State of the Insurers 2026

The Dutch insurance sector remains financially resilient, supported by strong solvency positions, solid capital generation and continued growth in pension-related activities. However, insurers are operating in an increasingly complex environment shaped by economic uncertainty, geopolitical developments, cyber threats, and climate-related risks.

Several trends are reshaping the sector. Higher interest rates, persistent inflation, and changing risk profiles are influencing profitability and capital deployment. The Dutch market continues to consolidate, while the transition to the new pension system (Wtp) is driving demand for pension buy-outs and defined contribution solutions. At the same time, insurers are balancing growth ambitions with increasing regulatory expectations regarding operational resilience, AI governance, and Solvency II.

In this year’s State of the Insurers, KPMG analyses the performance and disclosures of the four largest Dutch insurers: Achmea, a.s.r., Athora Netherlands and Nationale-Nederlanden. The report explores key developments in market dynamics, profitability, capital positions, regulation and technology.

New to this year’s report is the introduction of seven boardroom dilemmas that are included into the publication to illustrate the strategic choices facing insurers today. These include questions regarding insurability, sustainable growth, digital resilience, scaling AI, workforce transformation, distribution strategies, and capital allocation. Together, these dilemmas highlight the trade-offs insurers must navigate between growth, resilience, trust, and long-term value creation.

The report provides insights into how leading insurers are responding to these challenges and identifies the key decisions that will shape the future of the Dutch insurance market.

Download the full report below for more information.