The reinsurance market in Belgium is relatively small, but still buoyant following the financial crisis, according to a report from Timetric.
Written premiums in the Belgian reinsurance segment increased from €795.2 million in 2008 to €805.3 million in 2012, at a compound annual growth rate of 0.3 percent during the review period.
The global financial crisis and rising sovereign debt in the country and other EU member states have combined to keep growth subdued.
The treaty reinsurance category accounted for 60.4 percent of the total reinsurance written premium value in 2012, followed by the facultative reinsurance category with the remaining 39.6 percent.
Timetric’s report concluded that the Belgian reinsurance segment is relatively small when compared to other EU member states.
It comprises a number of multinational corporations and no pure domestic reinsurers, forcing Belgian insurers to look to foreign insurers, primarily from Switzerland, the UK, Bermuda and the US, for support.
