Market Performance & Results

Belgian insurers are entering the second half of 2026 with strong momentum at their backs. Total premiums hit €37.9 billion in 2025, brokers account for half of all market turnover, and sector CEOs are overwhelmingly optimistic about continued growth. The structural picture, however, points to a market in transformation rather than simply expansion — with technology, consolidation, and evolving distribution all reshaping how that premium income is generated and managed.

• 2025 Annual Results – Bank & Insurance Sectors｜Belgium  Fitch upgraded Ethias's insurer financial strength rating from A to A+, while Ethias raised its 2029 premium target to over €4.6 billion alongside a significant distribution commitment.
• De Belgische verzekeringsmarkt: een incassostijging van 8,4 % in 2025 Assuralia's first estimate confirms total Belgian insurance collections reached €37.9 billion in 2025, an 8.4% increase driven by risk awareness, indexation, and demand across all lines.
• Helft van de omzet op de Belgische verzekeringsmarkt gerealiseerd via makelaars Assuralia's annual report confirms that brokers generate half of all Belgian insurance market revenues, underscoring the continued centrality of intermediary distribution.
• 2025: The Insurance Sector's Pivotal Year in Belgium and Europe Analysis identifies 2025 as a transformative inflection point for Belgian and European insurers, driven by technology, regulation, and shifting customer expectations.
• KPMG 2026 Insurance CEO Outlook: Ruim driekwart CEO's heeft vertrouwen in verdere groei verzekeringsmarkt KPMG's global survey finds 78% of insurance CEOs are confident in continued market growth, reflecting broadly positive sector sentiment heading into 2026.

Mergers, Acquisitions & Privatisation

The Belgian insurance M&A landscape remains active. Belfius is simultaneously executing an international expansion strategy through its acquisition of Leocare and navigating a partial privatisation that could reshape its ownership structure significantly. The AG Insurance–BNP Paribas relationship, meanwhile, has been locked in for another decade and a half. At the distribution level, consolidation among brokers continues with increasing strategic discipline.

• BNP Paribas increases stake in Belgium's largest insurer in $3.5 billion deal BNP Paribas deepened its commitment to AG Insurance through a $3.5 billion deal that also establishes a new investment partnership with BNP Paribas Asset Management.
• BRUXELLES : Assurance - Le groupe belge Belfius s'offre l'insurtech française Leocare pour accélérer son expansion européenne Belfius acquires French insurtech Leocare in its first cross-border expansion since nationalisation, marking an explicit push to build a European digital insurance presence.
• België verkoopt 20%-belang in Belfius, Rabobank en ING genoemd als kanshebbers The Belgian state's planned divestment of a 20% Belfius stake has drawn Rabobank and ING as named prospective investors, signalling serious international interest.

Regulatory & Tax Impact

Belgian insurers and their clients are absorbing a layered set of regulatory and fiscal changes in 2026. Auto insurance minimum coverage thresholds have been revised, and consumer protection has been extended through a broadened right to be forgotten — all arriving in close succession. EIOPA's 2025 annual report adds a European supervisory layer to this already demanding domestic compliance environment.

• Belgian tax reform 2026: tax and social measures of the programme law The 2026 programme law raises the annual tax on insurance operations from 9.25% to 9.60%, applicable to premiums due from the month following publication, directly increasing the cost base for Belgian insurers.
• Assurances, santé, éco-chèques : ce qui change pour les Belges dès le 1er juin An extended right to be forgotten for insurance policyholders came into force on 1 June, alongside a series of other consumer-relevant changes to health coverage rules.
• Augmentation Assurance Auto 2026 : Ce qui Change Updated European minimum coverage thresholds for motor insurance have been transposed into Belgian law, though most Belgian insurers were already offering higher limits, limiting immediate market impact.
• Les assurances : une hausse des prix en 2026, à quoi s'attendre en Belgique ? Belgian premiums are rising across lines in 2026, with brokers positioned as a key lever for consumers seeking to navigate and compare the evolving market.
• Assurance incendie obligatoire Belgique 2026 : guide complet par region Comprehensive guide to mandatory fire insurance obligations by Belgian region in 2026, covering distinctions between tenants and owners across Wallonia, Brussels, and Flanders.

Company Profiles & Strategy

• Belgian IT firms team up to offer sovereign cloud storage for critical sectors Cegeka and Keyes — the ICT subsidiary of insurer Ethias — are combining to offer Belgian sovereign cloud infrastructure to critical sectors, positioning Ethias at the intersection of insurance and national digital resilience.
• 2026 Insurance Salaries: What the Belgian Market Is Telling Us Salary levels across Belgian insurance have broadly stabilised in 2026, but targeted demand shifts are visible in technology, data, and regulatory functions, reflecting the sector's transformation priorities.
• Top 25 of the Belgian insurance brokers landscape (2024 results) Becobra's latest ranking of Belgium's top 25 brokers by 2024 results provides a reference benchmark ahead of the ongoing consolidation reshaping the distribution landscape.

Digital Transformation & AI in Insurance

AI adoption across Belgian insurance is moving from experimentation to deployment. Tools for policy analysis, underwriting support, and data management are reaching the market, while the question of AI governance — including where and how policyholder data and funds are used — is beginning to surface as a regulatory and reputational issue.

• Insurax | AI-analyse van polissen en offertes – VDA 2026 Belgian insurtech Insurax, recognised at the 2026 Vivium Digital Awards, uses AI to compare insurance policies and quotes on substantive content — including general and special conditions — rather than price alone.
• Van Wambeke Verzekeringen BV: Hoe artificiële intelligentie je verzekering slimmer én sneller maakt Belgian broker Van Wambeke explains how AI is enabling faster and more accurate insurance processing, illustrating how AI tools are reaching intermediary-level operations.
• IoT en Data Act: Perspectieven in de verzekeringssector – Philippe & Partners Legal analysis explores how the EU Data Act and expanding IoT applications are creating new opportunities — and obligations — for Belgian insurers around data use and sharing.
• Nieuws: NTT DATA Insurtech Global Outlook 2026: Verzekeringen staan voor een keerpunt nu risico's het weerbaarheid overtreffen NTT DATA's global insurtech outlook identifies a systemic inflection point where the accumulation of risks — cyber, climate, AI-related — is outpacing the insurance sector's capacity to absorb them.

Consumer Insurance Products & Advice

Belgian consumers face a more complex insurance landscape in 2026: prices are rising, legal protection insurers are cancelling policies, and regulatory changes are creating new obligations around fire coverage and motor insurance. At the same time, tools and guidance to navigate these changes — from Testaankoop travel insurance rankings to outbreak season burglary advice — continue to support informed decision-making.

• Op vakantie zonder zorgen? Testaankoop onthult de beste reisbijstandsverzekeringen van 2026 Testaankoop compared 82 travel assistance contracts in 2026, publishing its top three recommendations to help Belgian holidaymakers secure adequate coverage before the summer season.
• Schuldsaldoverzekering in Belgie 2026: prijs en fiscaliteit Detailed guide to Belgian mortgage protection insurance in 2026, covering age-based pricing, single versus periodic premium structures, regional tax deductibility, and the right to be forgotten.
• Wat als raam openstaat of dief sleutel vindt onder mat? Dit zijn 10 meest gestelde vragen (en hun antwoorden) over inbraken VRT addresses ten frequently asked questions about burglary insurance coverage — including the key caveat that an unlocked door at the time of a break-in may void a claim.
• Mini Omnium : qu'est ce qu'elle couvre en Belgique? Practical explainer on mini-omnium motor coverage in Belgium, detailing what is and is not included — useful context as auto premium increases take effect in 2026.