European Niche Insurance Markets

Table of Contents

THE NETHERLANDS

• Table 1: Insurance Industry in The Netherlands (2005): Premium Income in US$ Billion, Per Capita Premium in US$, and Penetration of Insurance by Category - Life and Non-Life

1. Review of the Sectors

1a. Life Insurance - Growing Significantly

• Life Insurance Distribution System - An Overview
• Market Leaders
• Table 2: Life Insurance Industry in The Netherlands (2004): Percentage Market Share by Leading Companies - ABN Amro, Achmea, Aegon, Axa, Delta Lloyd, Fortis, ING, Rabobank, Swiss Life, SNS, and Others (includes corresponding Graph/Chart)
• Table 3: Life Insurance Industry in The Netherlands (2002): Gross Written Premium in US$ Billion by Leading Companies for Nationale Nederlanden Leven, AEGON Leven, Interpolis BTL, Delta Lloyd Leven, Achmea Pensioen- en Leven, AMEV Leven, Hooge Huys Leven, Zwitserleven, Stad Rotterdam Leven, and ABN Amro Leven (includes corresponding Graph/Chart)
• Table 4: Top-Five Players in the Dutch Life Insurance Industry (2001) - Gross Written Premium in US$ Million for Nationale-Nederlanden Leven, AEGON Leven, Interpolis BTL, Achmea Pensioen, and Delta Lloyd Leven (includes corresponding Graph/Chart)

1b. Non-Life Insurance

• Table 5: Dutch Non-Life Insurance Market (2005): Percentage Breakdown by Category - Accident & Health, Fire & Property, Motor Vehicle, Transport, and Others (includes corresponding Graph/Chart)
• Table 6: Dutch Accident & Health Insurance Market (2005): Percentage Breakdown of Gross Premium by Category - Disability Insurance, Private Medical Expense Insurance, Sickness Leave, Additional Coverage to PMEI, and Work Related Accident Insurance (includes corresponding Graph/Chart)
• Table 7: Accident & Health Insurance Market in The Netherlands (2005): Percentage Market Share of Leading Players - Aegon, Allianz, Aviva, Eureko, Fortis, ING, Menzis, SNS Reaal, and Others (includes corresponding Graph/Chart)
• Table 8: Dutch Fire and Other Property Risks Insurance Market (2005): Percentage Breakdown by Leading Players - Aegon, Allianz, Aviva, Eureko, Fortis, Generali, ING, SNS Reaal, and Others (includes corresponding Graph/Chart)
• Table 9: Dutch Motor Vehicle Insurance Market (2005): Percentage Breakdown by Leading Players - Aegon, Allianz, Aviva, Eureko, Fortis, ING, SNS Reaal, Unive Schade, and Others (includes corresponding Graph/Chart)
• Table 10: Dutch Transport Insurance Market (2005): Percentage Breakdown by Leading Players - Aegon, Allianz, Aviva, Eureko, Fortis, ING, SNS Reaal, Tegen Zeegevaar, Unive Schade, and Others (includes corresponding Graph/Chart)
• Table 11: Dutch Disability, Sick Leave, and Work Related Accident (DSLWRA) Insurance Market (2005): Percentage Breakdown by Leading Players - Aegon, Eureko, Fortis, ING, and Others (includes corresponding Graph/Chart
• Table 12: Non-Life Insurance Industry in The Netherlands (2002): Gross Written Premium in US$ Billion by Leading Companies for Achmea Zorg, Achmea, Nationale- Nederlanden, Interpolis, and VGZ Zorgverzekeraar (includes corresponding Graph/Chart)
• Table 13: Top-Five Players in the Dutch Non-Life Insurance Market (2001) - Gross Written Premium in US$ Million for Nationale-Nederlanden, Achmea, Achmea Zorg, Interpolis, and Delta Lloyd (includes corresponding Graph/Chart)

1c. Health/Disability Insurance

• Occupational Disability Insurance Sector
• ING Leads the Race

2. Product Launch

• Agis Launches Health Insurance Policies for Gays and Lesbians

3. Recent Industry Activity

• SNS REAAL Acquires AXA' s Dutch Insurance Operations
• Aegon Enters into Agreement with Merrill Lynch
• Aegon to Acquire Optas
• Hiscox Buys Eriks Assuradeuren' s Renewal Rights
• Delta Lloyd to Sell Health Insurance Business
• Aviva Divests Stake in Ennia Caribe
• Proposed Merger of Dutch Health Insurance Firms Stands Cancelled
• ING to sell National Borg
• ING and Astron Enter into Outsourcing Agreement
• Three Aviva Dutch Subsidiaries Plan to Merge
• Health Insurance Units
• Fortis to Acquire BCP Life Insurance Business
• Aon Nederland to Acquire Assurantie Advies
• Aegon NV to Acquire Nationwide Towarzystwo Ubezpieczen na Zycie SA
• ING Chile Divests Subsidiary
• Eureko' s Achmea Merges with Rabobank' s Interpolis

4. Strategic Corporate Developments in Past

• Aegon Acquires Advisory & Brokerage Services
• Coface Gains Gerling' s Dutch and Danish Credit Operations

5. Focus on Key Player in The Netherlands

• ING Group NV - A Leading Global Life Insurer

SPAIN

1. Spanish Insurance Industry: An Overview

• Table 14: Spanish Insurance Industry (2005): Per Capita Premium in US$ by Category - Life and Non-Life
• Table 15: Spanish Insurance Industry (2004): Percentage Breakdown of Premiums by Category - Life (Individual and Group) and Non-Life (Accident, Assistance, Burial Expenses, Civil Liability, Credit & Surety, Fire, Health, Legal Expenses, Motor, Multi-Peril, Pecuniary Losses, Transport, and Other Damage to Assets) (includes corresponding Graph/Chart)
• Table 16: Leading Players in Spanish Insurance Market (2004): Premium in ? Million by Company -Allianz, Aviva, Axa, BBVA Seguros, Caifor, Caser, Catalana Occidente, Generali, Mapfre, and Zurich (includes corresponding Graph/Chart)
• Table 17: Spanish Insurance Industry (2004): Premiums in ? Million for Death Insurance, Insured Pension Plans, Retirement Insurance, and Other Savings Insurance (includes corresponding Graph/Chart)

2. Review of Sectors

2a. Life Insurance

• Life and Pensions Sector - Growing Robustly
• Growth Barriers
• Changes in Spanish Tax Code
• Market Leaders
• Table 18: Leading Players in Spanish Life Insurance Market (2004): Premium in ? Million by Company -Allianz, Ascat Vida, Aviva, BBVA, Bansabadell Vida, Banesto Grupos, Caifor, Generali, Ibercaja, and Mapfre (includes corresponding Graph/Chart)
• Table 19: Spanish Life Insurance Industry (2003): Gross Written Premium in US$ Billion by Leading Companies for Mapfre Vida, Vida Caixa, BBVA Seguros, Aseval, Bansabadell Vida, Ibercaja, Ascat-Vida, Vitalicio Seguros, Estrella Seguros, and Mediterraneo Vida (includes corresponding Graphs/Chart)

2b. The Pension Sector

• Compulsory Pension (Contributory)
• Safety Net Pension (Non-Contributory State Pension)
• Occupational Pensions (Voluntary)
• Personal Pensions and Other Retirement Savings (Voluntary)

2c. Non-Life Insurance Market

• Market Offers Niche Opportunities
• Liability
• Leisure Industry
• Environment Liability
• Professional Indemnity Market
• Health Tourism
• Financial Sector
• Property
• Marine
• Table 20: Leading Players in Spanish Non-Life Insurance Market (2004): Premium in ? Million by Company -Adeslas, Allianz, Axa, Caser, Catalana Occidente, Generali, Mapfre, Mutua Madrilena, Winterthur, and Zurich (includes corresponding Graph/Chart)
• Table 21: Spanish Non-Life Insurance Industry (2003): Gross Written Premium in US$ Billion by Leading Companies for MAPFRE Mutualidad, Allianz, AXA Aurora Iberica, Zurich Espana, Winterthur, Mutua Madrilena Automovilista, Adeslas, Santa Lucia, Vitalicio, and Groupama Plus Ultra (includes corresponding Graphs/Chart)
• Motor Insurance
• Table 22: Leading Players in Spanish Motor Insurance Market (2004): Premium in ? Million by Company - Allianz, Axa, Caser, Generali, Linea Directa, Mapfre, Mutua Madrilena, Pelayo, Winterthur, and Zurich (includes corresponding Graph/Chart)
• Property Insurance
• Medical Insurance
• Table 23: Spanish Health Insurance Market (2004): Premium in ? Million for Medical Care, Benefits & Compensation, Sickness, and Reimbursement of Expenses (includes corresponding Graph/Chart)
• Table 24: Spanish Multi-Peril Insurance Market (2004): Percentage Breakdown of Premium by Category - Commercial, Condominium, Household, Industrial, and Others (includes corresponding Graph/Chart)

2d. Reinsurance Market

3. Distribution/Marketing Channels

• Broking Environment Positioned for Significant Transformations
• Coming Together of Banking and Insurance Sectors
• Table 25: Spanish Life Insurance Market (2005): Percentage Breakdown of Premium by Distribution Channel - Bancassurance, and Insurers
• Table 26: Spanish Property & Casualty Insurance Market (2005): Percentage Breakdown of Premium by Distribution Channel - Bancassurance, Direct Channel, and Insurers (includes corresponding Graph/Chart)

4. Mid 90' s: A Perspective

5. Product Launch

• ING Introduces Variable Annuities in Spain

6. Recent Industry Activity

• AEGO N and CAJA CANTABRIA Enters Joint Venture Agreement
• CNP Assurances Acquires Stake in Skandia Vida
• Fortis to Sell 50% Stake in its Spanish Insurance Business
• Mapfre Insular Insurance - A Philippino-Spanish Venture Takes Wings
• Aegon Plans to Acquire half of Seguros Navarra
• Mapfre Asistencia Acquires Abraxas

7. Strategic Corporate Developments in Past

• Mapfre Re Joins Inreon Reinsurance Trading Platform
• Liberty Mutual Insurance Acquires Bilbao
• AXA Acquires Stake in AXA Aurora Iberica
• BBVA Acquires Stake in Hilo Direct Seguros
• Munich Reinsurance Forms a Spanish Joint Venture
• Copenhagen Reinsurance Sets Up Office in Spain

8. Focus on Key Spanish Player

• ASISA

DENMARK

1. Danish Insurance - A Mature Industry

• Table 27: Danish Recent Past, Current & Future Analysis for Insurance Industry by Segment - Life and Non-Life Markets Independently Analyzed with Gross Premium Income in DKK Million for the Years 2005 through 2009 (includes corresponding Graphs/Chart)
• Table 28: Danish 5 -Year Perspective for Insurance Industry by Segment - Percentage Breakdown of Gross Premium Income for Life and Non-Life Markets for 2005, 2007, and 2009 (includes corresponding Graphs/Chart)
• Table 29: Danish Recent Past, Current & Future Analysis for Reinsurance Industry by Segment - Non-Life and Life Markets Independently Analyzed with Gross Premium Income in DKK Million for the Years 2005 through 2009 (includes corresponding Graphs/Chart)
• Table 30: Danish 5 -Year Perspective for Reinsurance Industry by Segment - Percentage Breakdown of Gross Premium Income for Non-Life and Life Markets for 2005, 2007, and 2009 (includes corresponding Graphs/Chart)
• Table 31: Danish Reinsurance Market (2005-2007): Gross Claims in DKK Million by Segments - Non-Life and Life (includes corresponding Graphs/Chart)
• Competitive Landscape
• Mandatory Insurance

2. Life Insurance Industry

• Table 32: Danish Life Insurance and Pension Market (2006 & 2007): Percentage Breakdown of Market Share by Leading Companies (includes corresponding Graphs/Chart)
• Table 33: Danish Pension Market (2003 - 2007): Total Pension Assets Held by Institutional Investors in DKK Million (includes corresponding Graphs/Chart)
• Table 34: Danish Pension Market (2006 & 2007): Percentage Breakdown of Pension Assets Held by Institutional Investors - Life Insurance, Pension Funds, Banks, ATP and Others (includes corresponding Graphs/Chart)
• Life Insurance Industry in the Recent Past
• Table 35: Danish Life Insurance Industry (2003): Gross Written Premium in US$ Million by Leading Companies for Danica Pension, PFA Pension, K.P., Nordea Liv A/S, Industriens Pension, Pen-Sam Liv, Bygge- og Anlaeg, Danica Pension I, Laerernes Pension, and Kvindelige Arbejdere (includes corresponding Graph/Chart)
• Table 36: Top-Five Players in the Life Insurance Industry of Denmark (2002) - Gross Written Premiums in US$ Million for PFA Pension, Danica Pension, K.P, Nordea Liv, and Industriernas Pension (includes corresponding Graph/Chart)
• Table 37: Life Insurance and Pension Market of Denmark (2002): Percentage Breakdown of Insurance Firms' Investment by Category for Bonds, Shares, Subsidiaries, and Other Assets (includes corresponding Graph/Chart)

3. Non-Life Insurance Industry

• Table 38: Danish Non-Life Insurance Market (2007 & 2008): Percentage Breakdown of Gross Premiums by Category - Commercial, Motor, Personal, Accident and Others (includes corresponding Graphs/Chart)
• Table 39: Danish Commercial Insurance Market (2007 & 2008): Percentage Breakdown of Gross Premiums by Category - Buildings, Industrial Injuries, Movable Property, Commercial Liability, Marine and Transport, Aviation & Others (includes corresponding Graphs/Chart)
• Table 40: Danish Motor Insurance Market (2007 & 2008): Percentage Breakdown of Gross Premiums by Category - Comprehensive and Third-Party Liability
• Table 41: Danish Personal Insurance Market (2007 & 2008): Percentage Breakdown of Gross Premiums by Category - Homeowners, Household, Vacation Home, Hidden- Defects and Others (includes corresponding Graphs/Chart)
• Table 42: Danish Non-Life Insurance Market (2006 & 2007): Percentage Breakdown of Gross Claims by Category - Commercial, Motor, Personal, Accident and Others (includes corresponding Graphs/Chart)
• Table 43: Danish Commercial Insurance Market (2006 & 2007): Percentage Breakdown of Gross Claims by Category - Buildings, Industrial Injuries, Movable Property, Commercial Liability, Marine and Transport, Aviation and Others (includes corresponding Graphs/Chart)
• Table 44: Danish Motor Insurance Market (2006 & 2007): Percentage Breakdown of Gross Claims by Category - Third-Party Liability and Comprehensive (includes corresponding Graphs/Chart)
• Table 45: Danish Personal Insurance Market (2006 & 2007): Percentage Breakdown of Gross Claims by Category - Household, Homeowners, Vacation Home, Hidden- Defects and Others (includes corresponding Graphs/Chart)
• Non-Life Insurance Industry in the Past
• Table 46: Danish Non-Life Insurance Industry (2003): Gross Written Premium in US$ Million by Leading Companies for Tryg Skade, Topdanmark, Codan, Alm. Brandfors, Danmark Sygeforsikring, ALKA, GE Frankona, International Health, Nykredit, and Danske Fors. Skade I (includes corresponding Graph/Chart)
• Table 47: Top-Five Players in the Non-Life Insurance Industry of Denmark (2002) - Gross Written Premiums in US$ Million for Tryg Skade, Topdanmark, Codan, Alm. Brand, and GE Frankona (includes corresponding Graph/Chart)
• Table 48: Non-Life Insurance Industry in Denmark (2002): Gross Premium in DKK Million for Limited and Mutual Companies by Category - Commercial Insurance, Personal Insurance, Personal Accident Insurance, Motor Insurance, and Others (includes corresponding Graph/Chart)
• Table 49: Non-Life Insurance Industry in Denmark (2002): Gross Claims in DKK Million for Limited and Mutual Companies by Category - Commercial Insurance, Personal Insurance, Personal Accident Insurance, Motor Insurance, and Others (includes corresponding Graph/Chart)
• Table 50: Non-Life Insurance Industry in Denmark (2002): Percentage Breakdown of Insurance Firms' Investment by Category for Bonds, Subsidiaries, Shares, and Other Assets (includes corresponding Graph/Chart)
• Table 51: Industrial Injuries Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)
• Table 52: Building Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)
• Table 53: Marine and Transport Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)
• Table 54: Household Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)
• Table 55: Personal Accident, Health and Disability Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)
• Table 56: Motor Insurance Industry in Denmark (2002): Gross Premium and Gross Claims in DKK Million by Companies (includes corresponding Graph/Chart)

4. Mortgages and Life Insurance - Promising Areas of Growth

5. Danish Insurance Industry: A Mid 90' s Review

• Deregulation of the Financial Services Market

6. Recent Industry Activity

• QBE to Acquire Praetorian
• Codan Plans Acquisition of Topdanmark' s Marine Insurance Business

7. Focus on Key Danish Players

• Danica Pension
• PFA Pension
• Topdanmark
• Tryg Skade