The Belgian reinsurance market registered a negative compound annual growth rate (CAGR) throughout 2007-2011 due to the severe economic conditions caused by the global financial crisis in 2009 and rising sovereign debt in the country and EU member states.
These factors caused the Belgian reinsurance market to register a decline in gross written premiums during 2007-2011.
As a result, the proportion of insurance ceded to reinsurance decreased subsequently. In addition, global reinsurers have not expanded their positions in Belgium in the last few years due unfavourable business and political conditions.
The Belgian reinsurance market is relatively small in terms of market share when compared to other EU member states. The respective market consists of several multinational corporations (MNCs) and no pure domestic businesses. As a result, insurance companies tend to support overseas markets such as Switzerland, UK, Bermuda and the US.
The Belgian reinsurance market is highly consolidated with the presence of both domestic and overseas reinsurers. Leading companies such as SECURA Belgian Re, Sirius Belgium Réassurances S.A., Everest Re and Aspen Re operate in the market.
For more information on the Belgian reinsurance market, see the latest research: Belgian Reinsurance Market Report
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