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Netherlands Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
The Netherlands (Dutch) insurance industry is characterized by the strong growth rate it has registered in past few years, mainly on the back of its liberal regulatory environment and open distribution structure. However, the recent changes in the market trends have haltered its growth, followed by a slowdown in economy, sluggish performance of the stock markets, and the abolishment of strong fiscal incentives for life insurance business. Life insurance is the dominant segment of the insurance market in the country, followed by accident & health, and the non-life insurance sector. Accident and health has been categorized as a separate line of business from non-life as it has emerged as the largest insurance segment after the healthcare reforms.
Growth has remained flat in the life segment since 2002 because of the abolition of tax advantages, emergence of banking products and also because of the weak performance of equity markets, which influenced the markets for unit-linked policies. The non-life segment has also shown low-growth over the years with health being the only driving factor, which, in turn, is supported by the ageing population and healthcare reforms. Following the implementation of the new healthcare system in 2006, the accident and health segment has emerged as the dominant market sector. The life insurance industry in the Netherlands is highly concentrated, where ING is the biggest life insurer, whereas Eureko is the market leader in the non-life insurance sector. The life and non-life segments are projected to grow continuously, though at a slower pace. While the health insurance segment will be aided by the ageing population, the life insurance segment will experience growth in term insurance products, pension (mainly Zwitserleven) and disability insurance.
The present report gives an overview of the insurance market of the Netherlands along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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