Market Research Report Netherlands insurance industry research,Europe ins | Page 2

A period of severe summer storms in the Netherlands, which brought high
winds, torrential rain and large hail to the region, is expected to result in more
than EUR500m of insurance industry losses, with reinsurance capital expected
to take a major share. Insurance losses from damage to residential property,
automobiles is estimated at EUR325m, 40% of which is related to homes, while
EUR175m is largely from agricultural businesses, but the commercial toll is
expected to rise further. This is certainly not a major loss for the industry, in the
overall scheme of things, but when added to severe weather in France, Germany
and other European areas, the losses will be taking their toll on some reinsurers
with a focus on Europe. With reinsurance rates extremely low in Europe for
property catastrophe cover, ILS participation is likely to be low, as often the
returns do not meet their targets.
Growth in the Dutch reinsurance segment was variable, and affected by demand
trends in the insurance industry. The Netherland’s reinsurance segment contains
both domestic and foreign reinsurers. The segment is not highly competitive
such as the non-life and life segment. Solvency II law, implemented on January
1, 2016, was a basic reform of capital adequacy requirements and risk
management. It has created a level playing field across European insurers,
improved protection offered to policyholders and enhanced transparency and
quality of public disclosure. Reinsurance providers in the Netherlands initially
covered only commercial and industrial risks. Insurers such as Nationale-
Nederlanden, the Dutch unit of NN Group NV, and Aegon have recently begun
analyzing risk models, and have put forward proposals to cover flood-affected
properties. Effective from April 1, 2015, the European Insurance and
Occupational Pensions. Authority (EIOPA) issued guidelines on the application
of outward reinsurance arrangements to the non-life catastrophe risks.
Most of the reinsurance companies operate from Switzerland,
Germany,Bermuda and regional financial hubs from London,Singapore,
Dubai,Malaysia,Russia. ING Re (Netherlands) NV, ABN AMRO Captive NV,
Achmea
Reinsurance
Company
NV,
Unive
Her
NV,
Rabo
Herverzekeringsmaatschappij NV, Global Re NV, Nationale-Nederlanden and
Metro Reinsurance NV are leading reinsurance providers.
Topics Covered in The Report
 Reinsurance in the Netherlands Market Research Report