One-third of people in Belgium are unaware of insurance coverage type

One-third of people in Belgium are unaware of insurance coverage type
Headquarters of the CBC Banking and Insurance bank in Namur. Credit: Belga.

One-third of people living in Belgium are either partially or fully unaware of the type of insurance they are covered by, according to a survey conducted by the CBC Banking and Insurance Observatory.

The survey of 1,000 people also reveals the lack of attention people pay to their insurance policy once they're insured, as 60% of the respondents chose not to review their insurance on a regular basis.

"The fact that Belgians care little about their insurance can be read as a sign of confidence," stated Pierre Devolder, professor at the Institute of Statistics, Biostatistics and Actuarial Sciences at UCLouvain.

"The survey gives us a fairly calm image of Belgians' relationship with the insurance business, far from the usual negative and demagogic clichés of this field," he adds.

This is backed by the survey's findings, which showed that 86% of respondents view their insurance company positively, with 43% of surveyed people stating they had a good experience with them following an incident.

Increasingly digitalised

The survey found that only a quarter of those questioned said that they had changed their insurance coverage in 2021, with one in five never having made such a change. Meanwhile, 82% of the respondents made no change to their insurance books since the outbreak of Covid-19.

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Even in the aftermath of Wallonia's severe floods in July 2021, the sentiment remained the same, with just one-fifth of those affected being persuaded to take out additional insurance.

The Observatory also found that human interaction remains a preference among Belgians when it comes to dealing with insurance matters. Despite the fact that more than half of respondents are aware that insurance may be obtained online, 56% of them took out their most recent insurance in person, by going to their insurance office.

This may change in the future, since four in ten younger respondents had already taken up 100% digital insurance, compared to an average of 27% of the Belgian population.


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