Life insurance - Netherlands | Statista Market Forecast

The Life insurance market market in the Netherlands is expected to reach a market size (gross written premium) of US$11.42bn by 2024.
The average spending per capita in the Life insurance market market in the Netherlands is projected to be US$646.20 in 2024.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of -4.92%, leading to a market volume of US$8.87bn by 2029.
When compared globally, the United States is predicted to generate the highest gross written premium, amounting to US$1.3tn in 2024.
The Netherlands has seen a surge in demand for life insurance products as individuals prioritize financial security and protection for their loved ones.

Definition:

Life insurance is a type of financial product that provides financial security for individuals and their families. In simple terms, when you buy a life insurance policy, you pay regular premiums to the insurance company. In return, if you were to pass away while the policy is in effect, your designated beneficiaries receive a lump sum payment, known as the death benefit, which can help them cover living expenses and financial needs. Life insurance is designed to provide peace of mind and support for loved ones in the event of the policyholder's death. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, and the share of insureds in the total population for over 50 countries.

Death benefit insurance
Endowment insurance
Disability insurance
Dowry insurance
Birth insurance
Term life insurance
Whole life insurance
Universal life insurance
Burial insurance
Other types of life insurance

Health Insurance
All non-life insurance types
Reinsurance

The Life insurance market in Netherlands has been experiencing significant growth and transformation in recent years. Customer preferences in the Netherlands are shifting towards more comprehensive life insurance coverage that offers not only financial protection but also investment opportunities. Customers are increasingly looking for policies that provide long-term value and flexibility to adapt to their changing needs over time. Trends in the market show a rise in demand for digital insurance solutions, with more customers opting to purchase life insurance online. This shift towards digital channels is driven by the convenience and accessibility they offer, as well as the ability to compare different policies and providers easily. Local special circumstances in the Netherlands, such as a strong regulatory environment and a high level of financial literacy among the population, have contributed to the growth of the life insurance market. The presence of well-established insurance companies with a reputation for stability and reliability also plays a significant role in shaping customer trust and confidence in the market. Underlying macroeconomic factors, such as low interest rates and an aging population, have influenced the development of the life insurance market in the Netherlands. Low interest rates have led to a greater demand for investment-linked insurance products, as customers seek higher returns on their savings. The aging population has also created a greater awareness of the need for retirement planning and long-term financial security, driving the demand for life insurance products that offer retirement income solutions.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

The biggest life insurance market globally is the United States, and it was almost twice as large as the second-biggest market, China. People take out life insurance to financially support their loved ones after their death. The payout is often used to cover funeral expenses, replace income earned by the deceased, or pay for children's education. It can be paid out in a lump sum or as an annuity, which is paid in regular installments for either a specified time or for the lifetime of the beneficiary. In 2022, the United States was the leading life insurance premium writing country, with a total value of life direct premiums written exceeding 600 billion U.S. dollars. The second and third-largest life insurance markets were China and the United Kingdom, respectively.