Denmark Life & Non-Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 6.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Denmark Life & Non-Life Insurance Market Analysis
Denmark's life & non-life insurance market is estimated at approximately USD 40.8 billion in the current year and is poised to grow at a CAGR of 6.5% during the forecast period. In Denmark, accident and sickness insurance is the highest gross premium income in the non-life insurance segment in the second quarter of 2020 The second highest gross premium income was for private fire and movable property insurance.
COVID-19 had a significant economic consequence on the Dutch economy. Due to the lockdown, many Danish businesses suffered a significant loss of income as a consequence of the interruption of production, and closure of stores. However, this has created a positive impact on Denmark's life and non-life insurance market because people started turning more and more toward life Insurance.
The insurance sector in Denmark is characterized as highly developed with particularly high penetration and density. Property and casualty insurance in Denmark has shown a favorable underwriting result with relatively low expense ratios. The number of non-life insurance companies has decreased from 113 in 2008 to below 60 in 2020.
The Danish Financial Supervisory Authority (FSA) is responsible for the regulation and supervision of insurance companies. There are some statutory insurances for everyone in Denmark. These include liability insurance for motor vehicles, dog insurance, and insurance against fire for real estate owners. Employers are also obligated to take out injury insurance for their employees, which covers all work-related injuries.
Denmark Life & Non-Life Insurance Market Trends
This section covers the major market trends shaping the Denmark Life & Non-Life Insurance Market according to our research experts:
Rising Premiums for the Property and Casualty Insurance in Denmark
Denmark accounts for nearly 27% share in the Nordic P&C market which makes it the second-largest country in the Nordic P&C insurance market. Premiums written by Danish insurance companies in the property and casualty segment is on rising steadily since 2010. The premium (net of reinsurance) for the insurance activities is increasing, it reached USD 10000 million in 2020.
Danish insurance market does not have the same level of high concentration as the other Nordic countries. The premium for Motor vehicle insurance and Fire and other damage to a property represents the two largest shares for property and casualty insurance in Denmark, returns of P&C insurers have remained relatively steady despite the increased number of weather-related claims.
Financial Literacy and Rising Household Savings Boosting Insurance Market in Denmark
Financial literacy is one of the key factors influencing people's attitudes towards life insurance. Individuals are more likely to invest in their financial security and save for retirement as they become more aware of the risks they are exposed to and gain a better understanding of the characteristics of available insurance products and pension schemes.
The household net savings in Denmark were negative in 2014, at USD 3.79 and increased in the following years, and reached a peak of USD 10.01 billion in 2020. Household savings as a share of disposable income in Denmark is 6.04% in 2020 up 30% from 2015.
Denmark Life & Non-Life Insurance Industry Overview
The report covers major international players operating in the Denmark Life & Non-Life Insurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Tryg, PFA Pension, Topdanmark, Alm brand, Codan, etc.
Denmark Life & Non-Life Insurance Market Leaders
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Tryg
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PFA pension
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Topdanmark
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Alm brand
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Codan
*Disclaimer: Major Players sorted in no particular order
Denmark Life & Non-Life Insurance Market News
- On May 2, 2022, Alm. Brand, based in Denmark, acquired Codan Forsikring, which is a Denmark-based insurance company. The acquisition is aimed at diversifying the customer portfolio estimated at approximately 700,000 households and other corporate consumers. This has also resulted in the creation of the second-largest non-life insurance company in Denmark.
- On October 29, 2021, Tryg entered into a large agreement on cyber insurance with an ITD transport and logistics company, this will cover cyber insurance for all the ITD companies with a turnover of more than USD 10.21 million.
Denmark Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porters' Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Government Regulations and Industry Policies
- 4.6 Insights on Technology and Innovation in the market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance type
- 5.1.1 Life Insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-Life Insurance
- 5.1.2.1 Home
- 5.1.2.2 Motor
- 5.1.2.3 Health
- 5.1.2.4 Rest of Non-Life Insurance
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5.2 By Channel of Distribution
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Online
- 5.2.5 Other distribution channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Tryg
- 6.2.2 PFA pension
- 6.2.3 Topdanmark
- 6.2.4 Alm brand
- 6.2.5 Codan
- 6.2.6 Gjensidige
- 6.2.7 Sygeforsikring denmark
- 6.2.8 Larerstandens Brandforsikring
- 6.2.9 Danica
- 6.2.10 LB Forsikring
- 6.2.11 GF-Forsikring*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityDenmark Life & Non-Life Insurance Industry Segmentation
Life insurance provides a lump sum amount of sum assured at the time of maturity or in case of death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. Denmark life & non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, health, and other non-life insurances)), and by distribution channel (direct, agency, banks, online, and other distribution channels). The report offers market size and forecasts for Denmark's life & non-life insurance market in value (USD billion) for all the above segments.
| By Insurance type | Life Insurance | Individual |
| Group | ||
| By Insurance type | Non-Life Insurance | Home |
| Motor | ||
| Health | ||
| Rest of Non-Life Insurance | ||
| By Channel of Distribution | Direct | |
| Agency | ||
| Banks | ||
| Online | ||
| Other distribution channels |
Denmark Life & Non-Life Insurance Market Research FAQs
What is the current Denmark Life & Non-Life Insurance Market size?
The Denmark Life & Non-Life Insurance Market is projected to register a CAGR of 6.5% during the forecast period (2024-2029)
Who are the key players in Denmark Life & Non-Life Insurance Market?
Tryg, PFA pension, Topdanmark, Alm brand and Codan are the major companies operating in the Denmark Life & Non-Life Insurance Market.
What years does this Denmark Life & Non-Life Insurance Market cover?
The report covers the Denmark Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Denmark Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Denmark Life & Non-Life Insurance Industry Report
Statistics for the 2024 Denmark Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Denmark Life & Non-Life Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
