No. Just like German, Dutch uses compound words.

“Aansprakelijkheidsverzekering” is two words in a trench coat:

• Aansprakelijkheid (liability, or more literally: adressableness)
• Verzekering (insurance, or more literally: assurance)

You can further break those down too:

• “Aansprakelijkheid” is built around the word “spraak” (speech), so if we want to be even more literal it means “to-speakable-ness”
• “Verzekering” is built around the word “zeker” (certain/sure), hence the literal meaning “a-sure-ance”

So in a way that word means “to-speakableness-assurance”

Edit: One of the longest (non-medical) words in the dictionary is actually another type of insurance:

“Arbeidsongeschiktheidsverzekering” (Insurance for being unfit to work (i.e. disability insurance), literally “labour-unsuitableness-assurance”)