Market Trends of Netherlands Property & Casualty Insurance Industry
Motor Insurance is Largest segment of the Market
- Motor insurance is the largest segment of the Netherlands property and casualty insurance market. The growth in the motor insurance premium can be explained by the increase in more expensive electric vehicles. The cost of claims also decreased for the year.
- The reduced cost of claims is attributed to the reduced traffic density in the Covid period. Across the whole year, the intensity of the traffic was at 80% compared to the previous year's. Due to the lower cost, motor insurance achieved a positive result after many years, where the combined ratio was below 100, denoting profitability for the segment.
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E-commerce Industry Working as Catalyst to Market
As e-commerce continues to grow, so does the need for cyber insurance. With more and more transactions taking place online, there’s a growing need for coverage to protect against cyber risks, data breaches, and other digital threats. E-commerce companies often operate with complex supply chains. Natural disasters, geopolitical events, or other supply chain disruptions can increase the need for insurance coverage to protect against these risks. The high volume of online transactions introduces risks related to payment processing, fraudulent activities, and transaction disputes. E-commerce companies may turn to insurance solutions to protect against financial losses arising from these risks.
