Insurance Banana Skins Belgium

What does the Belgian insurance industry consider to be its top risks?

What are the risk concerns at the top of the boardroom agenda?

In 2019 the Belgian insurance industry is considering the interest rates as a top risk. Other top categories of risk occupying Belgian Insurers’ Boardroom conversations are technology, change management, cyber risk and macro-economy.

Insurance Banana Skins is a piece of research conducted by the Centre for the Study of Financial Innovation (CSFI), an independent think tank, in association with PwC. It's a survey of insurers and seeks out their views on current risk and future trends.

In Belgium, 33 insurers took part (7 life, 8 non-life, 15 composite and 3 other).

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World

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Belgium

1

Technology

1

Interest rates

2

Cyber risk

2

Technology

3

Change management

3

Change management

4

Regulation

4

Cyber risk

5

Investment performance

5

Macro-economy

Top 3 Belgian Risks

Interest rates

Low interest rates continue to have an impact on financial margins and remain a key concern for most of the European insurers.

Technology

Many insurers are encumbered with their legacy IT architecture and infrastructure that are poorly equipped to handle the changing demands of the industry. Modernisation requires capital and skills that are in short supply, and an ability to forecast future needs that are far from certain.

Change management

 Inadequate response to change will damage insurers. These are changes driven by technologies such as artificial intelligence and the internet of things that are overhauling insurance markets, radically different customer expectations,modern distribution channels and new players such as Insurtechs.

Contact us

Dirk Vangeneugden

Partner, PwC Belgium

Tel: +32 0475 52 63 23

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