Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
Pensions: 47% of Belgians take no steps to prepare for retirement
26/05/2025 – Source
Nearly half of Belgians aged 18 to 55 take no steps to prepare for their retirement, despite widespread concern that the state pension will not be enough. A recent survey by AG Insurance reveals that 47% of respondents have not taken any initiative and do not intend to, often due to limited financial means. Additionally, 65% of non-savers admit they have never looked into available options. Even among those who do save, anxiety about the future remains high, with 70% fearing they will barely manage financially after retirement. This reflects a deeper issue: growing awareness that the legal pension is insufficient, coupled with the belief that saving requires significant financial resources. The report highlights the urgent need for better financial education and clearer communication from the financial sector.
Record sick leave in Belgium in 2024: Absenteeism on the rise
26/05/2025 – Source
Belgian workers reported more sick leave in 2024 than ever before. On average, employees were absent 1.36 times during the year, marking a 20% increase compared to pre-COVID levels. More than half (53.2%) called in sick at least once, while 17.4% were absent three times or more, a record high. The end of the requirement for a doctor’s note for single-day absences, implemented in November 2022, appears to have contributed to this trend. Since then, single-day absences have risen by 44%, and by 62% in large companies. Securex, the HR services provider behind the study, stresses the need for preventive strategies within organizations. While tackling long-term absence remains a government priority, frequent short-term absences must also be addressed. Developing clear agreements, enhancing medical follow-up, and investing in leadership and a culture of well-being are seen as crucial to reducing absenteeism.
Baloise and Helvetia shareholders approve merger, creating a leading european insurer
23/05/2025 – Source
Shareholders of Baloise Holding SA and Helvetia Holding SA approved a merger of equals to form Helvetia Baloise Holding SA, marking a major step toward creating a top-tier European insurance group. Thomas von Planta was elected as the future chairman of the board of the new entity, with all other proposed board members also confirmed. The group’s headquarters will be in Basel, while St. Gallen will remain an important location. Once completed, Helvetia Baloise will become Switzerland’s second-largest insurance group and one of the ten largest publicly listed insurers in Europe, with CHF 20 billion in business volume across eight countries and a global Specialty Lines presence.
FSMA and FPS Economy publish practical guide on cross-selling involving insurance
23/05/2025 – Source
The FSMA and FPS Economy released a joint practical guide to clarify the complex regulations surrounding cross-selling practices that include an insurance component. These combined sales can involve insurance either as the main product or as an accessory. The guide helps professionals navigate overlapping regulations by providing clear explanations, FAQs, and visual diagrams. It outlines the division of responsibilities between the FSMA and the FPS Economy and focuses specifically on the rules applicable to the cross-selling of credit and insurance products. While it doesn’t cover all related legislation, it serves as a useful reference for understanding key obligations and compliance expectations.
Crelan and Crédit Agricole sign long-term strategic partnership
21/05/2025 – Source
Crelan Group announced a long-term partnership with Crédit Agricole Group, including a 9.9% minority stake in Crelan. The agreement also involves commercial cooperation in asset management, private banking, and leasing, with more joint initiatives planned. The partnership reflects both groups’ shared cooperative banking vision and aims to support Crelan’s strategy for sustainable growth and service diversification. Clients and cooperative members will benefit from expanded services and new synergies, while Crelan remains firmly rooted in Belgium, with local investment of all deposits and continued customer proximity via its independent agent network.
Aging population to reshape global P&C insurance by 2050
20/05/2025 – Source
The Capgemini Research Institute released its World Property and Casualty Insurance Report 2025. Based on feedback from 5,016 P&C insurance customers across 13 countries and insights from 274 insurance executives in 15 markets (including Belgium), the report highlights a major demographic shift. By 2050, the global population will reach 9.66 billion, with people aged 60+ increasing by 72%, while those under 20 will decline by 16%. For the first time in history—except in a still-young Africa—seniors will outnumber youth. This aging trend will require the P&C insurance sector to adopt new business models, adjusting its approach to risk, protection, and service offerings.
KBC Group reports strong insurance services results for Q1 2025
15/05/2025 – Source
In the first quarter of 2025, KBC Group posted an insurance services result of €142 million, with €96 million from non-life insurance and €45 million from life insurance. The non-life segment benefited from lower service charges and higher insurance revenue, despite weaker reinsurance results. The combined ratio for non-life stood at an excellent 86%, compared to 90% for full-year 2024. Non-life sales reached €792 million, up 8% year-over-year, with growth across all countries and segments. Life insurance sales totaled €1.013 billion. This growth was driven mainly by unit-linked (branch 23) products, supported by structured issuances, as well as branch 21 products and hybrid offerings. Life product sales for the quarter were composed of 33% branch 21, 61% branch 23, and the remainder in hybrid products, particularly in Belgium and the Czech Republic.
Bicycle insurance market continues to grow in Belgium
09/05/2025 – Source
The increasing use of bicycles in Belgium—for leisure, short trips, and commuting—has positively impacted the bicycle insurance market. According to a survey by Assuralia, the number of bicycle insurance policies grew by 13% in 2024, following increases of 40% in 2022 and 30% in 2023. The rising popularity of electric bikes, which can cost over €5,000, has led more cyclists to seek protection against theft, damage, personal injury, and breakdowns. In 2024, 85% of insured cyclists had theft coverage. The average claim payout was €1,950 for stolen bikes and €994 for material damage. Assuralia also emphasized theft prevention and shared practical tips in its press release
AG publishes first impact report, surpassing €13 billion in sustainable investments
05/05/2025 – Source
AG Insurance released its first impact report, highlighting its ESG commitments and replacing its former sustainability report.Some of its key points include the €12.9 billion invested in positive-impact projects, including Scholen van Vlaanderen, 42 products labeled “Towards Sustainability,” covering nearly 50% of premiums, over 700,000 uses of free sunscreen and 100,000 bike light kits distributed and 200 social and ecological challenges completed by employees for AG’s 200th anniversary. The goals is to reach €15 billion in sustainable assets by 2027 and net-zero emissions by 2050.
Crelan Releases 2024 Integrated Annual Report, Highlighting Financial Strength and Sustainability
28/04/2025 – Source
Crelan Group has released its 2024 Integrated Annual Report, combining financial results with sustainability disclosures for the first time. This shift aligns with the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS), and replaces the bank’s previous sustainability and climate reports. The aim is to transparently present Crelan’s societal and environmental impact as well as its responsible business practices. In 2024, Crelan achieved a strong net profit of €192.3 million. The bank’s financial position remains robust, with a solvency ratio of 35.3%, far exceeding regulatory requirements. Commercially, the bank granted €6.1 billion in new loans, bringing the total loan portfolio to €49.5 billion, despite challenging market conditions for both individuals and businesses.
