Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Insurance and Pension Fund Regulation and Supervision
IMF Staff Country Reports, June 18, 2024
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- Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Insurance and Pension Fund Regulation and Supervision
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Bibliographic details
- Published: June 18, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400279843.002
Overview
- Publication date: June 18, 2024
- Series: Country Report No. 2024/170
- Volume: 2024; Issue: 170; Pages: 75
- DOI: https://doi.org/10.5089/9798400279843.002
- Stock No: 1NLDEA2024006
- ISBN: 9798400279843
- ISSN: 1934-7685
Insurance sector: structure, trends, and exposures
- The Dutch insurance sector is undergoing further consolidation.
- The life sector has been steadily shrinking over the last two decades.
- The non-life market is relatively saturated.
- Investment exposures to real estate are increasing.
- Dutch insurers are large providers of mortgage loans.
Solvency and regulatory context
- Solvency ratios of Dutch insurers are well above the regulatory threshold.
- Solvency ratios are below the EU average.
- Solvency measures are distorted by the mechanics of the ‘Long-Term Guarantee Measures’ in Solvency II.
Pension system: design, pressures, and public confidence
- The Dutch pension system rests on three pillars.
- The Dutch pension system is considered to be among the best according to international comparisons.
- Most pension schemes are defined-benefit pensions.
- Defined-benefit pensions have come under pressure since 2008, when low interest rates resulted in declining funding ratio and led to an overall loss in confidence in the system.
Supervision, governance, and institutional framework
- The Dutch system for independent state agencies, including De Nederlandsche Bank and Autoriteit Financiële Markten, carefully balances powers and accountability.
- Supervision of insurers and pension funds is effective in the Netherlands.
Subject tags and keywords (as provided)
- Subject: Expenditure, Financial institutions, Insurance, Insurance companies, International organization, Labor, Monetary policy, Pension spending, Pensions
- Keywords: D.C., FSAP's finding, Global, Insurance, Insurance companies, insurance regulation regime, International Monetary Fund Washington, organization of Supervision, pension fund regulation, pension fund Sector, Pension spending, Pensions, solvency Assessment
International Monetary Fund. Monetary and Capital Markets Department "Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment Program- Technical Note on Insurance and Pension Fund Regulation and Supervision", IMF Staff Country Reports 2024, 170 (2024).
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- 1nldea2024006