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Belgians slightly reduced their insurance spending last year. The average premium amounted to 2,355.30 euros, down 0.27% year-on-year. It is life insurance that loses feathers.
On average, Belgians spent a little less money on their insurance last year. According to the Swiss Re reinsurer's survey on global insurance in 2017, published on Thursday, the average premium paid by a Belgian for all his insurance last year reached € 2,355.30 , a drop of 0.27% barely compared to the 2.361.60 euros posted in 2016.
In 2015, the average premium had fallen to 2,330.10 euros which represented the lowest level since 2005, according to Swiss Re's statistics, which relate exclusively to national insurance, thus excluding cross-border contracts.
These figures relate to all insurance expenditure over one year, in particular premium home (formerly fire), the outstanding balance of a mortgage loan or auto insurance, not forgetting life insurance investments.
Life Insurance Involved
In this regard, we can see that the fall in the insurance premium this from the Belgian in 2017 is solely due to decline in the average amount spent on life insurance . Last year, the average premium of Belgian life insurance decreased by 0.74% to 1.371 euros, against 1.381,20 euros in 2016.
The decline observed in life insurance is a phenomenon that n is not unique to Belgium, a country that is even more resistant than others in this respect.
By contrast, in non-life insurance (home, auto, accident and other risks), the premium rose slightly EUR 984.30, ie 0.40% more than the EUR 980.40 spent on these insurances a year earlier. The progression of these accident coverages is running out of steam however, after the increase of more than 2% of the previous year.
As for the life insurance, Assuralia, the professional union of insurance companies, had already observed, in February this year, a decline in receipts, which it explained by the low interest rates and taxation of insurance investments.
The decline observed in insurance Life is a phenomenon that is not unique to Belgium a country that resists even better than others in this respect. Swiss Re points out that "in Western Europe, life insurance premiums are estimated to have fallen by around 1.9% in 2017" .
Belgium behind Italy
This fall in premiums does not help life insurers, who must also adapt to more stringent solvency rules. "With both sides of the balance sheets under pressure, we think it will be difficult for life insurers in the region to improve their business in the short term " comments in this regard Swiss Re.
" For life insurers, it will be difficult to improve business in the short term. "[19659015] Swiss Re
"Their success will depend on their ability to develop innovative products and services to improve r customer experience and increase operational efficiency by using modern technologies " concludes the reinsurer's study
With this fall in the insurance premium in 2017, Belgium shrinks by two ranks in the world ranking of countries according to the average amount of premiums. Belgians move from twentieth to twenty-second place in the world and from eleventh to thirteenth place in Europe. The Germans and the Italians went over to the Belgians in terms of insurance expenses.
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