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D&O Insurance in the Netherlands

  • December 2014
  • -
  • Finaccord
  • -
  • 22 pages

D&O Insurance in the Netherlands is about the market for directors' and officers' liability cover in the Netherlands. In addition to documenting the development of the market value from 2010 to 2014, the report also divides it for the most recent year for three key segmentations: between publicly listed corporate enterprises, unlisted corporate enterprises and other entities (e.g. non-incorporated businesses and the not-for-profit sector); between the financial services sector, the non-financial services sector and the manufacturing / primary sector; and between underwriters based in the Netherlands itself and underwriters located outside of it.

These unique market splits are based in part on a survey of leading brokers and underwriters of D&O insurance in the Netherlands. This same survey also identifies the underwriters of this type of cover used by brokers on a regular basis, gives an input into Finaccord's estimates for the market shares of underwriters of D&O insurance, provides a basis for commentary surrounding distribution channels used for this type of cover, informs observations concerning trends in claims by type of insured entity, and guides Finaccord's forecasts for the market value through to 2018.

Table Of Contents

DandO Insurance in the Netherlands
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 3
What is this report about? 3
Rationale 3
Several factors underpin the rationale for the production of a study about DandO insurance 3
Methodology 3
Research program 3
Market data analysis 3
Definitions 4
DandO insurance 4
Policies are usually taken out by companies rather than by company managers… 4
… and typically pay for both defence costs and the damages paid to the claimant 4
DandO insurance can be bought by a variety of different types of entity 4
In Europe, policies typically incorporate Side A and Side B cover but not always Side C cover 4
Stand-alone cover bought for certain specialised risks is excluded from the definition of DandO insurance 5
Premiums 5
Sectors 5
Abbreviations 5
Finaccord 6
2.0 MARKET ANALYSIS 7
Introduction 7
Regulatory background 7
A two-tier board structure is mandatory for larger stock corporations 7
In the case of insolvency, liquidators have the right to sue directors 8
Number of insurable entities 8
The core target audience for DandO cover shrunk by around 600 enterprises between 2010 and 2014… 8
Market value, growth and segmentation 9
… although this did not prevent the market value from posting reasonable growth… 9
. causing it to comfortably outpace the wider market for general liability insurance 10
The value of the Dutch market splits quite evenly between listed and unlisted enterprises… 10
… and the split by business sector is not untypical of that seen elsewhere in Europe 11
A fairly substantial proportion of DandO insurance cover is underwritten outside of the Netherlands 14
Penetration levels 14
There is very limited scope to increase penetration rates among listed enterprises… 14
… but much more among larger unlisted ones 15
Underwriter market shares and specialisms 15
Three underwriters of DandO insurance are used on a regular basis by over a half of brokers… 15
… although these are not the top three when ranked by market share 16
The two largest players both offer EUR 25 million in capacity in the primary segment 17
Chubb is especially strong among smaller and medium-sized enterprises… 18
… and Markel is also targeting this audience with simplified lower-cost policies 18
Key brokers and broker specialisms 18
Major banks are more important as distributors of DandO cover than elsewhere in Europe… 18
… although brokers are dominant overall 18
Trends in claims and key risks 18
While claims activity has risen, DandO insurance has remained a profitable activity in aggregate 18
The construction sector has seen an increase in insolvency-related claims which may have peaked 19
Large financial institutions are thought to be well-protected from possible future external shocks 19
Future outlook 20
Real terms market value growth of 1.9% is predicted from 2014 to 2018… 20
… although the number of policies issued may rise more rapidly 20
3.0 APPENDIX 22
Brokers and insurers participating in the survey 22

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1
Key market data for DandO insurance in the Netherlands 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS 7
Number of insurable entities segmented by legal structure, size and sector in the Netherlands, 2014 9
Premiums for DandO insurance and the percentage of the total general liability insurance market that this
represents in the Netherlands, 2010 and 2014 10
Segmentation of DandO insurance premiums in the Netherlands between publicly listed corporate
enterprises, unlisted corporate enterprises and other organisations, 2014 11
Segmentation of DandO insurance premiums in the Netherlands between the financial services sector, the
non-financial services sector and the manufacturing / primary sector, 2014 12
Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financial
services sector and the manufacturing / primary sector in the Netherlands, 2014 (table) 13
Ratio of DandO insurance premiums to gross value added in the financial services sector, the non-financial
services sector and the manufacturing / primary sector in the Netherlands, 2014 13
Segmentation of DandO insurance premiums in the Netherlands between underwriters based in the
Netherlands and underwriters based abroad, 2014 14
Proportion of publicly listed corporate enterprises and unlisted corporate enterprises with revenues above
EUR 10 million with DandO insurance in the Netherlands, 2014 15
Frequency of usage of specific insurance underwriters by major brokers of DandO insurance in the
Netherlands, 2014 16
Estimated market shares of DandO insurance premiums of underwriters in the Netherlands, 2014 17
Segmentation of claims costs between defence costs and other claims costs in the Netherlands in a
typical year 20
Forecast premiums for DandO insurance in the Netherlands, 2018 21
3.0 APPENDIX 22

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