Market Snapshot
| Study Period: | 2018-2027 |
| Base Year: | 2021 |
| CAGR: | 5 % |
|
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Market Overview
The Property and Casualty Insurance Market in Denmark is expected to register a CAGR of 6% during the forecast period.
COVID-19 had a significant economic consequence on the global and Dutch economies. Due to the lockdown, many Danish businesses suffered a significant loss of income due to the interruption of production and the closure of stores.
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. Premiums written by Danish Insurance companies in the Property and Casualty segment is on rising steadily since 2010. The number of non-life insurance companies in Denmark is decreasing continuously. The number of non-life insurance companies has decreased from 113 in 2008 to below 60 in 2020.
Scope of the Report
Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Denmark. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights into various product types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Denmark. Property and Casualty Insurance in Denmark can be segmented by Product Type ( Motor Vehicle, Fire and other damage to property, Marine, Aviation and Transport, General Liability, and Others) and Distribution Channel ( Direct, Agents, Banks, and Others).
| 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 |
Key Market Trends
Premium for the Property and Casualty Insurance is on the Rise
The premium (net of reinsurance) for the insurance activities is increasing in Denmark. The premium for overall non-life insurance increased from DKK 63,955 million in 2019 to DKK 65,308 million in 2020. The premium for the Motor Vehicle insurance and the Fire and other damage to a property represents Denmark's two largest shares for the property and casualty insurance.
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Assets for the Non-Life Insurance is Increasing after the Dip in 2016
The assets for the non-life insurance companies in Denmark are increasing after the continuous decline. The Assets of non-life companies had touched the lowest at DKK 194,396 million in 2016. The continuously increasing asset started to decline from 2016 to 2018. The improvement is seen in the asset of non-life insurance, which reached DKK 208,582 million in 2020.
Competitive Landscape
The Property and Casualty Insurance Market in Denmark is highly competitive, though, in recent years, the number of players in the Denmark Property and Casualty Insurance market is decreased. The number of non-life insurance companies has decreased from 113 in 2008 to below 60 in 2020. Tryg is the market leader for property and casualty insurance in Denmark, with around 22.4% of the total non-life insurance market share. Topdanmark has a market share of around 15% of non-life insurance, and Alm. brand comes at third with 8.5% of the non-life insurance market share.
Major Players
Recent Developments
· In March 2022, Topdanmark entered an agreement with Nordea, the Nordic region's largest bank, which buys Topdanmark Life and Pension Insurance. The company will be Nordea's Danish life and pension company. The agreement is expected to strengthen the close, strategic partnership between Nordea and Topdanmark.
· In January 2021, Alm. Brand entered a partnership with Wash World. Through a new partnership, Alm. Brand and Wash World together aim to offer car owners Alm. Brands car insurance on Wash Worlds platforms. When Danish car owners are in the process of ordering a subscription to Wash World, or when they are waiting to have their car washed, they are offered car insurance from Alm.
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 INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Insight on Technologial Adoption in the Market
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
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 Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
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Frequently Asked Questions
What is the study period of this market?
The Denmark Property & Casualty Insurance Market market is studied from 2018 - 2027.
What is the growth rate of Denmark Property & Casualty Insurance Market?
The Denmark Property & Casualty Insurance Market is growing at a CAGR of 5% over the next 5 years.
Who are the key players in Denmark Property & Casualty Insurance Market?
Tryg, Topdanmark, Alm. Brand, Codan, Gjensidige Forsikring, IF Insurance are the major companies operating in Denmark Property & Casualty Insurance Market.
