The Insurance industry in Netherlands is one of the most open markets in the world. It has a very liberal regulatory policies and wide distribution network which helped the promotion and selling of insurance products easier. Due to the economic recession of 2009 the Netherlands market mainly the life insurance got severely affected. Government provided financial aid to many insurance companies and banks that saved them.
Dutch insurance market is very saturated and is highly competitive. Due to international financial crisis the profitability position of many insurance companies have degraded. There is a significant demand contraction in the Dutch Life insurance and high competition in non life insurance. There is a price war going on for various insurance policies in Netherlands.
Netherlands has one of the highest insurance density due to the presence of a large number of insurers and varieties of insurance products. Health and accident insurance are the major contributor to the non life insurance segment. Life insurance is a major premium contributor in the Dutch insurance market.
The Supervisory Authority De Pensioen & Verzekeringskamer has been acting as the regulatory body in the Netherlands Insurance business.
In Netherlands it is mandatory for the car owners to have at least third party liability insurance to cover the vehicle while other insurances are optional. You need to be a resident of Netherlands to purchase the policy. There are comprehensive policies available for auto insurance.
In Netherlands it is mandatory to take healthcare insurance to ensure the person against the financial risk of illness and hospital admission. There are 3 types of insurance cover available these are : Dutch Public healthcare insurance, an EU Health Insurance Card (EHIC) and Private insurance. Netherlands has the largest private health insurance market in Europe.
Major life insurance companies in Netherlands are :
Nationale Nederlanden Leven Insurance
AEGON Leven Insurance
Interpolis BTL Insurance
AMEV Leven Insurance
Reaal Leven Insurance
Stad Rotterdam Leven Insurance
ABN Amro Leven Insurance
Netherlands Non-Life Insurance Companies are :
Achmea Zorg Insurance
VGZ Zorgverzekeraar Insurance
Delta Lioyd Insurance
Allianz Schade Insurance