Netherlands insurance market
The Netherlands hosts one of the largest insurance markets in the European Union. According to the Dutch Association of Insurers (Verbond van Verzekeraars), the Dutch insurance sector realised a premium volume of EUR 41.4 billion in 2025, a 10% increase compared to the previous year. The largest part of this increase is attributable to the pension market, where premium income of pension and life insurers rose 17% to EUR 17 billion, driven largely by pension funds transferring existing schemes to insurers ahead of the Wet toekomst pensioenen (Future Pensions Act). Non-life (schade) premium volume and results both increased in 2025, helped by insured climate-related damage coming in around 40% lower than a year earlier, although underlying claims costs continue to rise due to inflation, higher material and labour costs, more expensive repairs, the growth of electric vehicles and climate change effects. Motor insurance premium income rose to EUR 7.5 billion, though the compulsory motor liability (WA) segment remains loss-making, and traffic fatalities rose to 759 in 2025, a 12% increase versus the prior year. Income-protection insurers faced the most pressure: premium income rose to EUR 5.2 billion but the bottom-line result turned negative, mainly due to rising sick-leave and disability claims. The Verbond is in discussions with government to make the WIA disability scheme more workable again by simplifying assessments and emphasising return to work. Despite these pressures, the sector's solvency ratio stood at 176% for non-life and income insurers and 209% for life insurers in 2025, both comfortably above regulatory requirements. The Dutch insurance sector is supervised under the twin-peaks model by De Nederlandsche Bank (DNB) for prudential supervision and the Autoriteit Financiele Markten (AFM) for conduct-of-business supervision, governed primarily by the Wet op het financieel toezicht (Wft) and the Solvency II framework, with health insurers additionally registered with the Nederlandse Zorgautoriteit (NZa).
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 41.4bn (Verbond van Verzekeraars scope, excl. mandatory basic health insurance)
Annual growth
Insurance penetration
8.5%
Active insurers
86
Population
18,131,238
Registered vehicles
10,800,000
Total premiums (EUR bn)
- 202541.4 EUR bn
- 202437.7 EUR bn
- 202335.2 EUR bn
2023 — 35.2 EUR bn
2024 — 37.7 EUR bn
2025 — 41.4 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
46.0%Life share
41.0%Insurance penetration (%)
Market data by year
Gross written premium 2025 (EUR bn)
- CZ Zorgverzekeringen N.V. (CZ groep)14.2 EUR bnEUR 14.175 mln (2025, premies en bijdragen)
- ASR Nederland N.V.5.8 EUR bnEUR 5.846 mln (2025, SFCR premiums)
CZ Zorgverzekeringen N.V. (CZ groep) — 14.2 EUR bn
EUR 14.175 mln (2025, premies en bijdragen)
ASR Nederland N.V. — 5.8 EUR bn
EUR 5.846 mln (2025, SFCR premiums)
Market share 2025
CZ Zorgverzekeringen N.V. (CZ groep)
20.0%ASR Nederland N.V.
14.7%Insurer directory
Active insurers
Insurers currently active in Netherlands.
Achmea B.V.
Zeist, Netherlands (relocating to Apeldoorn by 2028)
Achmea B.V. is a cooperative Dutch financial services group serving over 10 million customers in the Netherlands and abroad, through brands including Centraal Beheer, Interpolis, Zilveren Kruis, FBTO, Avéro Achmea, De Friesland and InShared. The group offers health, life, property/casualty, travel, and income insurance products, as well as related financial services. In late 2024, Achmea announced it will not renew its Zeist office lease and will relocate its head office activities to Apeldoorn by 2028, while retaining locations in Amsterdam, Tilburg and Leiden.
NN Group N.V. (Nationale-Nederlanden)
The Hague, Netherlands
Nationale-Nederlanden is one of the largest financial services providers in the Netherlands, part of the publicly listed NN Group N.V. Its roots trace back to 1845 with the founding of De Nederlanden van 1845, and the company today serves millions of retail and corporate customers with life and non-life insurance, pension, investment and banking solutions.
CZ Zorgverzekeringen N.V. (CZ groep)
Tilburg, Netherlands
CZ (Centraal Ziekenfonds) is a large non-profit Dutch health insurer founded in 1930 in Tilburg, operating as a mutual insurance association (onderlinge waarborgmaatschappij).
EUR 14.175 mln
ASR Nederland N.V.
Utrecht, Netherlands
ASR Nederland N.V. (a.s.r.) is one of the largest Dutch insurance groups, listed on Euronext Amsterdam, offering non-life, life, income protection, health, funeral, travel, pension, and mortgage products to individuals, self-employed persons, and businesses in the Netherlands.
EUR 5.846 mln
Coöperatie VGZ U.A.
Arnhem, Netherlands
Coöperatie VGZ UA is one of the largest non-profit health insurers in the Netherlands, insuring over 4 million members through its main VGZ brand and several sub-labels. Founded in 1948 in Nijmegen as Stichting Volksgezondheidszorg, it is structured as a cooperative without shareholders, reinvesting any surplus into care, members, and premium reduction. VGZ offers basic health insurance, supplemental insurance, and dental insurance, and operates several sub-brands including IZA, VGZbewuzt, Univé (health), ZEKUR, IZZ, UMC Zorgverzekering, UnitedConsumers and Zorgzaam.
Athora Netherlands N.V.
Amsterdam, Netherlands
Athora Netherlands N.V. is the holding company of SRLEV N.V. and Zwitserleven PPI N.V., operating in the Netherlands through the brands Zwitserleven and Reaal. It is the Dutch subsidiary of Athora Holding Ltd., a pan-European savings and retirement services group that also owns businesses in Belgium, Germany, Italy and, since March 2026, the UK (via the completed acquisition of Pension Insurance Corporation Group).
Coöperatie Menzis U.A.
Wageningen, Netherlands
Menzis is one of the largest non-profit health insurance cooperatives in the Netherlands, founded in 2006 following a merger of Amicon, Geové and NVS, with roots dating back to 1836. As a member-owned cooperative without shareholders, it serves approximately 2 million insured members through the labels Menzis, Anderzorg and VinkVink. It offers basic health insurance, supplementary and dental insurance packages across the Netherlands.
Allianz Nederland Groep N.V.
Rotterdam, Netherlands
Allianz Nederland Groep N.V. is the Dutch holding company for Allianz's insurance, pension and mortgage activities, part of the global Allianz Group. Insurance operations run under Allianz Benelux N.V. (statutorily based in Brussels), covering non-life, life and income insurance for individuals and businesses, complemented by pension activities via Allianz Premie Pensioen Instelling B.V. and mortgage activities via Allianz Vermogen B.V.
Onderlinge Verzekeringsmaatschappij Univé Samen U.A. (Univé)
Assen, Netherlands
Univé is a Dutch cooperative insurer without a profit motive, formed in its present form in 1991 through the merger of regional cooperatives DLG (Assen) and Novo (Zwolle), with its oldest predecessor mutual dating back to 1794. It offers property, motor, travel, health, life and business insurance as well as mortgages, mainly through a network of around 100-150 local stores run by regional member cooperatives.
DSW Zorgverzekeraar (OWM DSW Zorgverzekeraar U.A.)
Schiedam, Netherlands
DSW Zorgverzekeraar is a Dutch health insurer, operating as a mutual (onderlinge waarborgmaatschappij) without profit motive, providing statutory basic health insurance and supplementary health insurance to more than 580,000 policyholders nationwide, a mid-sized Dutch health insurer with a market share of about 4%.
Market notes
Important news
Aug 27, 2026
Nationale-Nederlanden acquires Samenwerking Glasverzekering
NN acquired Samenwerking Glasverzekering (SGV), a specialist glass insurer serving housing associations, municipalities and SMEs via brokers and authorised agents, to strengthen its combined fire and glass insurance proposition for the business market.
Why it matters
Reflects ongoing bolt-on M&A by large composite insurers to deepen specialist commercial-lines capabilities distributed through brokers and authorised agents.
Jul 2, 2026
a.s.r. completes legal merger of Aegon Leven into a.s.r. Leven
ASR Levensverzekering N.V. and AEGON Levensverzekering N.V. legally merged on 2 July 2026, with DNB approval, transferring all rights and obligations to a.s.r. Leven. This marks the final integration step following a.s.r.'s 2022 acquisition of Aegon Netherlands.
Why it matters
Concludes one of the largest integrations in Dutch insurance history, simplifying the corporate and product structure of a.s.r.'s life book and ending Aegon's separate legal existence as a Dutch life insurer.
Jul 1, 2026
a.s.r. completes acquisition of Bovemij's insurance activities
a.s.r. and BOVAG completed the transaction, announced 8 January 2026, under which a.s.r. acquired the insurance activities of Bovemij (mobility-sector insurer including ENRA), while RDC, Autotrust and viaBOVAG became fully owned by BOVAG. a.s.r. and BOVAG also formed a joint venture for distribution.
Why it matters
Expands a.s.r.'s presence in mobility-sector niche insurance and demonstrates continued bolt-on consolidation by large Dutch composite insurers targeting specialist distribution channels.
Feb 26, 2026
De Goudse acquires Zevenwouden and Noorderlinge verzekeraars
De Goudse N.V., via Goudse Schadeverzekeringen N.V., obtained ACM clearance on 31 March 2026 to acquire sole control of Algemene Friese Onderlinge Schadeverzekeringsmaatschappij "Zevenwouden" U.A.
Why it matters
Illustrates continued consolidation among regional Dutch non-life insurers, as De Goudse pursues a multi-label regional strategy to maintain broker distribution relevance and expand non-life market share.
Regulation
Regulation
DNB
De Nederlandsche Bank (Dutch Central Bank)
Primary prudential supervisor of insurers in the Netherlands. DNB grants licences to insurers, monitors financial soundness, capital requirements, solvency compliance under Solvency II, and risk management. It maintains the public register of licensed insurers and reinsurers.
https://www.dnb.nlAFM
Netherlands Authority for the Financial Markets
Conduct-of-business supervisor for all financial undertakings including insurers. The AFM ensures fair and transparent financial markets, proper treatment of consumers, and regulates the way market participants conduct their operations. Together with DNB it forms the twin-peaks supervisory model.
https://www.afm.nlVerbond van Verzekeraars
Dutch Association of Insurers
The principal industry association representing life and non-life insurers in the Netherlands. Its Data Analytics Centre publishes the annual Financieel Jaarverslag with sector-wide premium, claims and solvency statistics, coordinates self-regulation, and represents sector interests.
https://www.verzekeraars.nlNZa
Netherlands Healthcare Authority
Sectoral regulator for health insurers offering basic health insurance under the Health Insurance Act (Zvw). Insurers wishing to offer healthcare insurance must be authorised by DNB and also registered with the NZa.
https://www.nza.nlEIOPA
European Insurance and Occupational Pensions Authority
EU-level supervisory authority that drafts technical standards, issues guidelines and recommendations relevant to Dutch insurers, and oversees the consistent application of Solvency II across EU member states including the Netherlands.
https://www.eiopa.europa.euKey legislation
Key legislation
Wet op het financieel toezicht (Wft), enacted 12 October 2006
Financial Supervision Act
The primary statute governing supervision of virtually the entire Dutch financial sector, including insurers. It establishes the licensing regime for life insurers, non-life insurers and reinsurers, sets out the prudential and conduct-of-business requirements, and grants supervisory powers to DNB and the AFM. All insurers wishing to operate in the Netherlands must hold a DNB licence under the Wft unless a European passport applies.
Solvency II Directive (2009/138/EC), implemented in the Netherlands via the Wft and implementing decrees
Solvency II prudential framework for insurers
Risk-based European supervisory framework applicable to all Dutch licensed insurers (except small insurers). It sets requirements for own funds, Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR), technical provisions, governance, risk management, and public disclosure (SFCR). Effective from 1 January 2016 and also applied to Dutch health insurers from that date. A Solvency II review is being implemented, with changes to DNB policy expressions taking effect from 30 January 2027.
Zorgverzekeringswet (Zvw), enacted 1 January 2006
Health Insurance Act
Establishes mandatory universal health insurance for all residents and workers in the Netherlands. It merged public and private health insurance systems into one model based on managed competition. Insurers must accept all applicants for basic insurance without discrimination. The Zvw is administered by private insurers under prudential supervision of DNB and registration with the NZa.
Wet aansprakelijkheidsverzekering motorrijtuigen (WAM)
Motor Third-Party Liability Insurance Act
Mandates compulsory third-party liability insurance for all motor vehicles in the Netherlands. Sets minimum insured amounts (at least EUR 1.22 million per victim for personal injury and EUR 610,000 per event for property damage). Regulates the guarantee fund for uninsured or untraced drivers.
Wet toekomst pensioenen (Wtp), entered into force 1 July 2023
Future Pensions Act
Major pension reform law that transforms the Dutch pension system from defined-benefit to defined-contribution schemes. Insurers have until 1 January 2028 to comply. The Act continues to stimulate pension fund buy-outs, with pension and life insurance premium income rising 17% in 2025 as more pension funds transfer their obligations to insurers.
Digital Operational Resilience Act (Regulation EU 2022/2554), fully applicable from 17 January 2025
DORA - ICT and operational resilience requirements
EU regulation imposing binding requirements on financial entities, including Dutch insurers, for ICT risk management, incident reporting, digital operational resilience testing, and oversight of critical third-party ICT providers. DNB continues to focus supervisory attention on DORA implementation among its strategic themes for 2026, alongside the Wtp and the Solvency II review.
Besluit prudentiele regels Wft (Bpr Wft)
Decree on Prudential Rules under the Financial Supervision Act
Implementing decree under the Wft that elaborates prudential supervision rules for financial undertakings including insurers. Covers minimum own funds, solvency, technical provisions, investment policy, and reporting requirements for licensed and supervised entities.
EU cross-border access
EU cross-border insurers
Cigna Europe Insurance Company S.A.-N.V.
Freedom of Services
Home country: Belgium
Supervisor: NBB (Belgium)
Biedt internationale zorgverzekeringen aan expats en global professionals in Nederland
AXA Global Healthcare (AXA Partners S.A.S.)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Biedt internationale zorg- en reisverzekeringen aan expats en internationale klanten in Nederland
Allianz Care (AWP P&C S.A.)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Biedt internationale zorg- en reisverzekeringen aan expats in Nederland
Bupa Global (Insurance Company of Ireland DAC)
Freedom of Services
Home country: Ireland
Supervisor: CBI (Ireland)
Biedt premium internationale zorgverzekeringen aan voor expats in Nederland
April International (April International Care S.A.)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Biedt flexibele internationale zorgverzekeringen aan expats en internationale klanten in Nederland
Euromex N.V.
Freedom of Services
Home country: Belgium
Supervisor: NBB (Belgium)
Belgische rechtsbijstandverzekeraar (onderdeel Baloise groep), in 2025 aspirant-lid geworden van het Verbond van Verzekeraars voor activiteiten op de Nederlandse markt
AG Insurance
Freedom of Services
Home country: Belgium
Supervisor: NBB (Belgium)
Belgische schade- en levensverzekeraar, primair gericht op de Nederlandse zakelijke verzekeringsmarkt via gevolmachtigd agenten; in 2025 aspirant-lid geworden van het Verbond van Verzekeraars
Distribution channels
Share by channel- 35%Independent Insurance Brokers
- Aon Nederland
- Marsh Nederland
- Willis Towers Watson
- Arthur J. Gallagher
- Schouten Zekerheid
- 14%Authorised AgentsGevolmachtigde Agenten / MGA
- Noorderlinge verzekeraars
- NVGA-leden
- Orvia Underwriting (Ardonagh Europe)
- 22%Direct InsuranceInsurer direct / online
- Centraal Beheer
- Interpolis (Achmea)
- FBTO
- Univé
- 12%Bancassurance
- ABN AMRO Verzekeringen
- Rabobank (Interpolis)
- ING Verzekeringen
- NN Bank
- 10%Tied / Exclusive Agents
- Nationale-Nederlanden agenten
- a.s.r. agenten
- 7%Digital Aggregators / Comparison Platforms
- Independer
- Pricewise
- Geld.nl
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
File a written complaint directly with the insurer. The insurer is legally required to handle complaints properly and respond within a reasonable timeframe, typically 8 weeks.
- 2
If unresolved, submit the complaint to Kifid (Financial Services Complaints Institute) within 3 months of the insurer's final response or within 1 year of first filing. Kifid first attempts mediation; if unsuccessful, the Disputes Committee issues a (binding) ruling. Procedure is free of charge.
- 3
If the complaint has a disciplinary aspect, Kifid forwards it to the Tuchtraad Verzekeraars (Disciplinary Council for Insurers). Consumers may also go directly to court, but this forecloses the Kifid route.
EU cross-border access
EU cross-border access
Under Solvency II and the EU Treaty, insurers licensed in any EU/EEA member state may operate in the Netherlands either by establishing a branch (freedom of establishment) or by offering cross-border services without a local presence (freedom of services). DNB supervises only Dutch-licensed insurers; foreign EEA insurers operating in the Netherlands remain under the supervision of their home-state regulator.
EU Directive 2009/138/EC (Solvency II), Wet op het financieel toezicht (Wft), VWEU art. 49 (vrijheid van vestiging) en art. 56 (vrij verkeer van diensten)
freedom of establishment
An EEA-licensed insurer may open a branch (bijkantoor) in the Netherlands. The branch must notify DNB and the home-state regulator. The insurer remains subject to home-state prudential supervision under Solvency II, while the AFM may apply Dutch conduct-of-business rules. Only one licence is needed EU-wide.
freedom of services
An EEA-licensed insurer may offer insurance products to Dutch policyholders directly from its home-state establishment, without setting up a Dutch branch. The insurer notifies its home-state regulator, which informs DNB. Prudential supervision remains with the home-state regulator; Dutch conduct rules (Wft) may apply to certain activities.
Market history
Market history
1990-2000
Consolidation and Bancassurance Emergence
Dutch insurers underwent significant consolidation through mergers and acquisitions, with major bancassurance groups forming as banks and insurers combined. Internationale Nederlanden Groep (ING) and AMEV/Fortis emerged as leading composite groups. The Amsterdam insurance exchange remained an important hub for large commercial risks.
2001-2009
Regulatory Reform and the Wft Era
The Wet op het financieel toezicht (Wft) took effect in 2007, unifying financial supervision under DNB and the AFM. The intermediary market was professionalised with mandatory registration, education requirements, and a ban on undisclosed commissions. The global financial crisis exposed weaknesses in financial groups such as ING and Fortis.
2010-2018
Woekerpolis Fallout, Solvency II Implementation and Provisieverbod
The 'woekerpolis' (high-cost unit-linked) scandal eroded consumer trust and dramatically reduced demand for individual life products, pushing many portfolios into run-off. A ban on distribution commissions (provisieverbod) for complex products took effect in 2013. Solvency II was implemented from 2016, raising capital and governance requirements and accelerating consolidation.
2019-2023
Major M&A Wave, Pension Reform and Digital Acceleration
a.s.r. agreed to acquire Aegon Netherlands in 2022 for about EUR 4.9 billion, creating one of the largest Dutch insurance groups alongside NN Group. The Wet Toekomst Pensioenen (WTP) took effect on 1 July 2023, mandating a sector-wide transition to defined contribution pension schemes by 2028. Digital distribution and aggregator platforms expanded rapidly.
2024-2026
DORA Compliance, Aegon Integration Completed and Continued Bolt-on M&A
Since January 2025 all insurers must comply with DORA. AFM tightened group-insurance licensing rules from October 2025. a.s.r. completed the legal merger of Aegon Leven into a.s.r. Leven and closed its acquisition of Bovemij's insurance activities in mid-2026, while NN Group and De Goudse pursued further bolt-on deals (Samenwerking Glasverzekering; Zevenwouden/Noorderlinge).
Glossary
Glossary
nl
Verzekeraar
A company (NV or mutual) that accepts insured risks for its own account and risk, typically an NV or onderlinge waarborgmaatschappij licensed by DNB.
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Verzekeringnemer
The party that concludes the insurance contract with the insurer and pays the premium.
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Verzekerde
The person or organisation whose risk is covered under the insurance policy.
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Premie
The periodic payment made by the policyholder to the insurer in exchange for insurance coverage.
nl
Assurantiemakelaar
An independent intermediary that acts on behalf of the policyholder to arrange insurance, typically for commercial risks.
nl
Gevolmachtigde agent
A company that concludes insurance contracts in the name and on account of an insurer under a power of attorney (volmacht).
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Co-assurantie
A form of insurance in which two or more insurers each accept a defined share of a single risk.
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Herverzekering
A contract by which an insurer transfers part of its accepted risk to a reinsurer in exchange for a reinsurance premium.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 2026
- 01De Nederlandsche Bank (DNB)
Prudential supervisor; publishes enforcement decisions, market statistics and Solvency II data.
- 02Autoriteit Financiële Markten (AFM)
Conduct supervisor; publishes enforcement actions, interpretations and licensing information.
- 03Kifid – Klachteninstituut Financiële Dienstverlening
Independent ADR body for consumer complaints about insurers and other financial service providers.
- 04Verbond van Verzekeraars
Dutch insurers' association; publishes market statistics, kerncijfers and industry positions.
- 05ACM – Autoriteit Consument en Markt
Competition authority; publishes merger clearance decisions including insurance sector transactions.
- 06Rijksoverheid – DORA
Official Dutch government page on the EU Digital Operational Resilience Act requirements.
- 07a.s.r. Nederland – Pers
Official press releases on a.s.r. acquisitions, mergers and Aegon Netherlands integration.
- 08Nationale-Nederlanden (NN) – Nieuws
Official news releases on NN Group acquisitions and market activities in the Netherlands.