Presentation given by Mr Philippe Colle, Managing Director with Assuralia, and Professor Economic – and Commercial Law and Pensions at the Free Brussels University (VUB), organized by Financial Forum Antwerp.
I. Actual situation of the insurance industry
Starting point for a picture of the actual situation is the evolution of the total premium collected for Belgium in 2017. Important to keep in mind is that the top-15 Insurance companies accounted for 91,6 % of the market (1).
What strikes is the strong revenue-decrease of the Branch Life. The decrease in 2013 can completely be explained by the increase of the premium tax from 1,1 % to 2 % for individual life insurances, Branch 21 (guaranteed capital and yield) and Branch 23 (an individual life insurance linked to an investment fund). The increase of the premium tax in 2013, a budget measure of the government, aimed for an additional revenue of 139 million euros, but ultimately only resulted in an increase of 9 million euros. In reality, a budget stroke into water, but a very painful operation for the industry.