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Why is this of interest to insurers?
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The insurance sector contains approximately 600 indemnity insurers. Since motorists are obliged to insure themselves against liability, the level of penetration for motor insurance is virtually 100%. This means an extensive market for insurers. There are now approximately 7 million motor vehicles in the Netherlands, and these account jointly for 4.5 billion [euros] in turnover.
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Furthermore, the market is in flux. Each year, approximately 15% of all insurance policies are placed with a different insurer. Supply has lost its transparency, creating a pricing market. Underwriting profits have come under pressure as a result of this, which has led to increasing differentiation in rates. Payment per kilometre fits in with this.
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