Life Insurance in Denmark, Key Trends and Opportunities to 2020

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Published: February 16, 2017 Report Code: GD-IS1413MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Denmark Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Danish life insurance segment, and a comparison of the Danish insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Danish economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Denmark:

• It provides historical values for the Danish life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Danish life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Danish life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Denmark.

• It profiles the top life insurance companies in Denmark and outlines the key regulations affecting them.

Key Highlights

• The Danish life segment posted a CAGR of 4.6% during the review period.

•The life segment is highly developed, and demand for unit-linked and traditional life annuity products with assured interest rates supported the segment’s review-period growth.

• The Danish life segment is competitive and concentrated, with the 10 leading companies accounting for 78.7% of the total gross written premium in 2015.

• Danish insurers increased their asset value during the review period.

• The life segment’s penetration measured 7.7% in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Danish life insurance segment, and each category within it.

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

• Assess the competitive dynamics in the life insurance segment.

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

• Gain insights into key regulations governing the Danish insurance industry, and their impact on companies and the industry's future.

PFA Pension
forsikringsaktieselskab
Danica Pension
Livsforsikringsaktieselskab
Nordea Liv & Pension
livsforsikringsselskab A/S
PensionDanmark Pensionsforsikringsaktieselskab
Sampension KP Livsforsikring A/S
Industriens Pensionsforsikring A/S
AP Pension Livsforsikringsaktieselskab
Topdanmark Livsforsikring A/S
PenSam Liv forsikringsaktieselskab
Lærernes Pension
forsikringsaktieselskab

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Outlook

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group-life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 PFA Pension, forsikringsaktieselskab – company overview

7.1.2 Danica Pension, Livsforsikringsaktieselskab – company overview

7.1.3 Nordea Liv & Pension, livsforsikringsselskab A/S – company overview

7.1.4 PensionDanmark Pensionsforsikrings A/S – company overview

7.1.5 Sampension KP Livsforsikring A/S – company overview

7.1.6 Industriens Pensionsforsikring A/S – company overview

7.1.7 AP Pension Livsforsikringsaktieselskab – company overview

7.1.8 Topdanmark Livsforsikring A/S – company overview

7.1.9 PenSam Liv forsikringsaktieselskab – company overview

7.1.10 Lærernes Pension, forsikringsaktieselskab b – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Air carriers and aircraft operators liability insurance

8.4.3 Workmen’s compensation insurance

8.4.4 Professional indemnity insurance for alternative investment fund managers

8.4.5 Third-party liability insurance for dogs

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Federation of European Risk Management Associations

8.5.4 Danish Financial Supervisory Authority

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Group-life Insurance

9.7 Group-life Insurance by Product

9.8 Individual Life – Single vs. Non-Single Premium

9.9 Group-life – Single vs. Non-Single Premium

9.1 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Danish Life Insurance – Key Facts, 2015

Table 2: Danish Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Danish Government Credit Ratings

Table 4: Danish Life Insurance – Gross Written Premium (DKK Billion and US$ Billion), 2011–2015

Table 5: Danish Life Insurance – Penetration (%), 2011–2015

Table 6: Danish Life Insurance – Gross Written Premium (DKK Billion and US$ Billion), 2015–2020

Table 7: Danish Life Insurance – Penetration (%), 2015–2020

Table 8: Danish Life Insurance – Premium per Capita (DKK and US$), 2011–2015

Table 9: Danish Life Insurance – Premium per Capita (DKK and US$), 2015–2020

Table 10: Danish Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 11: Danish Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 12: Danish Life Insurance – Paid Claims (DKK Billion and US$ Billion), 2011–2015

Table 13: Danish Life Insurance – Paid Claims (DKK Billion and US$ Billion), 2015–2020

Table 14: Danish Life Insurance – Total Assets (DKK Trillion and US$ Billion), 2011–2015

Table 15: Danish Life Insurance – Total Assets (DKK Trillion and US$ Billion), 2015–2020

Table 16: Danish Life Insurance – Total Investment Income (DKK Billion and US$ Billion), 2011–2015

Table 17: Danish Life Insurance – Total Investment Income (DKK Billion and US$ Billion), 2015–2020

Table 18: Danish Life Insurance – Direct Written Premium by Sub-Segment (DKK Billion), 2011–2015

Table 19: Danish Life Insurance – Direct Written Premium by Sub-Segment (DKK Billion), 2015–2020

Table 20: Danish Individual Life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2015

Table 21: Danish Individual Life Insurance – Direct Written Premium by Category (DKK Billion), 2015–2020

Table 22: Danish Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 23: Danish Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020

Table 24: Danish Group-life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2015

Table 25: Danish Group-life Insurance – Direct Written Premium by Category (DKK Billion), 2015–2020

Table 26: Danish Group-life Insurance – Number of Policies Sold by Category (Million), 2011–2015

Table 27: Danish Group-life Insurance – Number of Policies Sold by Category (Million), 2015–2020

Table 28: Danish Life Segment – Market Shares of Leading Insurers (%), 2015

Table 29: PFA Pension – Key Facts

Table 30: PFA Pension – Key Financials (DKK Million), 2011–2015

Table 31: Danica Pension – Key Facts

Table 32: Danica Pension – Key Financials (DKK Million), 2011–2015

Table 33: Nordea Liv & Pension – Key Facts

Table 34: Nordea Liv & Pension – Key Financials (DKK Million), 2011–2015

Table 35: PensionDanmark – Key Facts

Table 36: PensionDanmark – Key Financials (DKK Million), 2011–2015

Table 37: Sampension KP – Key Facts

Table 38: Sampension KP – Key Financials (DKK Million), 2011–2015

Table 39: Industriens – Key Facts

Table 40: Industriens – Key Financials (DKK Million), 2011–2015

Table 41: AP Pension – Key Facts

Table 42: AP Pension – Key Financials (DKK Million), 2011–2015

Table 43: Topdanmark – Key Facts

Table 44: Topdanmark – Key Financials (DKK Million), 2011–2015

Table 45: PenSam Liv – Key Facts

Table 46: PenSam Liv – Key Financials (DKK Million), 2011–2015

Table 47: Lærernes Pension – Key Facts

Table 48: Lærernes Pension – Key Financials (DKK Million), 2011–2015

Table 49: Denmark – Insurance Regulatory Framework Key Features

Table 50: Denmark – Life Insurance Regulatory Framework

Table 51: Denmark – Property Insurance Regulatory Framework

Table 52: Denmark– Motor Insurance Regulatory Framework

Table 53: Denmark – Liability Insurance Regulatory Framework

Table 54: Denmark – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft

Table 55: Denmark – Corporate Tax Rates for the Financial Year 2017

Table 56: Danish Life Insurance – Policies and Premium, 2011–2015

Table 57: Danish Life Insurance – Policies and Premium, 2015–2020

Table 58: Danish Life Insurance – Claims and Expenses, 2011–2015

Table 59: Danish Life Insurance – Claims and Expenses, 2015–2020

Table 60: Danish Life Insurance – Assets and Investments, 2011–2015

Table 61: Danish Life Insurance – Assets and Investments, 2015–2020

Table 62: Danish Life Insurance – Individual Life Insurance, 2011–2015

Table 63: Danish Life Insurance – Individual Life Insurance, 2015–2020

Table 64: Danish Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 65: Danish Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 66: Danish Life Insurance – Group-life Insurance, 2011–2015

Table 67: Danish Life Insurance – Group-life Insurance, 2015–2020

Table 68: Danish Life Insurance – Group-life Insurance by Product, 2011–2015

Table 69: Danish Life Insurance – Group-life Insurance by Product, 2015–2020

Table 70: Danish Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 71: Danish Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 72: Danish Life Insurance – Group-life Insurance by Premium, 2011–2015

Table 73: Danish Life Insurance – Group-life Insurance by Premium, 2015–2020

Table 74: Danish Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 75: Danish Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 76: Insurance Industry Definitions

Figures

Figure 1: Danish Real GDP (DKK Trillion), 2011–2020

Figure 2: Danish Consumer Price Inflation (%), 2011–2020

Figure 3: Danish Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 4: Danish Unemployment Rate, 2011–2020

Figure 5: Danish Population by Age Group, 1990–2025

Figure 6: Danish Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Danish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Danish Life Insurance – Gross Written Premium (DKK Billion), 2011–2020

Figure 9: Danish Life Insurance – Penetration (%), 2011–2020

Figure 10: Danish Life Insurance – Premium per Capita (DKK), 2011–2020

Figure 11: Danish Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 12: Danish Life Insurance – Paid Claims (DKK Billion), 2011–2020

Figure 13: Danish Life Insurance – Total Assets (DKK Trillion), 2011–2020

Figure 14: Danish Life Insurance – Total Investment Income (DKK Billion), 2011–2020

Figure 15: Danish Life Insurance – Direct Written Premium by Sub-Segment (DKK Billion), 2011–2020

Figure 16: Danish Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 17: Danish Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 18: Danish Individual Life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2020

Figure 19: Danish Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 20: Danish Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 21: Danish Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020

Figure 22: Danish Individual Life Insurance – Penetration (%), 2011–2015

Figure 23: Danish Individual Life Insurance – Penetration (%), 2015–2020

Figure 24: Danish Group-life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2020

Figure 25: Danish Group-life Insurance – Direct Written Premium Share by Category (DKK Billion), 2011–2020

Figure 26: Danish Group-life Insurance – Direct Written Premium Dynamics by Category (DKK Billion), 2011–2020

Figure 27: Danish Group-life Insurance – Number of Policies Sold by Category (Million), 2011–2020

Figure 28: Danish Group-life Insurance – Penetration (%), 2011–2015

Figure 29: Danish Group-life Insurance – Penetration (%), 2015–2020

Figure 30: Danish Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 31: Denmark – The Three Pillars of Solvency II

Figure 32: Denmark – Insurance Supervision and Control at Various Levels

Figure 33: Denmark – Insurance Regulatory Frameworks for Company Registration and Operation

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