40% increase in the cost of fire and theft insurance in Belgium
Wednesday, 29 May 2019
Fire insurance has seen a drastic rise in cost the past 10 years. Credit: Wikipedia
The cost to the consumer for certain insurance policies has increased by over 40% in the last 10 years, exceeding the rate of inflation, according to data released by SPF Economie.
The rise reached an average of 19.8% between May 2009 and May 2019, according to the report. Over the same period, fire and theft insurance costs have soared by an average of 42.8%, the biggest hike in prices recorded.
“Fire insurance premiums are linked to the Abex index. This measures the trend in costs such as salaries in the construction sector but also covers materials. The high level of activity in the construction industry has led to shortages of certain materials, which ups prices,” Assuralia, the professional union of insurance companies, explained.
Travel insurance premiums have risen by 32.6%, and health insurance by 41%. Car insurance has changed very little in comparison, increasing by only 1.5%.