Last year, the average Belgian spent €2,878 on damage and life insurance, marking the highest level since 2008, according to an international report by reinsurance company Swiss Re, featured in the French-language business newspaper L’Echo and also reported in De Tijd.
Belgian insurance expenditures increased by an average of 4.5% compared to 2023, with a notable rise in spending on damage insurance, such as fire, car, and accident coverage.
The average Belgian paid €1,418 in premiums for damage insurance, which is an 8% increase from the previous year.
Spending on damage insurance accounts for nearly half of total insurance expenditures, an unprecedented occurrence.
For life insurance, the average Belgian spent €1,460 last year, which is a 1.4% increase from 2023. This figure represents the highest level in over a decade, although it remains far below the peak of over €2,400 in 2005.
