Furthermore, the Netherlands general insurance industry is expected to growth 7.3% in 2023 and 5.1% in 2024, according to GlobalData.
The growth is attributed to raising health awareness, increasing vehicle sales, and rising motor and health premium rates due to inflation.
Sneha Verma, insurance analyst at GlobalData, stated: “The Dutch general insurance industry has witnessed an upward growth trend since the slowdown in 2021 and grew by 3.2% in 2022. It is expected to reach its peak in 2023, with an annual growth of 7.3%, supported by growing health awareness as well as increasing vehicle sales.”
General insurance in the Netherlands
Personal accident and health (PA&H) insurance is the main line of business in the Dutch general insurance industry, accounting for 82.9% share of the DWP in 2023. PA&H Insurance is expected to maintain its leading position until 2028, supported by an increase in health awareness, especially after the pandemic.
Moreover, rising concerns about declining public health infrastructure and longer waiting periods have prompted people to move towards private health insurance.
Health insurance premium rates have also been on the rise over the last couple of years, which will support PA&H insurance growth.
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According to the Health Ministry, the average premium for basic health insurance is expected to increase by 8.1% in 2024 as compared to 2023. As a result, PA&H insurance is expected to grow at a CAGR of 5.6% during 2023-28.
Sneha added: “Rising premium rates for most general insurance lines will continue to support the growth of the Netherlands general insurance industry over the next five years. However, a continuous rise in premiums will prompt policyholders to switch to cheaper substitutes or reduce coverage, thereby creating a risk for underinsurance, which will remain a focus area for Dutch general insurers.”