More insurance brokers in Belgium bowing out

Last year there were about 14,750 insurance brokers active in Belgium, 11% less than in 2013 and nearly half as many as in 2003. The industry expects the downward trend to continue, reports De Tijd.

Belgians spent nearly €28 billion on insurance premiums in 2013, but the need for an insurance broker to mediate every contract appears to be over.

The number of insurance brokers in Belgium has been on the decline for several years, but 2014’s decrease of 11%, or nearly 1,800 insurance agents, is the largest in more than a decade.

Sector specialists see the introduction of new regulations last year as a possible explanation for the sharp decline, such as more concise rules of conduct to protect the consumer, as well as increasing pressure on profit margins.