Belgian insurers made a record €30.5 billion in insurance premiums throughout 2022, Assuralia's latest figures revealed.
Almost half of these premiums (€14.5 billion) were related to general insurance, which accounts for financial losses due to an unforeseen event.
Insurance premiums surpassed the €30 billion mark for the first time last year after premiums paid to Belgian insurers rose by 2% in 2022. This is despite life insurance's inconsistent year in terms of payments, with individual insurance packages having risen by 4.8% to €6 billion while mutual funds fell by 10% to €3.4 billion.
However, premium payments for general insurance underwent a steep rise in 2022, with Belgians needing particular protection from potential natural disasters such as 2021's floods and this year's storms Eunice and Franklin. In total, €14.5 billion was paid for non-life insurance, 5.5% more than in 2021.
Of these, fire insurance claims were the most frequent, with the previously mentioned storms leading to a record number of claims and Assuralia stating that €2 billion in damages were paid to victims of the Summer 2021 floods.
Related News
- World Health Organization criticises Belgium over high medical costs for poorest households
- Gender inequality in Belgian pensions as high as 23%
- Belgium's younger workers barely think about retirement plans
In response to Belgians insuring themselves against the risk of natural disasters, Assuralia has called on an improved partnership between the public and private sectors "to face the challenges of climate change and its consequences," CEO Hein Lannoy explained.
"We need to work hand in hand with the authorities to remove any uncertainty and provide full compensation for natural disasters," Lannoy stated "but also put in place prevention policies to limit the consequences of climate hazards." Assuralia's chair Hilde Vernaillen agreed with Lannoy's comments adding that "a clear and stable legal framework is a prerequisite" to protecting Belgians against these risks.
