Dutch Insurance Industry in Figures

Transcription

1 Dutch Insurance Industry in Figures 2012

2 Verbond van Verzekeraars 2012 Postbus 93450, 2509 AL Den Haag Telephone number: Although the utmost care has been devoted to the quality and validity of data, the Dutch Association of Insurers accepts no liability whatsoever for the consequences of any inaccuracies. 2

3 Dutch Insurance Industry in Figures 2012 This publication has been providing core figures about the insured, insurance policies and insurance companies in the context of Dutch society since With this publication, the Dutch Association of Insurers offers an overview in figures for journalists, politicians, civil servants, investigators, consultants and all other interested parties. In addition to this compilation of tables, there is the publication Kerncijfers verzekeren in Nederland : an introduction to the industry in concise text with a few diagrams. In the same way as Dutch Insurance Industry in Figures, this publication is available in both Dutch and English. The site also contains more specific facts and figures, such as the Financieel jaarverslag verzekeringsbranche and various consumer surveys. In this edition, the various subjects are more clearly divided than they were in the previous edition, into Clients, Economy, Insurance Companies, Life Insurance, Non-life Insurance and Health Insurance. This chapter overview may be new, but most of the old tables return in this edition, albeit with current figures. A few tables are no longer there due to lack of demand or current figures. In addition, this edition contains a few new subjects, such as customer satisfaction, household capital, coverage ratio of pension funds, funeral insurance policies with in-kind benefits and healthcare premiums per person. H.J. Herbert Director 3

4 Contents Preface 3 1 Clients Satisfaction Customer experiences Image Confidence Penetration of private insurance by age Penetration of private insurance by income Penetration of private insurance by type of household Penetration of mortgages by income Penetration of mortgages by type or component Complaints Population figures and growth Population forecast Life expectancy Forecast life expectancy Households Income of private households Household expenditure Capital of private households Companies Incorporation of companies Bankruptcy of companies Intermediaries Insurance offices Purchase channels 31 2 Economy Gross domestic product (GDP) Wages 35 4

5 2.3 Inflation Labour force Employment Operating results Shares Interest rates Interest rate structure Statutory interest rate 46 3 Insurance companies Solvency Employment Number of insurance companies Balance sheet Investments Assets by source Results Turnover Largest insurance companies Ten largest insurance groups Distribution Supervision costs 57 4 Life Turnover Largest insurance companies Group sector Largest insurance companies Individual sector Distribution Number of insurance companies Balance sheet Investments Results Capital and interest insured Yield value Solvency 69 5

6 4.12 Second pillar pensions Pension funds: coverage ratio Pension funds: number Pension funds: balance sheet Pension funds: investments Pension funds: result Funeral insurance with in-kind benefits: turnover Funeral insurance with in-kind benefits: largest insurance companies Funeral insurance with in-kind benefits: solvency Funeral insurance with in-kind benefits: number Funeral insurance with in-kind benefits: balance sheet Funeral insurance with in-kind benefits: investments Funeral insurance with in-kind benefits: result 78 5 Non-life Turnover Largest insurance companies Non-life sector Largest insurance companies Fire sector Largest insurance companies Comprehensive Motor Vehicle Insurance product cluster Largest insurance companies Third-party Vehicle Insurance Largest insurance companies Liability product cluster Largest insurance companies Legal Aid product cluster Largest insurance companies Transport sector Distribution Number of insurance companies Results Policies Premium by policy type Claims: frequency and average claim size Claims and payments in uninsured loss caused by motor vehicles (Im)movable property Fires Theft of motor vehicles Crimes Road casualties 100 6

7 6 Healthcare Turnover Distribution Number of insurance companies Largest insurance companies Income sector Results Income sector Largest insurance companies Healthcare sector Results Healthcare sector Contributions to health insurance per person Funding and expenditure 110 7

8 Chapter 1 Clients 9 1 Clients Satisfaction Customer experiences Image Confidence Penetration of private insurance by age Penetration of private insurance by income Penetration of private insurance by type of household Penetration of mortgages by income Penetration of mortgages by type or component Complaints Population figures and growth Population forecast Life expectancy Forecast life expectancy Households Income of private households Household expenditure Capital of private households Companies Incorporation of companies Bankruptcy of companies Intermediaries Insurance offices Purchase channels 31 8

9 1 Clients 1.1 Satisfaction General satisfaction of private clients, score Life insurance companies Non-life insurance companies Health insurance companies Source: Verbond van Verzekeraars 1.2 Customer experiences Number of clients who indicate that they have had certain experiences with their insurance company, 2011 (%) Life Insurance Companies Non-life Insurance Companies Health Insurance Companies I felt my case was handled with proper costumer focus I was satisfied with - the way my complaint was handled the payment process the most recent contact with my insurance company Source: Verbond van Verzekeraars 9

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11 1.3 Image Number of private consumers who had a largely positive attitude towards insurance companies, % Image score insurance companies Source: Verbond van Verzekeraars 1.4 Confidence Consumer confidence in the economy and in insurance companies, balance of positive and negative scores, in % Economy Insurance companies Source: CBS, Verbond van Verzekeraars 11

12 1.5 Penetration of private insurance by age 2010, % Product clusters < 35 years Age of main wage earner years years > 65 years Total Mortgage life insurance* Pension life insurance* Funeral expenses and in-kind benefits* Contents Buildings General liability (family) Legal aid* Source: GfK * See table 1.7 for the description of product clusters. 12

13 1.6 Penetration of private insurance by income 2010, % Product clusters < 1,000 1,000-1,500 Monthly net family earnings ( ) 1,500-2,000-2,500-2,000 2,500 3,000 > 3,000 unknown Total Mortgage life insurance* Pension life insurance* Funeral expenses and in-kind benefits* Contents Buildings General liability (family) Legal aid* Source: GfK * See table 1.7 for the description of product clusters. 13

14 1.7 Penetration of private insurance by type of household 2010, % Product clusters Single-person household, < 35 years Single-person household, > 35 years Multi-person household with children <18 years Multi-person household (< 35 years) without children <18 years Multi-person household (> 35 years) without children < 18 years Total Mortgage life insurance* Pension life insurance* Funeral expenses and in-kind benefits* Contents Buildings General liability (family) Legal aid* Source: GfK * See table 1.7 for the description of product clusters. 14

15 1.8 Penetration of mortgages by income Percentage of the total number of households in an income category that are mortgagors, % < 1,000 1,000-1,500 Monthly net family earnings ( ) 1,500-2,000-2,500-2,000 2,500 3,000 > 3,000 Unknown Total Source: GfK 15

16 1.9 Penetration of mortgages by type or component Percentage* of mortgage types (until the end of 2008) or mortgage components (from 2010 onwards) of the total of all households that have a mortgage, % Mortgage type/component Mortgage, linear Mortgage, annuity Mortgage, life Mortgage, savings Mortgage, unit-linked Mortgage, assets Mortgage, without redemption Mortgage, other Source: GfK * The totals of the penetration rates by mortgage type are larger than 100% because individual households may have more than one mortgage. As of 2010, GfK no longer counts by mortgage type, but by mortgage component; a mortgage may have more than one component, such as 60% without redemption and 40% savings-based. 16

17 1.10 Complaints Number of complaints received and dealt with by financial ombudsmen Life insurance First quarter* Complaints dealt with 1,264 1,963 1,962 1,657 1,048 Complaints received 610 2,295 2,175 1,465 1,253 Pension schemes ** Complaints dealt with Complaints received Non-life insurance Complaints dealt with 1,297 1,400 1,629 1,971 1,679 Complaints received 687 1,527 1,803 2,014 1,843 Health insurance Complaints dealt with 1,407 1,452 1,600 1,736 1,853 Complaints received 1,440 1,517 1,599 1,751 1,853 Source: Kifid/Ombudsman Pensioenen/SKGZ * As of 1 April 2007, the complaints regime has changed with the introduction of the Financial Services Complaints Institute (Kifid). ** The Pensions Ombudsman reports bi-annually. 17

18 1.11 Population figures and growth People, in thousands * Population at 1 January 16,358 16,405 16,486 16,575 16,726 Population growth Emigration Immigration Live births Deaths Other corrections Source: CBS * Preliminary figures. 18

19 1.12 Population forecast People, in thousands Total 17,229 17,688 17,841 17,782 17,742 Men 8,532 8,746 8,799 8,761 8, years 1,935 1,928 1,962 1,932 1, years 5,032 4,862 4,690 4,775 4,783 > 65 years 1,565 1,956 2,146 2,053 2,032 Women 8,697 8,942 9,042 9,021 8, years 1,850 1,838 1,869 1,839 1, years 5,012 4,863 4,694 4,778 4,788 > 65 years 1,836 2,241 2,479 2,405 2,370 Source: CBS 19

20 1.13 Life expectancy Life expectancy at the age of Men 0 years years years years years Women 0 years years years years years Source: CBS 20

21 1.14 Forecast life expectancy Life expectancy at the age of Men 0 years years years years years Women 0 years years years years years Source: CBS 21

22 1.15 Households Private households, in thousands Total 7,191 7,243 7,313 7,386 7,473 Total multi-person households 4,654 4,671 4,693 4,717 4,711 Total single-person households 2,537 2,572 2,620 2,669 2,762 - Men 1,169 1,188 1,218 1,247 1,305 - Women 1,368 1,384 1,402 1,422 1,457 Source: CBS 22

23 1.16 Income of private households Types of income and income components of private households, bn * Income from employment Income from employment Social charges on employer Income from one s own business Income from capital Income from assets Interest paid Primary income Benefits from loss-of-income insurance policies Benefits from loss-of-income insurance policies Social charges: benefits agency Social security benefits Social security benefits Social charges: assistance agency Benefits in connection with children Student grant payments Tied transfers received Benefits in connection with residence Other (contributions towards study costs) Income transfers received

24 * Gross income Income transfers paid Loss-of-income insurance premiums Unemployment premiums Illness premiums Occupational disability premiums Old-age and dependents premiums Health insurance premiums Compulsory health insurance premiums (ZFW), health insurance premiums under the Dutch Health Insurance Act (Zvw) Exceptional medical expenses premiums Taxes on income and capital Disposable income Source: CBS * Preliminary figures. 24

25 1.17 Household expenditure Consumption expenditure and individual savings of all households: private and institutional households, three-year averages, bn 2001/ / / / * Total consumption expenditure** Food Luxury foods Permanent consumer goods Other goods Services Free/individual savings Source: CBS * Preliminary figures. ** The total cannot be completely split into individual parts. 25

26 1.18 Capital of private households m * Capital 1,224 1,300 1,249 1,213 1,196 Assets 1,853 1,971 1,952 1,949 1,953 Financial assets Bank and savings accounts Bonds Shares Immovable property 1,271 1,379 1,395 1,338 1,327 - Own home 1,139 1,230 1,238 1,174 1,157 - Immovable property, other Movable property, other Business assets Debts Mortgage debt, own home Debts, other Source: CBS * Preliminary figures. 26

27 1.19 Companies In thousands Total Agriculture, forestry and fishing Mineral extraction Industry Energy provision Water companies and waste management Construction Trade Transport and storage Catering Information and communication Financial services Rental of and trade in immovable property Specialist commercial services Rental and other commercial services Public administration and government services Education Healthcare and welfare care Culture, sports and recreation Other services Source: CBS 27

28 1.20 Incorporation of companies In thousands Total Construction Mineral extraction/industry Retail trade for and repair services to private individuals Wholesale trade and trade brokerage Trade in and repair of cars and motorbikes; petrol service stations Catering Other services Other commercial services Rental of movable property and ICT Transport, storage and communication Source: CBS 28

29 1.21 Bankruptcy of companies Number Total 4,602 4,635 8,040 7,210 7,134 Construction ,123 1,090 Financial institutions Trade in and repair of consumer goods 1,163 1,211 1,934 1,628 1,588 Catering Agriculture, forestry and fishing Industry Education, care, recreation Rental of and trade in immovable property, rental of movable property, commercial services 1,001 1,029 1,965 1,616 1,667 Transport, storage and communication Unknown Source: CBS 29

30 1.22 Intermediaries Listings in the AFM register, number Intermediaries* 10,271 10,987 10,123 9,746 8,279 Underwriting agents** Licences granted 1,681 2,015 2,067 1,949 2,176 Source: AFM * Number of intermediaries includes legal parties; intermediaries that are in possession of a DNB licence, including insurance companies. ** Excluding legal parties Insurance offices Businesses by number of employees, number Total 5,925 5,840 5,475 5,505 5, ,820 1,820 1,925 2,010 1, ,880 1,445 1,410 1,450 1, ,000 1, > Source: CBS 30

31 1.24 Purchase channels Share in 2010 of purchase channels in private insurance policies, % Product clusters Bank insurance Direct writing Intermediaries Other* Total life Mortgage life insurance** Pension life insurance*** Total funeral expenses and in-kind benefits**** Total non-life General liability (family) Contents Motor vehicle Buildings Legal aid***** Total accident and health Basic health insurance Supplementary health insurance Source: GfK * Other purchase channels include post offices, bicycle shops, car dealers. ** Life insurance mortgage: all insurance policies linked to the mortgage, both term life insurance policies and capitalinsurance policies. *** Life insurance pension: all insurance policies (capital, annuity insurance policies, etc.) for the benefit of old age. **** Funeral insurance with in-kind benefits: all burial/cremation/funeral insurance policies with in-kind benefits. ***** Legal aid: separate insurance policies, i.e. does not include components of car/motorbike insurance policies 31

32 Chapter 2 Economy 32 2 Economy Gross domestic product (GDP) Wages Inflation Labour force Employment Operating results Shares Interest rates Interest rate structure Statutory interest rate 46 32

33 2 Economy 2.1 Gross domestic product (GDP) GDP components, gross value added (basic prices) by sector, bn * 2011* Gross domestic product Gross value added Production of goods Agriculture, forestry and fishing Mineral extraction Industry Energy provision Water companies and waste management Construction Commercial services Trade Transport and storage Hotel and catering Information and communication Financial services Property rental and trading Other business services

34 * 2010* 2011* Non-commercial services Government Healthcare and welfare care Culture, recreation, other services Difference between VAT charged and VAT paid Balance of product-linked taxes and subsidies Taxes Subsidies Source: CBS * Preliminary figures. 34

35 2.2 Wages The development of wages negotiated under collective labour agreements, including exceptional remuneration, index 2000 = * Total Agriculture and fishing Industry and construction Industry Energy and water supply companies Construction Commercial services Trade Car trade and repairs Wholesale trade Retail trade Catering Transport and communication Financial and commercial services Financial institutions Banking Insurance industry and pension funds Commercial services

36 * Non-commercial services Public administration Education Healthcare and welfare care Culture and other services Source: CBS * Preliminary figures. 36

37 2.3 Inflation Development of the consumer price index, 2006 = Total expenditure Food and beverages (non-alcoholic) Alcoholic beverages and tobacco Clothing and shoes Housing, water and energy Furniture and household equipment Medical care Transport Communication Entertainment and culture Education Hotels, bars and restaurants Other goods and services Insurance services Insurance, house Insurance, health Insurance, transport Car insurance Bicycle, motorbike and scooter insurance Other insurance, transport Other insurance Financial services

38 Consumer-related taxes and government services Consumption in other countries Source: CBS 2.4 Labour force Persons by employment relationship, in thousands Labour force 7,644 7,800 7,839 7,817 7,812 Employed 7,301 7,499 7,463 7,389 7,392 Employees 6,298 6,459 6,426 6,339 6,315 - Fixed 5,701 5,848 5,852 5,741 5,710 - Flexible On-call workers and stand-in staff Temporary staff Other flexible staff Self-employed 1,003 1,040 1,037 1,050 1,077 Unemployed Non-working population 3,314 3,195 3,167 3,202 3,182 Source: CBS 38

39 2.5 Employment Years in employment (FTEs) by sector, in thousands * 2011* Total 6,729 6,832 6,759 6,719 6,752 Goods production 1,526 1,535 1,504 1,466 1,451 Agriculture, forestry and fishing Mineral extraction Industry Energy provision Water companies and waste management Construction Commercial services 3,232 3,274 3,188 3,129 3,164 Trade 1,076 1,080 1,059 1,052 1,068 Transport and storage Catering Information and communication Financial services Banking Insurance companies and pension funds Other financial services Rental of and trade in immovable property Commercial services 1,048 1,086 1,042 1,010 1,023 - Specialist commercial services Rental and other commercial services

40 * 2011* Non-commercial services 1,970 2,025 2,066 2,121 2,136 Public administration and government services Education Healthcare and welfare care Culture, sports and recreation Other services Households Source: CBS * Preliminary figures. 40

41 2.6 Operating results Net turnover and result of (non-)financial sectors, 2010*, m, % Net turnover ( m) Net result ( m) Net result (% of net turnover) Total of non-financial sectors 1,097,501 76,790 7 Total of 20 largest sectors 858,932 65,276 8 Wholesale trade and trade brokerage 287,785 11,422 4 Retail trade (excluding cars) 101,385 4,155 4 Food industry 53,438 7, Car trade and repairs 52,029 1,912 4 Chemical industry 51,856 17, Extraction of petroleum and natural gas 34,325 4, Specialised construction 31, Energy companies 30,697 3, General construction and project development 29, Land transport 24, Machine industry 20,859 1,810 9 IT services 18,604 1,058 6 Telecommunication 17,917 2, Temporary employment agencies and placement 17, Storage, services for transport 17,095 1,101 6 Metal products industry 16, Electronic equipment industry 15,214 1, Holdings and management consultancy agencies 13,387 2,

42 Net turnover ( m) Net result ( m) Net result (% of net turnover) Architects and engineering firms, etc. 12,803 1, Legal services and administration 12,778 1, Other non-financial sectors 238,569 11,515 5 Financial sectors** Banks 120,657 8,826 7 Insurance companies 71,694 2,040 3 Pension funds 28,660-1,437-5 Source: CBS, DNB * Non-financial sectors: preliminary figures. ** Turnover is not a term used in all financial sectors; the turnover of banks is interest income, that of insurance companies is net accrued premiums and that of pension funds is premium income. 42

43 2.7 Shares Stock exchange indices, annual averages International indices Dow Jones 13,176 11,244 8,886 10,668 11,958 Eurotop-100 3,206 2,459 1,900 2,223 2,195 MSCI-world 1, Nasdaq 2,578 2,162 1,845 2,350 2,677 Nikkei 16,981 12,151 9,344 10,017 9,425 The Netherlands (Euronext Amsterdam) AEX All-share Financial institutions Midkap Source: DNB 43

44 2.8 Interest rates Money and capital market interest rates, averages, % per year Money market Call money Eurozone Three-month Euribor Capital market Ten-year bonds - The Netherlands Eurozone United States Japan Source: DNB 44

45 2.9 Interest rate structure Interest percentages Averages for terms of 1 to 60 years Term in years Source: DNB 45

46 2.10 Statutory interest rate Statutory interest rate by type of transaction, by start date Start date Commercial transactions after 1 December 2002 Non-commercial transactions and commercial transactions effected before 1 December /07/ /01/ /07/ /01/ /07/ /01/ Source: DNB 46

47 Chapter 3 Insurance companies 47 3 Insurance companies Solvency Employment Number of insurance companies Balance sheet Investments Assets by source Results Turnover Largest insurance companies Ten largest insurance groups Distribution Supervision costs 57 47