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On the other hand, the Dutch insurance market is one of the most open markets in the world, mainly due to its liberal regulatory environment and its considerably open distribution structure. As a result, the absolute and relative number of market participants is overwhelming. With “only” 16 million inhabitants in the Netherlands, no less than 786 non-life-insurers and 247 life insurers have licenses to operate in the Dutch market. The fact that the Dutch rank sixth globally in terms of per capita insurance premiums paid is another explanation for the overwhelming number of participants. However, coming from an era of “unlimited exuberance,” relatively flexible regulation, and strong fiscal incentives for life insurance business, insurers now have to adjust to a business environment that has changed significantly.
Verkerk-Kooiman, Annemarie J., Convergentie van toezichtssystemen in de Europese Unie, 1994, Lutgart A.A. van den Berghe, Alfred Oosenbrug, Rob Kaas, Henk Wolthuis (eds), Heterogeniteit in verzekering (Erasmus Insurance Centre / Instituut voor Actuariaat en Econometrie, Rotterdam / Amsterdam, The Netherlands), p. 203-222.
Vermaat, Arend J. and Alfred Oosenbrug, 1994, Bedrijfseconomisch toezicht op verzekeraars en pensioenfondsen (Erasmus Insurance Centre, Rotterdam, The Netherlands).
Voorst Vader, Alexander A. van, 1995, Het assurantie-intermediair in Nederland: positie en economisch belang mede gezien in Europees perspectief, Verzekering en Europa (W.E.J. Tjeenk Willink, Zwolle, The Netherlands), p. 87-107.
AFM. Authoriteit Financiële Markten (Authority for the Financial Markets).
All-Finance. All-finance is the deliverance of integrated banking and insurance services from within one group.
Annuity. An annuity is a fixed amount of money paid out at regular intervals during some predetermined period.
Asbestosis. Asbestosis is a malignancy of the lungs caused by exposure to asbestos.
AWBZ. Algemene wet bijzondere ziektekosten (exceptional medical expenses act).
Bancassurance. See all-fmance.
DES. DES is di-ethyl stilboestrol, a synthetic hormone formerly used in some medicine for pregnant women, which can cause genetic abnormalities in the child.
Endowment Policy. An endowment policy is a life insurance policy providing some sum assured paid out if the insured person is alive at a pre-specified date.
Group Life Contract. A group life contract is a group insurance contract written by an employer to insure the pension rights awarded to his employees.
Guild. A guild is a society of persons with the same occupation to forward common interests.
Life Annuity. A life annuity is a fixed amount of money paid out at regular intervals as long as the annuitant is alive.
Modern Funeral Fund. A modem funeral fund is a funeral fund calculating its premiums and liabilities using modem life insurance mathematics.
Modern Life Insurance Mathematics. Modem Life insurance mathematics consists of mathematical methods to calculate life insurance premiums and liabilities, taking into account age-dependent mortality rates.
NMa. Nederlandse Mededingingsauthoriteit (Dutch antitrust authority).
OECD. Organization for Economic Co-operation and Development.
“Old Age Time Bomb.” The “old age time bomb” is the growing demographic imbalance disturbing the numerical balance between the “young” and the “old” and challenging modem societies.
PVK. Pensioen- & Verzekeringskamer (Pensions & Insurance Chamber).
Relative Technical Result. The relative technical result is the profit or loss on the technical account of the income statement divided by the aggregated gross premium income written.
Required Solvency Margin. The required solvency margin is the minimum solvency margin required by the supervisory rules.
Scientifically-Based Life Insurance Company. A scientifically-based life insurance
company is a life insurance company calculating it’s premiums and liabilities using modem life insurance mathematics.
Solvency Margin. A solvency margin is a financial margin that can be lost before an organisation becomes insolvent.
Solvency Ratio. A solvency ratio is the actual solvency margin divided by the required solvency margin.
Technical Result. A technical result is the profit or loss on the technical account of the income statement.
Traditional Funeral Fund. A traditional funeral fund is a funeral fund not based on modem mathematical methods to calculate premiums and liabilities.
Unit-Linked Policy. A unit-linked policy is a life insurance policy with the level of the sum assured directly linked to the value of the units of some investment vehicle specifically allocated to the policy.
1 This paragraph is based on Oosenbrug (1999), Chapter 2.
2 See Schaap and Van den Berg (undated) for a biography of Johan de Witt.
3 Substantial parts of the rest of this chapter are based on Oosenbrug (2004) and Oosenbrug and Zoon (2002).
4 See Verhoog (2003), Oosenbrug (2002), and Oosenbrug (1995a) for detailed information about the generally accepted accounting principles and the accounting rules in the Netherlands, and the changes in the accounting rules since those rules were introduced.
5 The solvency ratio is the actual solvency margin of a company divided by the required solvency margin of that company. See Oosenbrug (2003) for detailed information about the way the actual and the required solvency margins of the different kinds of insurance companies have to be calculated.
6 The Dutch pension system is a “three-pillar-system.” The first pillar consists of a pay-as- you-go state pension system providing some base-level old age pension for each citizen. The second pillar comprises the privately funded pensions carried out by company pension funds, pension funds for branches of industry and occupational pension funds, and by life insurance
companies offering group contracts (see also “Competition in the market for life insurance policies” in this chapter). The third pillar consists of the market for individual life insurance policies to create some kind of old-age provision.
8 Oosenbrug (2002) discusses the generally accepted accounting principles for unit-linked policies and related investments.
9 The new accounting rules meant came into force at January 1, 1995 (see for example Oosenbrug 1995a).
10 From 1947 to 1958, the share of income from single-premium contracts decreased from 26.7% to 14.3%. From 1959 to 1969 it fluctuated between 13.5% and 18.0%. Then it increased rapidly to 27.7% in 1974. In 1975 it peaked at 47.6% to drop to 33.8% in 1976 (Nijenhuis, Potjes, and Schilder 1994). From then on it fluctuated between 30% and 40%, giving the 37% mentioned in 1985.
11 From 1985 to 2003 the standard deviation of the growth rate for the premium income earned from single-premium policies was more than 12%, with the standard deviation for the growth rate for premium income earned from policies with premium payment being “only”
4.5%.
12 See A. Oosenbrug, et al. (1996).
13 DES (di-ethyl stilboestrol) is a synthetic hormone formerly used in some medicine for pregnant women. DES can cause genetic abnormalities in the child.
14 The new accounting rules meant came into force as of January 1, 1995 (see for example Oosenbrug 1995a).
15 Note that the scale of Figure 12 is not the same as the scale of Figure 11. The total number of licensed non-life insurance companies is more than threefold the total number of licensed life insurance companies.
16 In 1991 a 71% market share in the non-life market was held by the top 20 in the market. In 1987 the top 20 held a market share of not more than 64% (Buijs 1994).
17 See Nijenhuis and Potjes (1994) for some comments on the development of the degree of concentration in the Dutch life market from 1956 to 1991.
:o6 Source: Swiss Re. Of total per capita premium income, € 1,376 was spent on life insurance and € 1,250 on non-life insurance.
19 For the clients of banks the general guarantee based on the European Union Directives of €20,000 per person is applicable (see Garcia and Prast 2004).
20 See Oosterloo and De Haan (2003) and Houben, Kakes, and Schinasi (2004) for elaborate discussions of the way financial stability can and must be watched.