Insurances

The Netherlands is expected to witness a significant growth in the Insurances market, with the projected market size (gross written premium) reaching US$110.30bn in 2024.
Among the various segments, Non-Life Insurances dominate the market, with a projected market volume of US$98.87bn in 2024.
This indicates the strong presence and demand for insurance products in the country.
In terms of average spending per capita, in the Netherlands demonstrates a substantial figure of US$6.24k in 2024.
This showcases the willingness of individuals to invest in insurance coverage for their personal and financial security.
When compared to global counterparts, it is noteworthy that the United States holds the highest nominal value in the Insurances market, projected to reach US$3.8tn in 2024.
This indicates the immense scale and potential of the insurance industry the United States.
Looking ahead, the Insurances market in the Netherlands is expected to maintain a steady growth trajectory.
With an annual growth rate (CAGR 2024-2029) of 2.27%, the gross written premium is projected to reach US$123.40bn by 2029.
Once again, the United States is anticipated to generate the highest gross written premium among all countries, reaching US$3.8tn in 2024.
These figures highlight the significance of the Insurances market in the Netherlands and its potential for further expansion in the coming years.
The Netherlands has seen a rise in demand for sustainable insurance policies, reflecting the country's commitment to environmental consciousness.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. 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.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

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, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Netherlands has been experiencing significant growth and development in recent years. Customer preferences in the Netherlands reflect a strong demand for insurance products that provide comprehensive coverage and innovative solutions. Customers are increasingly seeking personalized insurance packages tailored to their specific needs and preferences, driving insurers to offer more flexible and customizable options to meet these demands. Trends in the market indicate a shift towards digitalization and technological advancements, with insurance companies in the Netherlands investing in online platforms and mobile apps to enhance customer experience and streamline processes. This trend is driven by the increasing use of digital channels for research, comparison, and purchase of insurance products by tech-savvy consumers. Local special circumstances in the Netherlands, such as the country's highly developed financial sector and stable regulatory environment, have created a conducive market for insurance companies to thrive. The presence of a well-established insurance industry with a strong focus on innovation and sustainability further contributes to the growth and competitiveness of the market. Underlying macroeconomic factors, including a stable economy, low unemployment rates, and a high standard of living, have bolstered consumer confidence and purchasing power in the Netherlands. This economic stability has translated into a growing demand for insurance products, particularly in areas such as health, property, and liability insurance, driving the overall expansion of the insurance market in the country.

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.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.