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Motor insurance in Belgium: rates to rise in 2024

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Magazine Issue: 
Reinsurance renewal 2024 : An upturn or just a respite? [3]
Magazine date: 
Dec 2023

car insurnace belgiumSeveral Belgian insurance companies are expecting an average increase of 3.9% in motor insurance rates in 2024.

This increase would be driven by several factors, including:

  • rising motor claims experience
  • higher labor and repair costs
  • tighter reinsurance conditions
  • high car prices, particularly for electric vehicles

Read also | Belgian insurance market: turnover increase in 2022 [4]

Tue, 12/12/2023 - 11:43

Source URL: https://www.atlas-mag.net/en/category/pays/belgique/motor-insurance-in-belgium-rates-to-rise-in-2024

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-206-december-2023
[4] https://www.atlas-mag.net/en/category/pays/belgique/belgian-insurance-market-turnover-increase-in-2022