Personal Accident cover has been designed to respond swiftly and effectively to the impact of any accident, with a lump sum payment. The Dutch personal accident and health insurance segment is the biggest segment in the industry, accounting for more than fifty percent share of the industry’s total gross written premiums. The health category was among the greatest of all the Organization for Economic Co-operation and Development (OECD) countries. An increase in total healthcare expenditure and the introduction of national healthcare reforms in 2006 drove up the growth figures in the segment during the next period. Gross written premium value reached fifty billion marks in 2012, of which health insurance accounted for about ninety percent. Personal accident and health insurers operating in the Netherlands are mostly dependent on the direct marketing networks for product distribution.
According to the Market Research Report
“Personal Accident and Health Insurance in the Netherlands, Key Trends and Opportunities to 2020“, Netherlands introduced a new statutory health insurance system under the Health Insurance Act in 2006 (Zorgverzekeringswet), replacing the previous Ziekenfonds health insurance system. Everyone living in the Netherlands is bound to take health insurance under this scheme, and will be reimbursed for their main healthcare needs under the basic insurance package. Private insurance companies administer the system, and individuals are free to choose which company’s scheme to join. Law to accept anyone who applies for medical cover mandates all companies. Members of the insurance scheme over 18 years of age pay a nominal contribution, which varies for insurance companies. People receiving state benefits are also required to make an income related contribution (6.25% of income is paid automatically by employers directly from salary, people who run their own business receive a bill from the tax authorities/belastingdienst), which is usually reimbursed by their employer or the relevant benefits agency. No contributions are required for people below 18 years of age. The basic insurance system includes cover for general medical care, prescribed specialist treatment, medical stockings, medicines, maternity and obstetric care, cost of ambulances or other necessary healthcare transport, and forms of rehabilitation treatment such as physiotherapy or occupational therapy. Dental care is also covered until the age of 18. The new health insurance system supplements the existing statutory insurance under the Exceptional Medical Expenses Act, which provides cover for the whole population for the cost of long-term nursing care.
Under Personal Accident insurance policy, the person is automatically insured for the following insurance components: Death, permanent disability, medical expenses, and dental expenses. The insured can be – Single person, family, family without children. In the case of insurance policies with family cover, if both parents die because of the same accident, the insured amount is increased by 100%. The maximum insured amount is €15.000 per insured person. If person is involved in an accident that leaves him/her permanently disabled, the disability percentage is assessed as 60% and the maximum insured amount is €75.000 per insured person, then the compensation will be 60% of €75.000, i.e. €45.000. The maximum amount of compensation per insured person is €1.000.
The segment is highly concentrated with the 10 leading companies. Major Insurance providing companies are Central Beheer, Fortis, ING, Achmea, Interpolis and SNS Reaal.
Key Topics Covered in the Report:
Netherlands Personal Accident and Health Insurance Market Research Report
Netherlands Personal Accident and Health Insurance Market Size
Netherlands Personal Accident and Health Insurance Market
Netherlands Personal Accident and Health Insurance Market Future Outlook
Netherlands Personal Accident and Health Insurance Market Competition
Netherlands Health Insurance Sector
Netherlands Professional Indemnity Insurance
Europe Insurance Industry Research
Netherlands Insurance Industry Regulations
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Ankur Gupta, Head Marketing & Communications