 23 insurance products.
The study highlights that higher costs do not necessarily guarantee better returns. In line with the “Value for Money” regulations, the FSMA has initiated targeted inspections focusing on products with the highest costs. These efforts have already led to significant adjustments: the closure of 10 funds, cost reductions for 59 funds, and an average cost decrease of 0.27%. This could potentially increase final pension capital by around 5%. The FSMA will continue its inspections in 2025 to further improve the situation.
Ageas, ethias and AG certified top employer 2025
15/01/2025 – Source 1 – Source 2 – Source 3
The Top Employers Institute, an independent organization that recognizes excellence in HR practices, has certified over 2,400 organizations in 125 countries/regions for 2025, including Ageas, AG, and Ethias.
Ageas stands out for its strategic approach, with a focus on seamless integration, strong commitment to career development, and learning opportunities, confirming its place among the top international employers.
AG Insurance has earned the prestigious Top Employer label for the 13th consecutive year, highlighting its dedication to employee growth, development, and well-being. The rigorous evaluation, which reviewed 600 HR practices across 100 criteria, underscored AG’s excellence in areas such as flexible work environments, career development, inclusion, and sustainability.
Ethias has also been awarded the Top Employer label for the 4th consecutive year, recognizing its commitment to its 1,927 employees. With an overall score of 92.43%, higher than the Belgian sector average (87.37%), Ethias stands out for its innovative HR practices and inclusive culture.
AG Insurance to recruit 350 new employees in 2025
15/01/2025 – Source
AG Insurance has launched its Elevate27 strategic plan to strengthen its market leadership and address challenges like climate risks, pension sustainability, and evolving customer needs.
As part of this plan, the company will recruit 350 new employees in 2025, with a net workforce increase of nearly 100 staff members, reinforcing its status as Belgium’s largest insurance employer.
ING Belgium innovates with "ING Scan & Drive"
13/01/2025 – Source
ING Belgium launched “ING Scan & Drive,” an AI-powered simulation tool that allows users to get an immediate estimate for a car loan and insurance by simply taking a photo of a vehicle. This innovation, developed in partnership with the insurer NN, offers a simple and modern experience for customers. The tool, available via the ING website, uses collected data (brand, model, car type) and allows users to personalize their simulation. ING customers can then directly subscribe to the car loan and insurance online.
Climate change and 2024's catastrophic natural disasters
09/01/2025 – Source
According to Munich RE, in 2024, natural disasters caused 310 billion euros in total losses, with approximately 133 billion euros in insured losses, making it one of the most expensive years for the insurance industry. Weather-related events, especially hurricanes, storms, and floods, were responsible for the majority of these losses. 2024 marked the hottest year on record, with global temperatures 1.5°C above pre-industrial levels, accelerating the frequency and severity of extreme weather events. Climate change is driving more intense storms and flooding, increasing both human and financial costs. The global community is urged to bolster resilience, especially in regions with minimal insurance protection. Read the full article here.
Ethias group launches new reinsurance entity: Ethias Re
07/01/2025 – Source
Ethias Group has launched its new reinsurance arm, Ethias Re. The move is part of the group’s strategy to address emerging risks such as extreme weather events, digital risks, and the evolving reinsurance market.
The new company is led by Benoît-Laurent Yerna, who also serves as Chairman, with Thomas Canor as Managing Director. Luc Boghe and Philippe Bonte join as Independent Non-Executive Directors.
Ethias Re is designed to anticipate and innovate, offering tailored solutions to meet the long-term needs of clients and partners in a rapidly changing world. This initiative is a significant milestone for Ethias Group, aligning with its mission to protect clients, public entities, and businesses from emerging challenges.
Guaranteed rates for savings insurance in 2025
03/01/2025 – Source
Despite the increase in the legal cap for guaranteed rates to 2.5%, most insurers remain cautious, keeping their rates at 2% or below due to the ECB’s reduced key interest rates (now at 3%). Only Argenta has announced an increase in its guaranteed rate to 2.2% for 2025.
To avoid withholding tax, contracts must have a minimum duration of eight years and one day or include death coverage (130% of the capital). Savers should prioritize contracts that align with their needs (duration, taxation) to optimize returns in a market marked by insurers’ cautious approach.
Belgium in the 2025 World University Rankings
01/01/2025 – Source
Belgium is featured in the 2025 ranking of the world’s best universities. KU Leuven is ranked 43rd, making it the only Belgian university in the Top 50.
As for the others, Oxford holds on to the top spot for the ninth consecutive year, bolstered by significant improvements in industry engagement and teachin. MIT rises to second place, overtaking Stanford and three new countries join the top 200 – Brazil, Saudi Arabia and the United Arab Emirates.
BNP Paribas Cardif acquires AXA investment managers
21/12/2024 – Source
On December 21, 2024, BNP Paribas Cardif signed an agreement to acquire AXA Investment Managers (AXA IM). The acquisition price is set at 5.1 billion euros, with the closing expected in mid-2025, and an anticipated impact of 25 basis points on BNP Paribas’ CET1 ratio, subject to approval by the relevant authorities.
The alliance between BNP Paribas and AXA will create a giant with 1,500 billion euros in assets under management, of which 850 billion euros will come from AXA. The Belgian state is the second-largest shareholder of the French-listed parent bank, holding a 5.5% stake. AXA operates in Belgium as an insurer and through AXA Investment Managers.
The Actuarial Association of Europe releases position paper on IORP II directive revision
18/12/2024 – Source
This document examines the revision of the directive, focusing on the technical advice provided by EIOPA in September 2023, particularly regarding governance, risk management, sustainability, and the evolution of occupational pension schemes in Europe. It offers perspectives to support ongoing discussions about the revision of the directive.
