Belgium insurance market
Belgium's insurance market is one of the larger markets within the EU. According to Assuralia's first estimate, total gross written premiums reached EUR 37.9 billion in 2025, up 8.4% year-on-year, driven mainly by a 12.7% surge in life insurance while non-life grew a more moderate 3.7% to EUR 17.3 billion. Individual life insurance was the standout segment, rising 19.6% to EUR 13.8 billion, with guaranteed-rate branch 21 products reaching EUR 7.5 billion (+5.4%) and unit-linked branch 23 products jumping 31% to EUR 5 billion; group life insurance grew a modest 0.8% to EUR 6.7 billion. In non-life, motor insurance premiums rose 4.5% to EUR 4.7 billion, while health (+6.7%), general liability (+4.1%) and legal protection (+7.8%) also grew; 2025 was a comparatively calm year for storm and flood losses. The market operates under a Twin Peaks regulatory model: the National Bank of Belgium (NBB) handles prudential supervision, with 70 domestic insurance undertakings and 39 branches of EEA insurers under its supervision at end-2024, while the Financial Services and Markets Authority (FSMA) oversees market conduct, distribution and consumer protection. The broker channel remains the largest distribution channel with around 52% of total premiums in 2024. Assuralia, the professional federation, counts around 92 member insurance and reinsurance companies representing roughly 98% of premiums collected in Belgium. Belgium adopted the Solvency II framework via the Insurance Supervision Act of 13 March 2016, and since January 2025 insurers must also comply with the EU Digital Operational Resilience Act (DORA).
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 37.9bn
Annual growth
Insurance penetration
5.9%
Active insurers
70
Population
11,825,551
Registered vehicles
8,070,000
Total premiums (EUR bn)
- 202537.9 EUR bn
- 202434.9 EUR bn
- 202331.7 EUR bn
- 202230.5 EUR bn
- 202129.3 EUR bn
- 202027.9 EUR bn
2020 — 27.9 EUR bn
2021 — 29.3 EUR bn
2022 — 30.5 EUR bn
2023 — 31.7 EUR bn
2024 — 34.9 EUR bn
2025 — 37.9 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
45.6%Life share
54.4%Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- AG Insurance N.V./S.A.7.5 EUR bn
- AXA Belgium S.A./N.V.4.1 EUR bn
- Ethias S.A.3.8 EUR bn
AG Insurance N.V./S.A. — 7.5 EUR bn
AXA Belgium S.A./N.V. — 4.1 EUR bn
Ethias S.A. — 3.8 EUR bn
Market share 2025
AG Insurance N.V./S.A.
20.0%AXA Belgium S.A./N.V.
11.0%Ethias S.A.
10.0%KBC Insurance N.V.
10.0%Belfius Insurance N.V.
7.5%Insurer directory
Active insurers
Insurers currently active in Belgium.
AG Insurance N.V./S.A.
Brussels, Belgium
AG Insurance is Belgium's leading insurance company, present on the Belgian market since 1824, offering life and non-life insurance (auto, fire, accident, hospitalisation, civil liability) and supplementary pensions to individuals, self-employed persons, SMEs and large companies, distributed exclusively through brokers, Fintro agents and BNP Paribas Fortis branches.
EUR 7.486bn
AXA Belgium S.A./N.V.
Brussels, Belgium
AXA Belgium is a Belgian insurance company and subsidiary of the French AXA Group, offering a wide range of personal and commercial insurance products including motor, home, health, life, travel, and pension solutions to individuals, entrepreneurs, SMEs, large corporations, and the public sector.
EUR 4.130bn
Ethias S.A.
Liège, Belgium
Ethias is a major Belgian insurer, a publicly and Belgian-owned direct insurer offering life and non-life insurance products to individuals, businesses and public bodies, founded in 1919, headquartered in Liège, and reporting record 2025 results with EUR 3.83 billion in premium income and a Solvency II ratio of 203%.
EUR 3.83bn
KBC Insurance N.V.
Leuven, Belgium
KBC Insurance NV is the insurance subsidiary of KBC Group NV, a Belgian integrated bank-insurance group offering a full range of non-life and life insurance products to retail, private banking, SME and mid-cap clients in Belgium and other core markets.
Belfius Insurance N.V.
Brussels, Belgium
Belfius Insurance SA/NV is the insurance arm of Belfius Bank & Insurance, a 100% Belgian bank-insurance group owned by the Belgian federal state. It is the 5th largest insurer on the Belgian market, offering a full range of Life and Non-Life products to private individuals, self-employed workers, businesses, social profit organisations and public sector entities via a multi-brand, multi-channel approach under the Belfius Insurance, DVV Insurance and Belfius Direct Insurance brands.
P&V Assurances S.C./P&V Verzekeringen C.V. (P&V Group, incl. Vivium)
Brussels, Belgium
P&V is a 100% Belgian cooperative insurance group founded in 1907, offering a wide range of life and non-life insurance products to individuals, self-employed persons, businesses and institutions through a network of exclusive agents across Belgium.
EUR 2.3bn
Baloise Belgium N.V.
Antwerp (Berchem), Belgium
Baloise Insurance is the commercial name of Baloise Belgium NV, an insurer formed from the merger of Mercator, Avéro and Nateus in 2013, headquartered in Antwerp with an enterprise number of BE 0400.048.883.
Allianz Benelux N.V./S.A.
Allianz SE (Germany)
Market notes
Important news
Aug 1, 2026
Patronale Life agrees to acquire AXA IM Select Belgium from BNP Paribas Asset Management
Patronale Life signed an agreement with BNP Paribas Asset Management Holding to acquire 100% of AXA IM Select Belgium, adding portfolio management and investment advisory capabilities. Completion is expected before the end of 2026, subject to FSMA regulatory approval.
Why it matters
Reflects continued diversification by mid-sized Belgian life insurers into asset management and investment advisory services as part of long-term growth strategies amid a maturing core insurance market.
Aug 1, 2026
Ageas sells 30.95% stake in Maybank Ageas Holdings for €1.1 billion, ending 25-year Malaysia partnership
Ageas agreed to sell its 30.95% stake in Maybank Ageas Holdings Berhad, which operates under the Etiqa brand, to joint-venture partner Maybank for approximately EUR 1.1 billion, generating an estimated EUR 450 million capital gain and boosting Ageas's Solvency II ratio by around 25 percentage points.
Why it matters
While an Asian divestment rather than a Belgian market transaction, it materially strengthens Ageas's group solvency position, freeing capital that can support further Belgian and European acquisitions such as the AG Insurance and Touring deals.
Jun 1, 2026
Belfius Insurance acquires French insurtech Leocare, marking first step in European expansion
Belfius Group, through Belfius Insurance, acquired 100% of Leocare, a French insurtech founded in 2017 serving 1.3 million users through its mobile app. The transaction was expected to become effective on 1 July 2026, giving Belfius access to France's digital insurance market and a network of over 750 brokers and B2B2C partners.
Why it matters
Represents Belfius's first major step in a European expansion strategy and signals growing outbound M&A activity by Belgian bancassurance groups, coinciding with the Belgian government's planned partial privatisation of Belfius.
May 15, 2026
Concordia (Specialist Risk Group) acquires brokers Protectas and Veca Life
Belgian broker Concordia, part of UK-based Specialist Risk Group, acquired Brussels-based Protectas and Tielt-based Veca Life during the second quarter of 2026, among five broker M&A transactions identified in the quarter as international buyers continued expanding in the Belgian market.
Why it matters
Confirms that international broking groups continue to view Belgium as an attractive consolidation target, with buyers ranging from global groups to established regional players despite a slower deal count than Q1 2026.
Regulation
Regulation
NBB
National Bank of Belgium
Primary prudential supervisor of insurance and reinsurance companies in Belgium under the Twin Peaks model. At end-2024, 70 Belgian-incorporated insurance undertakings and 39 branches of insurers governed by the law of another EEA member state were under the Bank's prudential supervision, alongside a number of reinsurance undertakings. The NBB ensures solvency, governance and financial stability, and protects the rights of policyholders and third parties.
https://www.nbb.beFSMA
Financial Services and Markets Authority
Under the Twin Peaks model, the FSMA supervises market conduct, insurance distribution, consumer protection and the registration of insurance intermediaries. It also monitors value for money of insurance products and enforces rules on sales practices and product governance.
https://www.fsma.beAssuralia
Belgian Insurance Association
The professional federation representing Belgian and foreign insurance and reinsurance companies operating in Belgium. Assuralia represents around 92 member companies covering approximately 98% of premiums collected in Belgium, publishes annual market statistics, and acts as the sector's spokesperson with regulators and policymakers.
https://www.assuralia.beBGWF / FCGB
Belgian Common Guarantee Fund
A statutory body to which special powers have been granted under the compulsory motor vehicle insurance law. It compensates victims of road accidents caused by uninsured, unidentified or insolvent drivers, and is funded by contributions from all insurers writing motor third-party liability business in Belgium.
https://www.fcgb-bgwf.beKey legislation
Key legislation
Act of 13 March 2016 on the legal status and supervision of insurance and reinsurance companies (Insurance Supervision Act)
Insurance Supervision Law (Solvency II transposition)
The primary prudential framework for insurance and reinsurance companies in Belgium, transposing the EU Solvency II Directive (2009/138/EC). It establishes licensing requirements (NBB authorisation required), solvency capital requirements, governance standards, group supervision rules, and the maximum guaranteed technical interest rate mechanism for life insurance.
Act of 4 April 2014 on insurance (Insurance Contract Act)
Insurance Contract Law
Governs the contractual relationship between insurers, policyholders, insureds and beneficiaries for all types of insurance contracts in Belgium. It sets rules on pre-contractual information duties, contract terms, claims handling, distribution conditions for insurance and reinsurance intermediaries, and supervision of compliance. It replaced the earlier Insurance Contract Act of 25 June 1992.
Act of 2 July 2010 (Twin Peaks reform), implemented by the Royal Decree of 3 March 2011, effective 1 April 2011
Twin Peaks Financial Regulatory Structure Act
Establishes the Twin Peaks regulatory architecture in Belgium, specifying macroprudential powers of the NBB and the division of supervisory responsibilities between the NBB (prudential oversight) and the FSMA (market conduct and consumer protection). The NBB is empowered to detect systemic risks, issue recommendations and impose measures to safeguard financial system stability.
EU Regulation 2022/2554 (Digital Operational Resilience Act - DORA), applicable in Belgium since 17 January 2025
Digital Operational Resilience Act
A directly applicable EU regulation imposing ICT risk management, incident reporting, digital operational resilience testing and third-party ICT risk requirements on a wide range of financial entities in Belgium, including insurance and reinsurance companies, under NBB supervision.
EU cross-border access
EU cross-border insurers
Zurich Insurance Europe AG (Belgian Branch)
Freedom of Establishment
Home country: Germany
Supervisor: BaFin (Germany)
Formerly Zurich Insurance plc (Ireland); converted to a German AG effective 2 January 2024, with a registered non-life branch in Antwerp, Belgium.
HDI Global SE (Branch for Belgium)
Freedom of Establishment
Home country: Germany
Supervisor: BaFin (Germany)
HDI Global SE is the industrial insurance arm of Talanx/HDI Group, with a Belgian branch focused on B2B commercial and industrial insurance.
Chubb European Group SE (Belgium Branch)
Freedom of Establishment
Home country: France
Supervisor: ACPR (France)
Chubb European Group SE operates a Belgian branch offering specialty commercial and personal lines non-life insurance.
Generali Belgium (Branch of Generali Italia S.p.A.)
Freedom of Establishment
Home country: Italy
Supervisor: IVASS (Italy)
Generali operates in Belgium via a branch of Generali Italia S.p.A., distributing through independent brokers.
Foyer S.A. (Belgium activities)
Freedom of Services
Home country: Luxembourg
Supervisor: CAA (Luxembourg)
Foyer Group, Luxembourg's largest insurer, offers life and non-life products in Belgium via Freedom of Services and appears among motor market 'Others' in Assuralia data.
Monceau Assurances (Belgian activities)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Monceau Assurances appears among the motor insurers active in Belgium in Assuralia's Top 15 motor market data under 'Others'.
TVM Belgium
Freedom of Services
Home country: Netherlands
Supervisor: DNB (Netherlands)
TVM is a specialist commercial motor insurer (trucks, transport) active in Belgium via Freedom of Services, listed in Assuralia's motor market Top 15 'Others' category.
Distribution channels
Share by channel- 52%Insurance Brokers
- Vanbreda Risk & Benefits
- Induver-Clover Group (Hg Capital-backed)
- Concordia (part of Specialist Risk Group)
- Aon Belgium
- Marsh Belgium
- Matrix-Kolum Verzekeringen
- 18%Bancassurance
- AG Insurance (via BNP Paribas Fortis branches)
- KBC Insurance (via KBC Bank)
- Belfius Insurance (via Belfius Bank)
- NN Insurance Belgium (via ING branches)
- 11%Tied Agents / Exclusive Networks
- DVV Verzekeringen (Belfius agent network)
- Fintro (AG Insurance agent network)
- 16%DirectInsurer-Owned Online and Phone
- Ethias Direct
- Belfius Direct Insurance
- Yuzzu (AXA Belgium)
- 3%Digital / Insurtech Platforms
- Qover
- Leocare (acquired by Belfius Insurance, 2026)
- Comparison aggregators
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
File a written complaint directly with the insurer's dedicated complaints department or with the insurance intermediary. The insurer must acknowledge and respond in a reasonable time under the Code of Conduct for complaint handling.
- 2
If the insurer's response is unsatisfactory, contact the Insurance Ombudsman (Ombudsman van de Verzekeringen / Ombudsman des Assurances) — a free, independent mediation service — at www.ombudsman-insurance.be or [email protected].
- 3
You may also file a complaint with the FSMA for conduct or distribution issues, or with the NBB for prudential concerns. The FSMA assesses complaints and can take supervisory or sanctioning action, including agreed settlements published by name.
- 4
If mediation fails, parties may resort to arbitration or civil court proceedings. For cross-border disputes, the Insurance Ombudsman participates in the FIN-NET European network.
EU cross-border access
EU cross-border access
Belgium fully applies the EU single passport regime for insurance. EEA insurers may write business in Belgium either via freedom of establishment (branch) or freedom to provide services (cross-border), without needing a separate NBB authorisation. Around 70 Belgian-domiciled insurers are directly supervised by the NBB, alongside a further population of EEA branches and notified FoS providers active in the market. Non-EEA insurers must establish a Belgian branch and obtain NBB authorisation. Belgian general-good rules apply to all operators.
EU Directive 2009/138/EC (Solvency II), implemented by Belgian Law of 13 March 2016; EU Directive 2016/97 (IDD), implemented by Belgian Law of 4 April 2014 on Insurance; EU Directive (EU) 2025/2 amending Solvency II (in force 28 January 2025, transposition deadline 29 January 2027); Insurance Recovery and Resolution Directive (IRRD, transposition deadline 29 January 2027)
freedom of establishment
An EEA insurer may open a branch in Belgium. The home-country regulator notifies the NBB, which has two months to communicate conduct-of-business requirements. The branch is supervised prudentially by the home regulator; Belgian general-good rules and FSMA conduct supervision apply.
freedom of services
An EEA insurer may provide insurance in Belgium without establishing a branch. The home-country regulator notifies the NBB. Belgian general-good rules (e.g., mandatory language requirements, consumer-protection rules) still apply, and NBB publishes periodic notices of portfolio transfers and cross-border business affecting Belgian risks.
Market history
Market history
1975-1992
Regulatory Foundations and Fragmented Market
The Insurance Supervision Act of 9 July 1975 established the first comprehensive regulatory framework, creating the OCA/CDV supervisor. The market comprised hundreds of small insurers and a dense network of tied agents. European Single Market directives began opening cross-border competition.
1992-2007
Bancassurance Rise and Consolidation Wave
A 1992 Belgian legislative reform encouraged bancassurance development. Major conglomerates formed: Fortis acquired CGER (1993), KBC merged banking and insurance arms, ING integrated Banque Bruxelles Lambert. Between 1996 and 2000 the number of authorised insurers fell 19%. The broker channel remained dominant in non-life.
2008-2015
Financial Crisis, State Bailouts and Post-Crisis Restructuring
The 2008 global financial crisis severely hit Belgian financial conglomerates Fortis and Dexia. Fortis was nationalised then sold to BNP Paribas; Fortis Insurance Belgium became AG Insurance under Ageas in 2009. Government support was extended to Ethias. The CBFA was replaced by a Twin Peaks model (NBB + FSMA) in 2011.
2016-2023
Solvency II Implementation, IDD and Digital Transformation
The Law of 13 March 2016 implemented Solvency II. The Law of 6 December 2018 transposed the IDD into the Insurance Act of 4 April 2014. The broker market consolidated from ~22,900 intermediaries in 2008 to ~9,500 by 2022. Bancassurance briefly overtook brokers as leading distributor of individual life products in 2022. Run-off consolidators (Athora Belgium, Monument Assurance Belgium) entered the market.
2024-2026
Consumer Law Reforms, New EU Rules and Major Market Consolidation
Total Belgian insurance premiums grew from EUR 34.9 billion in 2024 to EUR 37.9bn in 2025 (+8.4%). New consumer-friendly termination rules took effect October 2024. Book 6 of the Civil Code reformed tort liability from January 2025. DORA applied to insurers from January 2025. Ageas completed full ownership of AG Insurance in April 2026, and broker consolidation accelerated with private-equity-backed platforms such as Induver-Clover and Concordia.
Glossary
Glossary
nl
Verzekeringsmakelaar / Courtier en assurances
An independent intermediary registered with the FSMA who acts on behalf of the client, not the insurer, to arrange suitable insurance coverage from multiple carriers.
nl
Verzekeringsagent / Agent d'assurances
A distribution intermediary who acts on behalf of one or more specific insurer(s) under a mandate, distinct from a broker who represents the client.
nl
Bancoverzekering / Bancassurance
Distribution of insurance products through bank branch networks; the largest single distributor of individual life products in Belgium.
nl
Tak 21 / Branche 21
Guaranteed-rate individual life insurance product. Insurer guarantees a minimum return on premiums, subject to the statutory maximum technical rate set by the NBB.
nl
Tak 23 / Branche 23
Life insurance product where premiums are invested in investment funds; the investment risk is borne by the policyholder. Premiums grew strongly in 2024-2025.
nl
BA Auto / RC Auto
Mandatory insurance covering civil liability for bodily injury and property damage caused to third parties by a motor vehicle. Compulsory for all vehicles in Belgium.
nl
Solvabiliteit II / Solvabilité II
EU risk-based prudential framework for insurers and reinsurers, implemented in Belgium by the Law of 13 March 2016. Sets capital, governance and reporting requirements.
nl
Verzekeringsombudsman / Ombudsman des Assurances
Independent, free mediation service handling disputes between policyholders and insurers or intermediaries in Belgium. Accessible at www.ombudsman-insurance.be.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 27, 2026
- 01Assuralia — Belgian Insurance Federation
Annual reports, premium statistics, distribution channel surveys and market data for the Belgian insurance sector.
- 02National Bank of Belgium (NBB) — Insurance Supervision
Prudential supervision, circulars, portfolio transfer notices and insurer register.
- 03FSMA — Financial Services and Markets Authority
Conduct supervision, intermediary register, sanctions, agreed settlements and insurance regulation guidance.
- 04Insurance Ombudsman (Ombudsman van de Verzekeringen / Ombudsman des Assurances)
Free ADR body for consumer disputes with Belgian insurers and intermediaries.
- 05ICLG — Insurance & Reinsurance Belgium 2025-2026
Comprehensive legal overview of Belgian insurance law, regulation and recent developments.
- 06EY Belgium — Belgian Broker Market Analysis
Market share data and consolidation analysis for the Belgian insurance broker channel.
- 07IMF — Belgium FSAP Insurance Regulation Technical Note (2023)
IMF assessment of Belgian insurance supervision, distribution channels and solvency.
- 08Lydian — Belgium (Re)Insurance Legal Updates
Law firm guide to Belgian insurance law, recent legislative changes and market developments.