Market Trends of Denmark Life & Non-Life Insurance Industry
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.
