Insurance company Reaal is the latest to reach a deal on paying clients compensation for the high cost of their investment-based savings accounts.

Reaal has set aside €95 million to settle in return from a commitment from five claims clubs representing policy holders not to take legal action. Some will get several hundred euros in compensation but a few will get more than €10,000.

Last month Achmea became the fourth big insurance group to reach a deal with customers who lost out financially because of the high charges. It has allocated €60 million to fund the compensation package.

NN, the parent company of Nationale-Nederlanden, said in January it had agreed to pay out €360 million to buy off claims. Last November ASR, which also owns Aegon, agreed on a deal worth some €250 million. Allianz agreed to a deal in 2021.

The so-called “woekerpolis” affair was brought to light in 2006 by TV consumer show Radar, following an investigation by the Dutch financial markets regulator AFM. The AFM said hidden costs meant many customers paid more to cover their investments than they earned from them.

Altogether around half a million people took out similar products from various insurers between 1990 and 2008.  Clients paid a monthly fee, expecting a large payout at the end of the period – usually 20 or 30 years – but then discovered much of their investment had gone on costs, including fees to selling agents.

De Goudse still has to reach a deal.