Discover our summary of the major headlines in the insurance industry in BeLux with just a scroll!
Sia Partners's study results : Axa Belgium leads in digitalization
24/09/2024 – Source
SIA Partners has released its annual report on the digitalization of the global non-life insurance market. According to the international study, AXA Belgium ranks first worldwide. Belfius Direct also secured a spot in the top ten, closely followed by Yuzzu and KBC. Overall, the top performers come from Australia, the Netherlands, the UK, and France. Belgium ranks fifth in the global standings.
New measures for insurers effective from October 1st
24/09/2024 – Source
Starting October 1st, 2024, new regulations for insurers and their clients will come into effect. These changes include standardizing the payment deadlines for insurance benefits and easing the rules for terminating insurance contracts.
Ageas unveils new three-year strategic plan : Elevate27
23/09/2024 – Source
Ageas has announced its new strategic plan, Elevate27, which aims to take the Group’s already strong performance to the next level. Building on Ageas’ unique growth profile, its solid long-term trajectory, and years of expertise, the plan focuses on achieving profitable and sustainable growth. It includes accelerated progress in key areas, addressing the needs of an aging population and small businesses. The ambition is to strengthen the Group’s leadership in technical insurance and operational excellence, while ensuring the sustainability of its distribution channels and enhancing the customer experience.
DPG media launches Comparateur.be
16/09/2024 – Source
On September 16, 2024, DPG Media launched a new online comparison platform called Comparateur.be, enabling users to compare various fixed costs. This unique platform allows users to quickly compare telecommunications products, insurance, and health insurance with just a few clicks. It leverages the existing expertise of Independer.be and Mijntelco.be. For the Dutch-speaking market, the platform will be available under the name Mijnvergelijker.be. However, Penbox reportedly reached an agreement with the hackers to stop the sale of the stolen data. While Belfius and other insurers have since cut ties with Penbox and continue investigating the incident, no sensitive data was encrypted during the attack.
Baloise launches new profitability strategy
12/09/2024 – Source
Baloise announced a strategic refocus aimed at enhancing profitability and operational efficiency, targeting a return on equity of 12-15% and generating over CHF 2 billion in cash from 2024 to 2027. The new strategy will replace the “Simply Safe” program, focusing on improving technical profitability and targeted growth while increasing the cash distribution rate to 80% or more. Baloise plans to maintain its non-life portfolio’s strong performance and aims for a long-term loss-cost ratio of around 90%.
Hackers strike deal over stolen Belgian insurer
11/09/2024 – Source
In September 2024, several Belgian insurers, including Belfius, DVV, and P&V, experienced a significant data breach linked to a third-party provider, Penbox. This breach, caused by a human error, led to tens of thousands of customer records, including personal details such as names and addresses, being exposed online. The ransomware group KillSec exploited vulnerabilities in Penbox, stealing data and attempting to sell it on the dark web.
However, Penbox reportedly reached an agreement with the hackers to stop the sale of the stolen data. While Belfius and other insurers have since cut ties with Penbox and continue investigating the incident, no sensitive data was encrypted during the attack.
Touring Travel Assistance: More calls and interventions than last year
30/08/2024 – Source
During the summer holidays this year (July and August), Touring recorded an 8% increase in calls for medical and technical assistance from abroad compared to the same period in 2023. The number of interventions also rose by nearly 9%. This year, the number of medical cases reached 1,817, while technical interventions totaled 9,262. This increase is largely due to spontaneous vacation departures caused by poor weather in Belgium, leading to a rise in car accidents, some of which were serious, due to a lack of preparation.
Insolvency of FWU Life Insurance Lux S.A.
08/08/2024 – Source
The Luxembourg-based insurer FWU Life Insurance Lux S.A. has been declared insolvent. According to its 2023 annual report, the company issued over €252.5 million in gross premiums, with €10.7 million originating from Belgium across more than 12,000 contracts. The Financial Services and Markets Authority (FSMA) has alerted Belgian clients to this situation and advised them to contact the CAA for any inquiries regarding their policies.
Axa in exclusive negotiations to sell AXA investment managers to BNP Paribas
01/08/2024 – Source
AXA has announced that it has entered into “exclusive negotiations” to sell its asset management arm, AXA Investment Managers (AXA IM), to BNP Paribas for a total agreed price of €5.1 billion. This acquisition will combine BNP Paribas’s asset management platforms, resulting in a total of €1,500 billion in assets under management for the new entity. The transaction is subject to consultation processes with the employee representative bodies of the involved entities, with a goal for agreement by the end of the year. The deal is expected to close in the summer of 2025, pending necessary regulatory approvals.
Assuralia : 2023 Report
Assuralia annually collects and analyzes data on human resources in the insurance sector, drawing from surveys conducted since the early 1990s. The 2023 report focuses on employment trends and personnel movements within insurance companies. It consists of two sections: the first places insurance companies in the broader context of the insurance market, including intermediaries and brokers; the second analyzes employment statistics for insurance firms and reinsurers, highlighting key trends and providing a tabular overview of employment data. Read the full report here : https://cms.assuralia.be/sites/default/files/2024-07/Rapport-emploi-FR-2023.pdf
