Market Size of Denmark Life & Non-Life Insurance Industry
| 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 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.
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Denmark Life & Non-Life Insurance Market Size Summary
The Denmark life and non-life insurance market is a highly developed sector characterized by significant penetration and density. The market is experiencing steady growth, driven by increasing awareness of financial security and the importance of insurance products. The non-life insurance segment, particularly accident and sickness insurance, has shown robust premium income, with property and casualty insurance also performing well despite challenges such as weather-related claims. The Danish Financial Supervisory Authority oversees the regulation of insurance companies, ensuring compliance with statutory requirements, including mandatory insurance for motor vehicles and employee injuries. The market is marked by a diverse range of players, with major companies like Tryg, PFA Pension, and Topdanmark leading the industry.
The impact of COVID-19 has been notable, as the pandemic prompted a shift towards life insurance, enhancing the market's growth prospects. The acquisition of Codan Forsikring by Alm. Brand and the cyber insurance agreement by Tryg highlight the dynamic nature of the market, with companies expanding their portfolios and exploring new opportunities. Denmark holds a significant share in the Nordic property and casualty market, being the second-largest in the region. The market's competitive landscape is evolving, with both domestic and international companies leveraging technological advancements and product innovations to strengthen their market presence and capture new segments.
Denmark Life & Non-Life Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porters' Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitutes
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1.4.5 Intensity of Competitive Rivalry
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1.5 Insights on Government Regulations and Industry Policies
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1.6 Insights on Technology and Innovation in the market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non-Life Insurance
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2.1.2.1 Home
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2.1.2.2 Motor
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2.1.2.3 Health
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2.1.2.4 Rest of Non-Life Insurance
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2.2 By Channel of Distribution
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2.2.1 Direct
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2.2.2 Agency
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2.2.3 Banks
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2.2.4 Online
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2.2.5 Other distribution channels
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Denmark Life & Non-Life Insurance Market Size 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.
