Rising Premiums in 2024: What Does This Mean for Consumers?

Premiums for various insurance policies such as health, car and home contents will increase in 2024. This means greater financial pressure for many households. In this article we investigate the causes of this increase, which insurance policies are most affected and how you as a consumer can deal intelligently with these changes.

According to the Dutch Association of Insurers, the rising premiums are due to several factors. On the one hand, persistent inflation means that insurers have higher costs. On the other hand, the costs of damage claims have increased, mainly due to extreme weather conditions and an increase in complex medical treatments. Car insurance costs are rising due to increasingly expensive repairs and technological innovations such as sensors and cameras. The decrease in intense competition also plays a role; many insurers are increasing their rates to remain financially stable.

For health insurance, premium increases are on average 10 to 15 euros per month. Supplementary policies in particular are seeing higher premiums due to the increasing demand for physiotherapy and dental care. Car insurance increases on average by 5 to 7% and home contents insurance by about 4%.

In addition, demographic changes such as aging have an indirect effect on health insurance premiums. An aging population means more medical treatments, forcing insurers to cover higher costs. We also see a growing trend in taking out all-risk insurance for cars, which contributes to the increase in average premiums.

• Compare insurers annually: Use reliable comparison websites to see where you can get the same coverage for a lower price.
• Consider a higher deductible: For health insurance, a higher deductible can lead to significant premium savings.
• Check your coverage: Do you really need all the additional insurance? Minimize your costs by only purchasing necessary policies.
• Bundle your insurance: Some insurers give you a discount if you take out multiple policies with them.
• Inquire about group discounts: Many employers and organizations offer discounts for members or employees.

Although rising premiums pose a challenge for many people, consumers can still save money with smart choices and comparisons. By regularly evaluating your insurance, you maintain control over your financial situation.