オランダにおける生命保険・年金市場

Abstract

Overview

Introduction

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor' s European Life and Pensions Interactive Database 2006.

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • Following compound annual growth of -0.8% in the last five years, between 2006 and 2010, growth in the Dutch life and pensions market will increase to 9.5%
    • The Dutch life and pensions market experienced negative compound annual growth between 2001 and 2005
    • Accelerated growth in life insurance will produce higher compound annual growth in the total market between 2006 and 2010
    • The market will continue to be shaped by EU legislation as well as national legislation aimed at encouraging long-term savings
    • The market is dominated by Dutch firms
    • The market leaders rely heavily on brokers and other intermediaries for distribution
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • The Dutch life and pensions market experienced negative compound annual growth between 2001 and 2005
    • The Dutch life and pensions market contracted between 2001 and 2005, experiencing a compound annual growth rate of -0.8%
    • Between 2001 and 2005, group policies accounted for 29-34% of premium income
    • Apart from a slight decline in unit-linked insurance in 2004, the distribution of premium income between unit-linked and non unit-linked insurance has been largely consistent
    • Bonds account for the single highest proportion of the investment assets of life and pensions insurance companies
• MARKET FORECASTS
  • Accelerated growth in life insurance will produce higher compound annual growth in the total market between 2006 and 2010
    • Over the next 5 years, premium income is set to grow at a compound annual rate of 9.5%, compared to -0.8% growth between 2001 and 2005
• MARKET REGULATION
  • The market will continue to be shaped by EU legislation as well as national legislation aimed at encouraging long-term savings
    • The Dutch Central Bank and the Authority for the Financial Markets regulate the insurance sector
    • The new Financial Supervision Act consolidates legislation on the supervision of financial services providers
    • Insurance companies which belong to financial conglomerates face additional supervisory requirements
    • Recent legislation enhances consumer protection
    • Distance marketing rules define sales practices
    • The IORP directive creates new market opportunities
    • Revised tax laws affect sales of pensions products
    • Proposed anti-money laundering legislation implies an additional administrative burden for insurers
    • Solvency 2 legislation will impact insurers' capital requirements
    • Providers may be required to fund a new insurance guarantee scheme
• COMPETITIVE MARKET STRUCTURE
  • The market is dominated by Dutch firms
    • The market is comprised almost exclusively of domestic life insurance providers
    • The top 5 life and pensions insurers control just over half of the market, by gross premium income
    • Close to three-quarters of premium income was distributed through intermediaries in 2004
• MARKET LEADERS
  • The market leaders rely heavily on brokers and other intermediaries for distribution
    • Nationale-Nederlanden Leven is the life insurance market leader, based on premium income in 2004
    • AEGON Leven trails the market leader in the life and pensions insurance sector
    • Achmea Pensioen- en Levensverzekeringen ranks third among life insurance companies
    • Delta Lloyd Leven (Delta Lloyd Life) is the fourth highest ranked life insurer by premium income
    • Amev Leven (now Fortis ASR) rounded out the top 5 life insurers as at December 2004
• APPENDIX
  • Definitions
    • Capital redemption policy / bond
    • Composite insurer
    • Defined contribution pension scheme
    • Defined benefits pension scheme
    • Group policy
    • Individual pension scheme
    • Individual policy
    • Life assurance
    • Occupational pension scheme
    • Pension insurance policy
    • Premium income
    • Regular premium
    • Single premium
    • Technical provisions
    • Traditional insurance
    • Unit-linked insurance
  • Further reading
    • Interactive Databases
    • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
    • Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
    • Table 3: Life and pensions insurance premium income, segmented by buyer, EURm, 2001-2005
    • Table 4: Life and pensions insurance premium income, segmented by buyer, in percentages, 2001-2005
    • Table 5: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005
    • Table 6: Life and pensions insurance premium income, segmented by investment risk, in percentages, 2001-2005
    • Table 7: Investment assets of life and pensions insurance companies, EURm, 2001-2005
    • Table 8: Investment assets of life and pensions insurance companies, in percentages, 2001-2005
    • Table 9: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
    • Table 10: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
    • Table 11: Number of life insurance providers segmented by type, as at Dec 2005
    • Table 12: Top 5 life insurers by gross premium income, as at Dec 2004
    • Table 13: Life insurance gross premium income, segmented by distribution channel, in percentages, Jan-Dec 2004
  • List of Figures
    • Figure 1: Life premiums accounted for 88% of total premium income in 2005
    • Figure 2: Individual policies account for close to two-thirds of life and pensions premium income
    • Figure 3: Between 2001 and 2005, the market for unit-linked insurance experienced compound annual growth of -1.2%
    • Figure 4: The proportion of investment assets held in mortgages and loans declined sharply between 2001 and 2005
    • Figure 5: Up to 2010, growth will be driven by life insurance, as pensions will account for a declining proportion of premium income
    • Figure 6: Domestic insurers represent 99% of the Dutch life and pensions market by number
    • Figure 7: Nationale-Nederlanden Leven led the Dutch life and pensions sector as at December 2004
    • Figure 8: 26% of gross premium income was attributed to direct sales in 2004