In 2022, insurers have had to remain resilient and make progress in the face of challenges posed by a volatile market. Looking ahead, as insurers continue to navigate the impact of further macro-economic turbulence, we also expect to see shifts in the industry driven by M&A activity, the rise in interest rates, adjustments in strategy in response to changing consumer preferences, and the pension reform (Wet Toekomst Pensioen). At the same time, climate change, an aging population, the growing relevance of technology, and increased healthcare demand, continue to have an increasingly bigger impact on the insurance industry, resulting in both opportunities and threats. Examples of opportunities include prevention driven by AI and analytics, while examples of threats are higher claims due to climate change and rising healthcare costs.

In this inaugural edition of the State of the Insurers, we look at the recently launched results of the five biggest insurers in the Netherlands across key performance areas – from income, and costs to capital – set against the backdrop of broader (macroeconomic) trends. We also provide insights on the topics that are top of mind in the industry such as ESG, the outlook on Life insurance, and IFRS17.

We hope you enjoy the publication and our insights provide you with a more comprehensive view of the insurance market in the Netherlands. Feel free to reach out to us for any questions related to this paper.