Discover our summary of the major headlines in the insurance industry in Belgium with just a scroll!
AG Insurance: Caution for 2025
19/11/2024 – Source
AG Insurance expects an economic normalization in 2025 despite increased risks of decoupling between the United States and Europe, exacerbated by the return of Donald Trump and geopolitical tensions. In 2024, the decline in inflation and central bank rate cuts supported the global economy, although European growth remained sluggish. For 2025, AG anticipates stable growth, but divergences in monetary policies could impact the markets. The ECB is expected to lower its rates, while the Fed may keep them high, benefiting European bonds. AG continues to invest sustainably, exceeding its goals with 12.7 billion euros in assets with a positive impact, and now aims for a 55% reduction in emissions by 2030.
Wo.Men in Finance: Progress in inclusion, but challenges ahead
19/11/2024 – Source
The 2023 annual report of Wo.Men in Finance Belgium highlighted progress and challenges in gender equality within the Belgian financial sector, representing 63 members and 90% of the market. While female representation has increased since 2019, progress has slowed, especially in senior management (33.2%) and executive committees (25.7%). Despite the impact of quotas, a cultural shift is needed to improve women’s access to leadership roles and retention, as 40% of voluntary departures from senior management in 2023 were women. The organization is intensifying efforts to promote an inclusive culture through workshops and programs that attracted over 1,000 participants in 2023, with new initiatives planned, including webinars starting in 2025. Read full report here .
Belgians and their Insurance: good coverage but low awareness of reforms
19/11/2024 – Source
According to the CBC Observatory, the majority of Belgians feel well insured, with only 1% not covered. However, over 70% are unaware of recent legislative changes, such as the ability to more easily cancel or switch insurers. Young people, in particular, are more attentive to their insurance, especially during key life stages. While home and health insurance remain the most popular, interest in life insurance has also increased. 46% of Belgians would be tempted to switch insurers due to these new regulations.
Radiation of 19 insurance intermediaries for failure to meet continuing education requirements
15/11/2024 – Source
On November 12, 2024, the FSMA removed 19 insurance intermediaries from the register for failing to comply with the continuing education requirement for the years 2022 and 2023.
Under the law of April 4, 2014, each distribution manager (DM) in these companies was required to complete at least 15 hours of annual continuing education, an essential condition to maintain registration. Failing to comply with the FSMA’s directive, these intermediaries had their right to operate suspended, prohibiting them from any insurance distribution activities.
The DECAVI trophies: A tribute to excellence in life insurance
7/11/2024 – Source
On November 12, the 25th edition of the DECAVI Life Insurance Trophies recognized the best products in the sector, based on a thorough analysis by a panel of experts. The awards highlight innovation, performance, and quality, particularly in Branches 21 and 23, covering both guaranteed rates and investment funds. The winners demonstrate the sector’s commitment to meeting consumer needs and anticipating market trends.
These trophies not only reward insurers’ solutions to improve citizens’ lives but also emphasize the growing role of prevention and digitalization in insurance, promoting transparency and trust in the sector.
KBC Group: €868 Million Profit for Q3 2024
7/11/2024 – Source
KBC Group reported a profit of €868 million for the third quarter of 2024, supported by a rise in net interest income (+1% year-on-year and quarter-on-quarter) and a 5% increase in customer loans. The insurance services result decreased to €81 million, mainly due to damage caused by Storm Boris. However, life insurance product sales surged (+80% compared to the previous year). Net commission income also grew by 9% year-on-year, and assets under management rose by 18%. Operating expenses increased by 6% compared to the previous quarter, while the group’s liquidity and capital base remain strong.
