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Denmark

Denmark

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Denmark Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Denmark includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Denmark can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+1
Copenhagen
DKK
5.81 mn
1.42%
1.35%
38,647.41
11.29

Denmark comprises most of the Jutland peninsula and about 500 islands; most of the land is flat -its highest point is 171 metres. The Danish economy is a diverse market in which manufacturing and services predominate. Despite its relatively small population, Denmark's insurance market is relatively large by international standards and is well developed and sophisticated.

Results for motor business have been very positive. Insurers regard homeowners' policies as core business, and although the sector is very competitive, insureds tend to be very loyal to their insurance company. Danish non-life insurers use various sales channels, from company agents and local branch offices,  brokers and bancassurance. Direct sales channels have not been particularly successful, but the internet is growing, albeit slowly.

The market for individual life insurance in Denmark, i.e investment and risk products not written under pension tax rules, is tiny. Income taxes in Denmark are very high, so almost all individuals take full advantage of the pension tax regime to arrange long-term savings contracts rather than saving from taxed income. Therefore, the Danish life insurance industry is almost totally orientated towards pension products, which is unlikely to change anytime in the future.

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