Sompo has received regulatory approval to write primary insurance business in Belgium and the Netherlands, expanding its commercial property and casualty (P&C) insurance operations in Continental Europe.
The approvals mark a step in the company’s regional growth strategy. Sompo already operates in Germany, France, Spain, Italy and Switzerland, offering a range of commercial and consumer P&C re/insurance products across the region.
Ralph Brand (pictured above), president of Continental Europe Insurance at Sompo, said the ability to write primary insurance locally in Belgium and the Netherlands represents a new stage in the company’s development in the region.
This expansion comes as Sompo recently announced that it will restructure its operations into two global business segments, Sompo Property and Casualty (Sompo P&C) and Sompo Wellbeing, starting April 1.
As part of the revamp, Sompo P&C will consolidate Sompo International Holdings’ insurance and reinsurance business with its commercial and consumer property and casualty (P&C) operations in Japan.
Brand also said the company intends to pursue opportunities in both markets. Both countries experienced notable developments in their respective re/insurance markets in 2024.
In Belgium, the general insurance sector was projected to grow by 3.6%, reaching €14.3 billion (approximately US$14.7 billion) in direct written premiums. Motor insurance maintained its position as the leading line of business, accounting for 31.3% of the general insurance market.
Property insurance followed, holding a 25.7% share of the market, driven by rising demand for home multi-risk insurance policies and the increasing adoption of smart home technologies aimed at minimizing claims.
In the Netherlands, the general insurance industry was expected to grow at a compound annual growth rate (CAGR) of 5.4%, increasing from €70.8 billion (about US$72.3 billion) in 2023 to €92.4 billion (approximately US$97 billion) by 2028.
Health insurance emerged as a dominant line of business, influenced by factors such as rising wages in the healthcare sector, the adoption of new medical treatments, and an aging population, all contributing to increased healthcare costs and higher insurance premiums.
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