Etienne Bouas-Laurent: “Insurance Is Not About Popularity — It’s About Purpose”
During the Belgian Financial Forum event on September 30, 2025, Etienne Bouas-Laurent, Chairman of Assuralia, sat down with Indra Dewitte, Editor-in-Chief of Het Belang van Limburg, to share his vision for the insurance sector in Belgium and beyond. His reflections offer a compelling look at the sector’s societal role, regulatory challenges, and future opportunities.
Bouas-Laurent began his career with a strong belief in the European project. His professional journey took him to several countries, including Germany, France and Hong Kong, where he held various roles within AXA. “I was impressed by Europe’s potential. My international experiences have offered me many opportunities,” said Bouas-Laurent.
He joined Assuralia as Vice Chairman – a role that didn’t exist at the time. He praises the collaboration with former Chair Hilde Vernaillen and CEO Hein Lannoy. “I’ve come to appreciate the Belgian mentality of compromise. The cooperation is excellent, and the multilingualism is enriching.” He also refers to the national catastrophe of 2021 as a moment when the sector had to clearly assume its societal role. “The protection gap in Belgium is large. There’s a lot at stake.”
Insurance: A Societal Engine
According to Bouas-Laurent, insurance is not just a business. “Our role in protecting society and financing the country is insufficiently understood.” He advocates for more education and communication toward governments, ministers, and citizens. “Young people especially often don’t know what insurance actually does and aren’t attracted to the sector.”
Although insurers face less negative perception than banks, the sector remains undervalued. “We don’t need to be loved, but we want to be understood.” He emphasizes the importance of mutualization: “Everyone pays a little so that victims can be helped. In fact, we should be happy if we never need to use our insurance.”
Regulation: A Double-Edged Sword
While Bouas-Laurent acknowledges that regulation is often seen as an obstacle, he stresses that it can also be a source of progress. “Regulation isn’t bad in itself. At Assuralia, we’re open to any new regulation, as long as it doesn’t bring unmanageable complexity. Since 2008, the number of European directives for the insurance sector has risen from about 15 to more than 70. That’s concerning. The Draghi Report pleaded for more simplification, but we are not there yet.”
Yet Bouas-Laurent also sees positive developments: Solvency rules strengthen the sector, DORA professionalizes ICT risk management, and new proposals around the second pension pillar and natural disasters offer perspective.
But he warns: “Complexity leads to higher costs which will affect pricing. There’s no such thig as a free lunch. That’s why we must continue the dialogue with politicians, no matter how difficult.”
The Belgian Market: A Structural Protection Gap
Bouas-Laurent points to a fundamental issue in Belgium: the protection gap. The insurance penetration rate is below 6%, compared to 9% in other OECD countries. The life insurance segment is also underdeveloped, with a replacement ratio of only 45% (EU average: 54%).
In the case of natural disasters (Nat Cat), the Belgian system is inadequate, according to him. “The Nat Cat guarantee is mandatory, but the sector cannot bear the full burden alone. That’s why we have to move towards a system of interregional mutualization as seen in France or Germany, where the government takes on part of the costs. Our country to is not too small to tackle this. But the rules must be understandable for everyone.”
The Belgian insurance market also struggles to offer coverage for specialized risks such as cyber insurance. Large companies still find capacity, but for SMEs the offering is limited. “There is not enough awareness and too little supply. That must change.”
According to Bouas-Laurent, the key lies in prevention and risk assessment. “We must help SMEs with awareness, prevention services, and better diagnostics. That way, we can expand the offering and eventually mutualize risks.” Due to the lack of historical data, it is difficult to determine an average premium, but he remains optimistic: “I am convinced we will develop acceptable solutions.”
Distribution, Digitalization, and the Role of AI
A Unique Distribution Market
The Belgian insurance market is distinguished by the strong role of intermediaries such as brokers and bank agents. According to Etienne Bouas-Laurent, this has historically developed due to culture, geography, and regulation. “The broker remains the first point of contact for customers, especially for complex risks. For simple products like home, auto, and fire insurance, there is more room for direct sales.”
Consolidation: Efficiency vs. Cost
The sector is experiencing accelerated consolidation, especially among medium and large brokers. This can lead to greater efficiency, but Bouas-Laurent warns that brokers often demand higher commissions in the meantime. Small brokers remain relevant, he says: “Thanks to their local anchoring and technical expertise, they can secure strong commercial agreements. Tools like Portima help them work quickly and accurately.”
Artificial Intelligence: The Silent Revolution
AI is slowly but surely making its way into the insurance sector. “The sector is like a tanker, but the movement has begun,” says Bouas-Laurent. AI increases productivity and strengthens competitiveness. It will especially impact:
- Augmented advisors: AI supports advisors in providing better service.
- Direct sales: For simple products like retail, home, and auto insurance.
- Operational processes: Such as underwriting, claims management, and customer contact.
“It has become more difficult to attract and retain people. AI helps us continue to serve customers well,” says Bouas-Laurent.
He envisions a future in which customers increasingly interact digitally with insurers. Tools like ChatGPT already provide answers to questions such as “Which life insurer is the best?” Small brokers can respond to this trend thanks to their accessibility and knowledge of their clients.
Insurers as Investors and Government Partners
Insurance companies have strong balance sheets and are well-positioned to invest long-term. More than 50% of their assets are invested in government and corporate bonds, supplemented by real estate, mortgages, funds, and equities. “They make a substantial contribution to financing the economy.”
But Bouas-Laurent warns against foreign takeovers: “If investment decisions leave the country, it weakens our economy.”
Insurers can also play a role in defence investments, for example in infrastructure, training, and equipment. “Not every project is suitable for private investors, but we are ready to contribute ideas.” Contacts with the Ministry of Finance and SFPRI are ongoing.
The Belgian political context allows for dialogue. “Ministers and cabinets are accessible. There is a willingness to listen and collaborate.” However, Bouas-Laurent notes that decisions are often delayed due to complex compromises.
Future Outlook
Bouas-Laurent identifies four major challenges:
- The need for a workable natural catastrophe (Nat Cat) regime.
- The underdeveloped life insurance market.
- The need to strengthen pension savings through the second, third, and fourth pillars.
- The tax burden on the sector is too high.
But he remains optimistic: “There is a lot of potential. Belgium has strong assets: a high level of education, prosperity, central location, infrastructure, multilingualism, and entrepreneurship. Belgium is not a small country. We should be proud of our assets.”
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