Top 10 Insurance Companies in Belgium by Premiums for Expats

The insurance industry in Belgium is dominated by a few major players, who collectively control around 70–80% of gross written premiums across life and non‑life lines.

This article offers an in-depth examination of the top 10 insurance companies in Belgium, based on premium volume, the policies they specialize in, and what sets them apart. 

If you’re searching for “largest insurance providers in Belgium in 2025” or “top premium insurers in Belgium”, this guide is your trusted resource.

1. AG Insurance (Part of Ageas)

Background: Founded in 1824 and now majority-owned by Ageas, AG Insurance is Belgium’s largest insurer. 

Policy focus:

Offers both life and non‑life cover. Life lines include pensions, savings, hospitalization; non‑life includes auto, home, accident, liability, and SME packages.

Why AG Insurance is Leading

With over €7 billion in premiums and ~22% share, AG dominates both segments. Their broker distribution model offers wide access and strong trust.

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2. AXA Belgium

Background: AXA holds roughly 12% of Belgium’s premium market. It serves retail and corporate clients through AXA Belgium and partner agreements.

Specialties of AXA Belgium: 

Life insurance (group and individual), health top-ups, property, motor and liability.

Why Expats and Belgians Choose AXA

AXA’s strong service channels, digital claims and multilingual support make it ideal for international clients.

3. KBC Insurance

Background: Part of KBC Group, the bancassurance insurer holds around 9.9% share of premiums in Belgium.

Policy offerings:

Home, auto, legal assistance, savings and group life products.

Why KBC Insurance Is a Notable Insurer in Belgium

Distributors via KBC bank branches. Known for loyalty programs and favorable discounts via brokers.

4. Ethias

Background: A mutual insurer with ~9.2% premium share, Ethias serves the public sector, SMEs, and individuals.

Policies:

Health, accident, life savings, auto, home and liability.

Why Customers Trust Ethias

Strong in community sectors. Their savings products and non‑profit ethos appeal to public and institutional clients.

5. Baloise Belgium

Background: Part of the Swiss Baloise Group. It holds about 6–7% of the market share in Belgium. 

Policy lines:

Property, motor, personal and third-party liability, and legal assistance.

Why Baloise Stands Out Among Other Insurance Companies in Belgium

Well-regarded in testimonials and ratings. Although some clients report service issues, overall responsiveness remains solid.

6. Belfius Insurance

Background: Owned by Belfius banking, it holds about 6.2% share of the Belgian insurance market.

Policy areas:

Auto, home, group benefits, pensions, liability and SME coverage.

Why Policyholders in Belgium Are Choosing Belfius Insurance

Its integration with banking offerings gives clients convenient bundled solutions.

7. P&V Assurances

Background: Mutual insurer closely tied to labour unions, with ~6.1% market share. 

What are the policies P&V Assurances offers?

Personal lines such as auto, home, accident, complementary health, and certain savings products.

Strength

Strong regional presence and competitive rates, especially for members and families.

8. Allianz Belgium

Background: Part of the global Allianz Group, holding ~5.5% share of Belgian insurance premiums.

Policy focus:

Life insurance, pensions, travel, property, liability, cyber and SME products.

Why Customers Choose Allianz in Belgium

Global support meets local flexibility. Effective in niche commercial and travel insurance.

9. NN Belgium (Nationale-Nederlanden)

Background: Part of NN Group, offering life and investment-linked savings products. Holds ~3.9% share.

Policy types:

Unit-linked life, pension plans, disability insurance, and health top-ups.

Why It Ranks Among Other Insurance Companies in Belgium

Nationale-Nederlanden Belgium is attractive for expats seeking retirement and investment-linked life solutions.

10. ERGO‑DKV‑DAS

Background: German group ERGO operates through DKV (health) and DAS (legal assistance) in Belgium; market share ~3.4%. 

Specialties:

Health insurance (hospitalization), legal protection (DAS), travel and personal accident.

Why Expats Trust ERGO-DKV-DAS in Belgium

Fast reimbursements, high coverage and flexible policy terms, especially in health and legal lines.

Growth Trends in the Belgian Insurance Market

Overall, total Belgian premiums reached ~€41.5 billion in 2022, split roughly 60% non‑life and 40% life business. The general insurance market is forecasted to reach €16.8 billion by 2028, growing ~4.1% annually, driven by motor, property and health lines. 

Premium concentration is high: the top ten insurers capture around 70–80% of the market, both by assets and premiums. 

Several factors fuel growth in 2025:

• Rising vehicle premiums driven by EV adoption and repair costs
• Increased property premiums due to flood and weather risks
• Higher demand for private health and supplemental hospitalization plans from the aging demographic and expats.

Why These Insurance Providers in Belgium Stand Out

• AG Insurance, AXA, KBC, and Ethias dominate by scale and product diversity.
• Baloise, Belfius, P&V deliver strong regional and bancassurance presence.
• Allianz and NN specialize in life and commercial lines with global backing.
• ERGO/ DKV/ DAS focus on supplemental health and legal niches favored by expats.

Together, they represent the top Belgian insurers by premium size and service quality.

Why Choosing the Right Insurance Company in Belgium Matters

In today’s fast-changing world, choosing the right insurance provider in Belgium is not just about comparing premiums. It’s also about assessing reliability, customer service quality, and claim settlement speed. 

For instance, while some companies like AG Insurance and AXA Belgium dominate in terms of market share, smaller players such as Yuzzu and Ethias are often praised for their personalized customer care and flexibility.

If you’re an expat or a first-time policyholder in Belgium, it’s important to select a company that offers multilingual support and digital tools for easier policy management. The right insurer can make a big difference when it comes to peace of mind during stressful events such as car accidents, health emergencies, or property damage.

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Final Thoughts

Belgium’s insurance market in 2025 reflects both stability and innovation. These 10 best insurance companies also lead in volume, brand strength, and service delivery. Whether you’re a Belgian resident, a subsidiary manager, or an expat looking for robust cover, these firms deliver trusted solutions across life, health, property, liability and business lines.

For personalized advice or help comparing plans, consult a licensed broker in Belgium. This is because they understand the local regulations, language needs, and long‑term coverage choices.