Denmark Property Casualty Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.08 Billion |
| Market Size (2029) | USD 4.5 Billion |
| CAGR (2024 - 2029) | 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Denmark Property Casualty Insurance Market Analysis
The Denmark Property & Casualty Insurance Market size in terms of gross written premiums value is expected to grow from USD 4.08 billion in 2024 to USD 4.5 billion by 2029, at a CAGR of 2% during the forecast period (2024-2029).
Private property, commercial property, and Health & accident are among the leading segments in non-life insurance in Denmark and contributing to a continuous rise of the Property and Casualty market size in Denmark. The Insurance sector in Denmark is characterized as highly developed, with particularly high penetration and density. Non-life insurance penetration in Denmark still exists below life insurance resulting in insurance companies launching a varied range of nonlife insurance products which include P&C insurance as well to increase their market share.
With continuous climate change and increasing loss due to natural calamities in Denmark, P&C insurance has emerged as an essential product to mitigate the risks. Property and Casualty insurance in Denmark has shown a favorable underwriting result with relatively low expense ratios. The value of gross premiums written by property insurance companies in the country had continuously risen with a continuous rise in real estate markers.
Post covid, rising insurance companies in Denmark are completely changing the business model of the insurance sector. Making available insurance facilities online is leading people to choose between varied P&C insurance products from their locations. Out of Insurances taken out online by type, P&C insurance occupies the second largest share after health insurance in Denmark and is expected to drive the market over the forecasted period.
Denmark Property Casualty Insurance Market Trends
Rise in Residential Property Insurance
With a continuous rise in the number of residential buildings in Denmark, the number of insurance policies being taken for residential property is observing a continuous increase. The net worth of households as a percentage of disposable income is observing a continuous increase resulting in the insurance premium written by private property far exceeding the value of commercial property with an increase in the number of insurance providers expanding their business in residential segments. The gross claim payment of non-life insurance is observing a continuous increase in the country, with a rise in insurance policies sold for residential properties to minimize the impact of unidentified risks. As an emerging trend rising climate change with flood risk is having a major impact on residential property leading to the focus of government policies for expansion of the residential property insurance policy in the country.
Digitization of Insurance Industry
Rise in Insurtech and Fintech Market is leading to a continuous increase in growth of digital insurance in Denmark. Transaction value of Neo banking and fintech in denmark is observing a continuous rise over the years. With adoption of Neo Banking, banks and Insurance companies are offering their services online in which monthly premiums can be paid as well as digital claims can be made in case of any damage to property. Use of AI and ML by the insurance businesses is enhancing customer support as well as detecting claims in case of fraud and underwritten price is preventing the insurance industry from issue of information assymetry in the market. Undo, Scale Point, GoBundl, Penni and Insurware have emerged as some of the insurtech countries in Denmark using innovative application of blockchain-based and other insurance technology innovative products. These trends combined with a rising business of digital banks in the region is expected to drive the P&C insurance market in denmark over the coming period.
Denmark Property Casualty Insurance Industry Overview
The Property and Casualty Insurance Market in Denmark is fragmented. With an increase in investment by the people for their properties premiums of the P&C insurance policy are expected to increase over the coming period. To increase their market share and customer penetration insurance providers are launching digital P&C insurance products. Some of the existing P&C insurance providers in Denmark are Tryg, Topdanmark, Alm. Brand, Codan, Gjensidige Forsikring and IF Insurance.
Denmark Property Casualty Insurance Market Leaders
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Tryg
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Topdanmark
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Alm. Brand
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Codan
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Gjensidige Forsikring
*Disclaimer: Major Players sorted in no particular order
Denmark Property Casualty Insurance Market News
- In March 2022, Danish insurance brokerage Assurance Partner which has been offering its insurance for housing associations and real estate companies since 1992 was acquired by financial advisory firm NORTH which exists as an advisory house in Danmark offering advice within non-life insurance, pensions, financial agreements, and mortgage financing.
- In March 2022, Hemavi in partnership with Denmark home insurance company Hedvig launched its platform in Denmark. With this partnership, Hemavi offers home insurance to both tenants and landlords in Denmark through its platform
Denmark Property Casualty 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
4.2.1 Rising demand for Residential and Commercial Property Insurance
4.3 Market Restraints
4.3.1 Rising Natural Calamities Creating Uncertinty for Insurance Providers
4.4 Market Opportunities
4.4.1 Rising Insurtech and Digital Insurance Expanding P&C Insurance Business
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Technological Innovations in Denmark Property & Casualty Insurance
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Motor Vehicle Insurance
5.1.2 Fire and Other Damage Insurance
5.1.3 Marine, Aviation and Transport
5.1.4 General Liability
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agents
5.2.3 Banks
5.2.4 Others
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Tryg Forsikring
6.1.2 Topdanmark Forsikring
6.1.3 Alm.Brand
6.1.4 Codan Forsikring
6.1.5 Gjensidige Forsikring
6.1.6 IF Insurance
6.1.7 LB Forsikring
6.1.8 GF Forsikring
6.1.9 Himmerland Forsikring
6.1.10 Protector Forsikring*
- *List Not Exhaustive
7. MARKET FUTURE TREND
8. DISCLAIMER AND ABOUT US
Denmark Property Casualty Insurance Industry Segmentation
Property and Casualty Insurance is the type of coverage that protects the policyholder's property such as home, car, and other belongings. It also includes liability coverage which protects users if they're found legally responsible for an accident that causes injuries to another person or their property.
The denmark property and casualty insurance market is segmented by product type and by distribution channel. By product type the market is segmented into motor vehicles, fire and other damage to property, marine, aviation and transport, general liability, and others. By distribution channel the market is segmented into directs, agents, banks, and others. The report also covers the market sizes and forecasts for the property and casualty insurance market in value (USD) for all the above segments.
| By Product Type | |
| Motor Vehicle Insurance | |
| Fire and Other Damage Insurance | |
| Marine, Aviation and Transport | |
| General Liability | |
| Others |
| By Distribution Channel | |
| Direct | |
| Agents | |
| Banks | |
| Others |
Denmark Property Casualty Insurance Market Research FAQs
How big is the Denmark Property & Casualty Insurance Market?
The Denmark Property & Casualty Insurance Market size is expected to reach USD 4.08 billion in 2024 and grow at a CAGR of 2% to reach USD 4.5 billion by 2029.
What is the current Denmark Property & Casualty Insurance Market size?
In 2024, the Denmark Property & Casualty Insurance Market size is expected to reach USD 4.08 billion.
Who are the key players in Denmark Property & Casualty Insurance Market?
Tryg, Topdanmark, Alm. Brand, Codan and Gjensidige Forsikring are the major companies operating in the Denmark Property & Casualty Insurance Market.
What years does this Denmark Property & Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the Denmark Property & Casualty Insurance Market size was estimated at USD 4.00 billion. The report covers the Denmark Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Denmark Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Denmark Property Casualty Insurance Industry Report
Statistics for the 2024 Denmark Property Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Denmark Property Casualty Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
