Dutch general insurance industry to reach €77bn by 2026

Written by Michael Griffiths

19/10/2022

The general insurance industry in the Netherlands will be worth €77.6bn by 2026, GlobalData has stated.

According to the data and analytics, growth in the Dutch general insurance segment will be driven by increased demand for health insurance.

In terms of gross written premiums (GWP), the Netherlands’ general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 3.8%, from €64.4bn in 2021, to €77.6bn in 2026.

In particular, GlobalData found that growth in the general insurance segment will be driven by personal accident and health (PA&H) insurance, which contributed to more than 80% of the general insurance GWP in 2021.

“Health insurance premiums rates are expected to increase by more than 8% in 2023 as compared to 2022 which will support premium growth,” commented insurance analyst at GlobalData, Sneha Verma.

“The Dutch PA&H segment is expected to register a CAGR of 4.1% from 2023 to 2026, driven by an increasing demand for private health insurance over and above the basic coverage mandated by the government and rising medical inflation.”

GlobalData described increasing the accessibility of health insurance through the digitalisation of health services is a “key focus area” for insurers, with avourable regulations for digital services likely to provide greater flexibility which will help in the wider adoption of health insurance products.

Sneha continued: “Some of the digital developments in the healthcare industry include conversational artificial intelligence (AI) and remote patient monitoring. Leading Dutch Insurance provider, Zilveren Kruis, started using AI chatbots which has enabled the company to respond to customers instantly and provide round the clock services.”

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