Car insurance market in Belgium: these are the trends of the past 5 years

The Belgian car insurance market remains a dynamic and essential sector, influenced by various economic, regulatory and social factors. The Hello Safe Barometer provides an in-depth analysis of key figures, current trends and claims figures, providing a comprehensive overview of the state and prospects of this market.

• These are some of the most important trends:
• The average car insurance premium in Belgium has increased from €454 in 2019 to €507 in 2024, an increase of 11.7% in 5 years.
• Between 2019 and 2023, the average cost of a third-party car insurance claim increased by 17.3% – including a 21.3% increase in the hourly rate for garage technicians.
• Car thefts have fallen by almost 31% nationally between 2018 and 2023.
• Car accidents have increased by 24.4% since 2020 and the Corona pandemic.

In 2022, Axa, AG and Baloise shared 50% of the Belgian car insurance market.

You can download the full barometer here.