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

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Published: January 16, 2024 Report Code: GDIS2796MR-ST

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Denmark Life Insurance Market Report Overview

The gross written premium of Denmark life insurance market was DKK232.5 billion ($32.1 billion) in 2023 and is expected to achieve a CAGR of more than 4% during 2024-2028. The Denmark life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

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

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

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The Denmark life 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) DKK232.5 billion ($32.1 billion)
CAGR (2024-2028) >4%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Pension

·        Life PA&H

·        Other Life
Key Distribution Channels ·        Direct from Insurers

·        Insurance Brokers

·        Banks

·        Online Aggregators

·        Financial Advisors
Leading Companies ·        PFA Pension

·        Velliv

·        Danica Pension

·        AP Pension

·        PensionDanmark
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Denmark Life Insurance Market Trends

Issuance of green bond, awareness of mental health, and gig economy are the recurring trends in the Danish life insurance market.

  • The Danish government is committed to creating a green economy and is aiming to become a net-zero emissions country by 2050. In September 2023, the government issued a 10-year green bond. the proceeds from which will be used to finance green projects, such as renewable energy, energy efficiency, and sustainable transport.
  • The gig economy in Denmark is rapidly increasing, in line with the growing worldwide popularity as well as popularity in the EU. With increasing popularity in the gig economy, higher demand for policies tailored to them is expected over the coming years.

Denmark Life Insurance Market Segmentation by Lines of Business

Pension accounted for the highest share of the Denmark life insurance market in 2023

The key lines of business in the Denmark life insurance industry are pension, life PA&H, and other life. As of January 1, 2023, public pensioners received their full basic amount and pension supplement regardless of additional employment income. This was a result of the elimination of offsetting caused by work-related income.

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

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Denmark Life Insurance Market Segmentation by Distribution Channels

In 2023, customers in Denmark preferred to purchase life insurance from insurers

A few of the key distribution channels in the Danish life insurance industry are direct from insurers, insurance brokers, banks, online aggregators, financial advisors, and others. Insurance brokers are the second-largest channel for health insurance products. A preference for brokers increased with consumers’ age, indicating a higher probability of penetration for the aging population by brokers.

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

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

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Denmark Life Insurance Market - Competitive Landscape

PFA Pension accounted for the highest share of the Denmark life insurance market in 2023

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

  • PFA Pension
  • Velliv
  • Danica Pension
  • AP Pension
  • PensionDanmark

Denmark Life Insurance Market Analysis by Companies, 2023 (%)

Denmark Life Insurance Market Analysis by Companies, 2023 (%)

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Denmark Life Insurance Market - Latest Developments

  • On October 6, 2023, the DFSA issued guidance on stress testing for small and medium-sized financial institutions.
  • On September 4, 2023, the International Monetary Fund (IMF) released a report on anti-money laundering in the Nordic-Baltic region. The report covers eight countries: Iceland, Latvia, Lithuania, Norway, Sweden, Finland, Denmark, and Estonia.

Segments Covered in the Report

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

  • Pension
  • Life PA&H
  • Other Life

Denmark Life Insurance Distribution Channel Outlook (Value, DKK Billion, 2019-2028)

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

Scope

This report provides:

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

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

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

Key Highlights

  • Key insights and dynamics of Denmark’s life 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 life insurance segment’s market structure gives details of lines of business.

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

  • Distribution channels deployed by Denmark’s life 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 life insurance segment.

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

  • Assess the competitive dynamics in the life insurance segment.

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

PFA Pension
AP Pension
Danica Pension
Topdanmark
Velliv
Sampension
PensionDanmark
Industriens Pensionsforsikring

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Lines of Business

Distribution Channel

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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