Denmark General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: January 17, 2024 Report Code: GDIS2800MR-ST

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Denmark General Insurance Market Report Overview

The gross written premium of the Denmark general insurance market was DKK75.5 billion ($10.4 million) in 2023 and is expected to achieve a CAGR of more than 3% during 2024-2028. The Denmark general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Denmark General Insurance Market Outlook, 2023-2028 (DKK Billion)

Denmark General Insurance Market Outlook, 2023-2028 (DKK Billion)

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The Denmark general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Danish economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) DKK75.5 billion ($10.4 million)
CAGR (2024-2028) >3%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Property

·        Motor

·        Liability

·        Financial Lines

·        MAT

·        General Insurance PA&H

·        Miscellaneous
Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Financial Advisors

·        Online Aggregators
Leading Companies ·        Tryg Forsikring

·        Topdanmark Forsikring

·        Alm. Brand Forsikring

·        Codan Forsikring

·        Sygeforsikringen
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Denmark General Insurance Market Trends

ESG, the gig economy, and insurtech are a few of the recurring trends in the Denmark general insurance market.

  • The Danish government is committed to developing its green economy and is aiming to become a net-zero emissions country by 2050. For this purpose, insurance companies are already incorporating sustainability into their business, from product offerings to investment decisions. Furthermore, developments in the green economy encompassing the construction sector, renewal projects, and EVs are expected to continue to see insurers evolving their business models and product portfolios.
  • Several insurers are employing digital techniques to transform their business processes and achieve zero contact. Using AI, insurers are providing remote, virtual, and live interaction with customers for all processes in the insurance business, including pre-sale consultation.

Denmark General Insurance Market Segmentation by Lines of Business

Property insurance accounted for the highest share among the general insurance line of business in 2023

The key lines of business in the Denmark general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Green construction developments focusing on investments in renewable energy and transport infrastructure projects will aid the growth of the Denmark property insurance market in the coming years.

Natural hazard risks will continue to remain a focus area for the insurers over 2024-2028 and may see more premium price increases to offset growing losses. Losses from floods, hailstorms, storms, and fires, compounded by the high cost of building materials and skilled labor, will continue to contribute to profitability pressure.

Denmark General Insurance Market Analysis by Lines of Business, 2023 (%)

Denmark General Insurance Market Analysis by Lines of Business, 2023 (%)

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Denmark General Insurance Market Segmentation by Distribution Channels

Direct from insurers was the most preferred channel for purchasing homeowners insurance in 2023

A few of the key distribution channels in the Danish general insurance industry are direct from insurers, insurance brokers, banks, online aggregators, and financial advisors, among others. In 2023, the direct channel has been the most popular channel for home buildings and contents as well as for motor insurance products among all age groups.

Denmark General Insurance Market Analysis by Distribution Channels, 2023 (%)

Denmark General Insurance Market Analysis by Distribution Channels, 2023 (%)

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Denmark General Insurance Market - Competitive Landscape

Tryg Forsikring was the largest general insurer in 2022

A few of the leading general insurance companies in Denmark are:

  • Tryg Forsikring
  • Topdanmark Forsikring
  • Brand Forsikring
  • Codan Forsikring
  • Sygeforsikringen

The high mobility of policyholders each year, irrespective of the company size, drives the Denmark general insurance market growth. Additionally, general insurers are focusing on mental health, electric vehicle insurance, cyber insurance, and digitalization to improve their market shares.

Denmark General Insurance Market Analysis by Companies, 2022 (%)

Denmark General Insurance Market Analysis by Companies, 2022 (%)

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Denmark General Insurance Market - Latest Developments

  • On November 10, 2023, the Danish Guarantee Fund announced that fixed contribution rates for certain non-life insurance policies will remain the same for 2024. A fixed rate will be applied per policy for the family, homeowners, health, seller liability, construction damage insurance, and change of ownership insurance.
  • On October 6, 2023, the Danish Financial Supervisory Authority (Finanstilsynet — DFSA) issued guidance on stress testing for small and medium-sized financial institutions.

Segments Covered in the Report

Denmark General Insurance Lines of Business Outlook (Value, DKK Billion, 2019-2028)

  • Property
  • Motor
  • Liability
  • Financial Lines
  • MAT
  • General Insurance PA&H
  • Miscellaneous

Denmark General Insurance Distribution Channels Outlook (Value, DKK Billion, 2019-2028)

  • Direct from Insurers
  • Banks
  • Insurance Brokers
  • Financial Advisors
  • Online Aggregators

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Denmark.

  • Historical values for the Denmark general insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top general insurance companies in Denmark and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Denmark’s general insurance segment.

  • A comprehensive overview of Denmark’s economy, government initiatives, and investment opportunities.

  • Denmark’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

  • Denmark’s general insurance industry’s market structure gives details of lines of business.

  • Denmark’s general reinsurance business’ market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Denmark’s general insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Denmark’s general insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Denmark’s general insurance segment.

  • Assess the competitive dynamics in the general insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

Tryg Forsikring
Sygeforsikringen "danmark"
Codan Forsikring
LB Forsikring
Topdanmark Forsikring
GF Forsikring
Købstædernes Forsikring
Alm Brand Forsikring

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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