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Professional Indemnity Insurance in the Netherlands

  • April 2016
  • -
  • Finaccord
  • -
  • 34 pages

Professional Indemnity Insurance in the Netherlands is a report about the Dutch market for and distribution of policies covering professional liability. For 2011, 2015 and with a forecast for 2019, the study breaks down the market for professional indemnity insurance on a standardised basis by professional group with 13 categories considered as follows:

accountancy and finance;
architecture;
D&B (design and build);
engineering;
estate agency;
financial and insurance intermediation;
healthcare-related services;
IT and business consulting;
legal services;
media and marketing;
medicine and dentistry;
surveying;
other professional sectors.
In particular, the report quantifies the number, growth in number and segmentation of insurable enterprises in the Netherlands from 2011 to 2015 plus the value, growth and segmentation of the market for professional indemnity insurance over the same time frame and with a forecast to 2019. These segmentations are provided not only for each of the 13 aforementioned professional categories but also by annual fee income or turnover band in order to show the potential and actual market value in Netherlands attributable to the largest and smallest professional enterprises.

In addition, three further segmentations of the market value in 2015 are also given: between business dealt with by domestic underwriters and that placed with non-domestic underwriters; between new business and renewals; and between primary layer and excess layer business.

Moreover, on the basis of a survey of leading brokers of professional indemnity cover in the Netherlands, the report identifies the underwriters of this type of insurance that are used most frequently and provides estimates for the market shares by premium income of leading underwriters in 2015 for all forms of professional indemnity cover combined expressed as a percentage range (e.g. 5.0% to 7.5%).

Finally, the study identifies affinity schemes for professional indemnity insurance in the Netherlands set up between professional / trade associations with a nationwide remit and brokers or underwriters of this type of cover (based on a survey of 100 such associations), highlights other distribution channels used to sell this form of insurance (e.g. brokers, direct sales, online aggregators, other affinity partners) and discusses key issues associated with the market.

Table Of Contents

Professional Indemnity Insurance in the Netherlands
0.0 EXECUTIVE SUMMARY . 1
1.0 INTRODUCTION 3
What is this report about? 3
Finaccord's study breaks down individual country markets into 13 professional categories… 3
… with a number of other key segmentations also provided . 3
Rationale . 3
This series of reports delivers up-to-date research about a complex, multi-faceted insurance sector… . 3
. with affinity schemes researched in detail through the associated PartnerBASE dataset 4
Methodology . 4
Survey of professional and trade associations 4
Survey of brokers and underwriters . 4
Market data . 6
Definitions . 6
Professional indemnity insurance 6
Professional categories 7
Operating models . 8
Other notes 9
PartnerBASE and market data file 9
Finaccord 9
2.0 MARKET ANALYSIS . 11
Introduction . 11
Number, growth in number and segmentation of insurable enterprises . 12
Professional enterprises in the IT and business consulting sector are most numerous . 12
Only one category experienced a decline in its number of insurable enterprises from 2011 to 2015 13
Over 95% of insurable enterprises are concentrated in the lowest annual fee income or turnover band 14
Market value, growth and segmentation . 16
Premiums in the medicine and dentistry category are far ahead of those in the second-largest segment 16
Holding professional indemnity insurance is compulsory for a number of professions 16
A high share of premiums is due to enterprises with annual fee income or turnover below EUR 1 million . 18
Dutch doctors generally acquire professional indemnity cover bundled within general liability insurance . 20
MediRisk insures most hospitals in the Netherlands 20
Architects belonging to the main professional association have to acquire appropriate insurance cover . 20
A small proportion of the Dutch market is dealt with by underwriters based outside of the Netherlands… . 21
… and around a quarter of it in any given year is due to new business as opposed to renewals 22
The vast majority of the market is composed of primary layer (as opposed to excess layer) business. 23
Underwriter utilisation and market shares 24
Two underwriters of professional indemnity cover enjoy regular utilisation among 80% of Dutch brokers… 24
… and any of three are likely overall market leaders . 24
Participants include both international and local underwriters . 25
Affinity schemes with professional and trade associations 27
One third of associations have established a scheme for professional indemnity insurance… . 27
… with Aon claiming the most partnerships among brokers… 28
… and VvAA among underwriters 29
Other distribution channels 30
Brokers 30
Numerous brokers possess demonstrable expertise in professional indemnity cover… . 30
… and several have set up a dedicated online proposition for it . 30
Direct sales 31
Professional indemnity insurance can also be bought directly from several underwriters… 31
Online aggregators . 31
… but has not yet entered the suite of products marketed by online comparison sites 31
Other affinity partners . 31
Major banks constitute the other important distribution channel for this type of insurance in the Netherlands 31
Market value forecast . 31
Further steady growth in premiums is predicted for the period from 2015 to 2019… . 31
… with the most rapid growth forecast among the smallest professional enterprises 33

LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY . 1
Number of insurable enterprises and value of professional indemnity insurance in the Netherlands, segmented by professional sector, 2015 2
1.0 INTRODUCTION 3
Professional associations contacted by Finaccord, segmented by professional category and membership type . 5
2.0 MARKET ANALYSIS . 11
Number of insurable enterprises in the Netherlands, segmented by professional sector, 2015 . 12
Compound annual growth or decline in number of insurable enterprises in the Netherlands, segmented by professional sector, 2011-2015 . 13
Number of insurable enterprises in the Netherlands, segmented by professional sector, 2011 and 2015 (table) 14
Number of insurable enterprises in the Netherlands, segmented by annual fee income / turnover band, 2011 and 2015 . 15
Number of insurable enterprises in the Netherlands, segmented by annual fee income / turnover band, 2011 and 2015 (table) 15
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by professional sector, 2011 and 2015 17
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by professional sector, 2011 and 2015 (table) 18
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by annual fee income / turnover band, 2011 and 2015 . 19
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by annual fee income / turnover band, 2011 and 2015 (table) . 19
Gross written premiums for professional indemnity insurance in the Netherlands segmented between domestic and non-domestic underwriters, 2015 21
Gross written premiums for professional indemnity insurance in the Netherlands segmented between new business and renewals, 2015 22
Gross written premiums for professional indemnity insurance in the Netherlands segmented between primary and excess layer business, 2015. 23
Percentage of brokers surveyed making regular use of particular underwriters for professional indemnity insurance in the Netherlands, 2015 24
Estimated market shares of underwriters of professional indemnity insurance in the Netherlands, 2015 26
Estimated market shares of underwriters of professional indemnity insurance in the Netherlands, 2015 (table) 27
Affinity schemes for professional indemnity insurance offered through professional and trade associations in the Netherlands: provision rate and operating models, 2015 28
Affinity schemes for professional indemnity insurance offered through professional and trade associations in the Netherlands: broker share of partnerships, 2015 . 29
Affinity schemes for professional indemnity insurance offered through professional and trade associations in the Netherlands: underwriter share of partnerships, 2015 . 30
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by professional sector, 2019 (forecast) 32
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by professional sector, 2019 (forecast) (table) 33
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by annual fee income / turnover band, 2019 (forecast) . 34
Gross written premiums for professional indemnity insurance in the Netherlands, segmented by annual fee income / turnover band, 2019 (forecast) (table) . 34

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