The Dutch insurance sector expanded rapidly in the second half of the 19th century and the early years of the 20th century, driven by strong economic growth and increasing prosperity.
However, this growth was halted by the outbreak of World War I in 1914, which led to massive disruption across Europe. The years immediately after the war were marked by economic uncertainty, high inflation and rising unemployment. Despite these difficult conditions, the insurance sector again grew quickly.
By 1920, nationwide income from premiums had almost doubled from 1913 levels.
Meanwhile, facing increasingly volatile business conditions in the Dutch East Indies, Nillmij began to turn its attention to the more stable Dutch market.
In one of the few mergers during the inter-war years, Algemeene Friesche and Groot Noordhollandsche announced in 1938 that they had joined forces, though both continued to operate under their original names. This turned out to be the first step in the formation of AGO.
The return of war in Europe in 1939 brought more upheaval to the Dutch insurance business. During the war, Dutch insurers were forced to hand over property belonging to Jewish investors. After 1945, many families would return to reclaim their property.
Recovery After World War II >>