VIVAT/Athora — New Opportunities in The Dutch Life Market [English]

In this research report we analyse the Individual Life market from a macroeconomic perspective: what role do Individual Life products have in household saving? We show how changing saving behaviour by Dutch households fundamentally led to Individual Life’s market decline and what this implies for the future potential of Individual Life products.

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Over the past decade, the Dutch Individual Life market has gone through an unprecedented collapse in volume and new business. Primarily, this drop has been attributed to the rise of bank saving.

But bank saving is only a part of the greater story about how saving behaviour by Dutch households has changed. Following the Great Financial Crisis, a combination of economic trends came together and caused shift in households saving. Looking to the future, trends are likely to accelerate

In this research we analyse the Individual Life market from a macroeconomic perspective: what role do Individual Life products have in household saving? We show how changing saving behaviour by Dutch households fundamentally led to Individual Life’s market decline and what this implies for the future potential of Individual Life products.

We outline the Individual Life market and provide a framework for analyzing household saving behaviour. Plotting Individual Life products in this saving framework, we show how economic trends led households to move savings away from these products

We build on this analysis by looking ahead at key trends that will define saving behaviour over the coming years: what will increased economic uncertainty and new life-cycle challenges mean for household saving and how are Individual Life products positioned for this future?

We conclude by providing strategic advice on emerging product opportunities in the Dutch Life Market.