Life Insurance in Denmark, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 257 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Danish life insurance segment, including:
The Danish life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Danish life insurance segment
The detailed competitive landscape in the life insurance segment in Denmark
Detailed regulatory framework of the Danish insurance industry
A description of the life reinsurance segment in Denmark
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the Danish life insurance segment in comparison with other countries in the Nordic Region 

Summary
In terms of written premium, the life insurance segment accounted for the largest share of the Danish insurance industry during the review period. The Danish life segment registered significant review-period (2008-2012) growth at a compound annual growth rate (CAGR) of 3.7%, higher than that of the non-life segment, mainly supported by group superannuation and unit-linked products. Insurer's market life insurance as savings products, and Danish consumers' generally high propensity for risk led to life and group superannuation insurance companies launching more transparent, rather than traditional, products. The life segment grew at a CAGR of 3.7% during the review period. In the individual categories, key life products include individual life and unit-linked, whereas the group category covers group life and group superannuation insurance. Group superannuation products accounted for 84.2% of the segment in 2012, mainly due to the aging population of the country, and are expected to lead the life segment over the forecast period with a 84.8% share of the segment's gross written premium in 2017. 
Scope
This report provides a comprehensive analysis of the life insurance segment in Denmark:
It provides historical values for the Danish life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key categories in the Danish life insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in Denmark.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Denmark for the life insurance business.
It provides a detailed analysis of the reinsurance segment in Denmark and its growth prospects.
It profiles the top life insurance companies in Denmark and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Danish life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Danish life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Danish insurance industry and its impact on companies and the market's future 
Key Highlights
 The Danish life insurance segment is mainly supported by group superannuation and unit-linked products
Denmark's rapidly growing aging population is expected to play a key role in the growth of life insurance
The Danish life segment is regulated by the Danish Financial Supervisory Authority (DFSA), which also regulates the non-life and personal accident and health segments
As of 2012, 34 companies were licensed to conduct life insurance business in the country, of which seven operated exclusively in pension insurance
The Danish life segment is highly concentrated, and the 10 leading insurers accounted for 77.8% of the segment's written premium in 2012

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Nordic Region Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance Segment - Regiol Benchmarking
4.1 Scale and penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration (% of GDP)
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution channels
4.4.1 Direct marketing
4.4.2 Bancassurance
4.4.3 Agencies
4.4.4 Online channels
5 Danish Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
6 Life Insurance Outlook
6.1 Life Insurance Growth Prospects by Category
6.1.1 Individual life insurance
6.1.2 Individual unit-linked insurance
6.1.3 Group life insurance
6.1.4 Group superannuation insurance
6.2 Life Insurance Growth Prospects by Product Type
6.2.1 Individual single-premium policies
6.2.2 Individual non-single-premium policies
6.2.3 Group single-premium policies
6.2.4 Group non-single-premium policies
7 Alysis by Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Porter's Five Forces Alysis - Danish Life Insurance
8.1 Bargaining Power of Suppliers: Medium
8.2 Bargaining Power of Buyers: Medium-to-High
8.3 Barriers to Entry: Medium
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Low
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Workmen's compensation insurance
10.3.3 Air carriers and aircraft operators insurance
10.3.4 Third-party liability insurance for dogs
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors
10.4.2 European Insurance and Occupatiol Pensions Authority
10.4.3 Danish Fincial Supervisory Authority (DFSA)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Danish Life Insurance Segment
11.3 Comparison of the Top Five Insurers
11.3.1 Gross written premium
11.3.2 Gross claims
11.3.3 Loss ratio
11.3.4 Assets
11.3.5 Investment income
11.4 PFA Pension Forsikrings AS- Company Overview
11.4.1 PFA Pension Forsikrings AS - key facts
11.4.2 PFA Pension Forsikrings AS- key fincials
11.5 Danica Pension- Company Overview
11.5.1 Danica Pension - key facts
11.5.2 Danica Pension - key fincials
11.6 NordeaLiv A/S - Company Overview
11.6.1 NordeaLiv A/S - key facts
11.6.2 NordeaLiv A/S- key fincials
11.7 PensionDanmark A/S�- Company Overview
11.7.1 PensionDanmark A/S�- key facts
11.7.2 PensionDanmark A/S- key fincials
11.8 Sampension KP Livsforsikring A/S - Company Overview
11.8.1 Sampension KP Livsforsikring A/S - key facts
11.8.2 Sampension KP Livsforsikring A/S - key fincials
11.9 IndustriensPensionsforsikring A/S - Company Overview
11.9.1 IndustriensPensionsforsikring A/S - key facts
11.9.2 IndustriensPensionsforsikring A/S - key fincials
11.1 AP Pension Livsforsikringsaktieselskab - Company Overview
11.10.1 AP Pension Livsforsikringsaktieselskab- key facts
11.10.2 AP Pension Livsforsikringsaktieselskab - key fincials
11.11 Pen-Sam LivForsikringsaktieselskab - Company Overview
11.11.1 Pen-Sam LivForsikringsaktieselskab - key facts
11.11.2 Pen-Sam LivForsikringsaktieselskab- key fincials
11.12 SEB Pensionsforsikring A/S - Company Overview
11.12.1 SEB Pensionsforsikring A/S - key facts
11.12.2 SEB Pensionsforsikring A/S - key fincials
11.13 Laerernes Pension - Company Overview
11.13.1 Laerernes Pension - key facts
11.13.2 Laerernes Pension�- key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Copenhagen Stock Exchange, Denmark
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture net output at current prices (US$)
12.2.7 Agriculture net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices as percentage of GDP
12.2.12 Construction net output at current prices, (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate (DKK-US$)
12.3 Infrastructure
12.3.1 Commercial vehicles exports - total value
12.3.2 Commercial vehicles imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Household consumption expenditure (US$)
12.5.3 Total population
12.5.4 Urban and rural populations
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Danish Insurance - Overall Written Premium by Segment (DKK Billion), 2008-2012
Table 3: Danish Insurance - Overall Written Premium by Segment(US$ Billion), 2008-2012
Table 4: Danish Insurance - Overall Written Premium by Segment(DKK Billion), 2012-2017
Table 5: Danish Insurance - Overall Written Premium by Segment(US$ Billion), 2012-2017
Table 6: Danish Insurance - Segmentation (% Share), 2008-2017
Table 7: Danish Life Insurance - Written Premium by Category (DKK Billion), 2008-2012
Table 8: Danish Life Insurance - Written Premium by Category (US$ Billion), 2008-2012
Table 9: Danish Life Insurance - Written Premium by Category (DKK Billion), 2012-2017
Table 10: Danish Life Insurance - Written Premium by Category (US$ Billion), 2012-2017
Table 11: Danish Life Insurance - Earned Premium (DKK Billion), 2008-2012
Table 12: Danish Life Insurance - Earned Premium (DKK Billion), 2012-2017
Table 13: Danish Life Insurance - Sum Assured (DKK Trillion), 2008-2012
Table 14: Danish Life Insurance - Sum Assured (DKK Trillion), 2012-2017
Table 15: Danish Life Insurance - Paid Claims (DKK Billion), 2008-2012
Table 16: Danish Life Insurance - Paid Claims (DKK Billion), 2012-2017
Table 17: Danish Life Insurance - Incurred Loss (DKK Billion), 2008-2012
Table 18: Danish Life Insurance - Incurred Loss (DKK Billion), 2012-2017
Table 19: Danish Life Insurance- Loss Ratio (%), 2008-2012
Table 20: Danish Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Danish Life Insurance - Commissions and Expenses (DKK Billion), 2008-2012
Table 22: Danish Life Insurance- Commissions and Expenses (DKK Billion), 2012-2017
Table 23: Danish Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Danish Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Danish Life Insurance- Frauds and Crimes (DKK Billion), 2008-2012
Table 26: Danish Life Insurance- Frauds and Crimes (DKK Billion), 2012-2017
Table 27: Danish Life Insurance - Total Assets (DKK Billion), 2008-2012
Table 28: Danish Life Insurance - Total Assets (DKK Billion), 2012-2017
Table 29: Danish Life Insurance - Total Investment Income (DKK Billion), 2008-2012
Table 30: Danish Life Insurance - Total Investment Income (DKK Billion), 2012-2017
Table 31: Danish Life Insurance - Retentions (DKK Billion), 2008-2012
Table 32: Danish Life Insurance - Retentions (DKK Billion), 2012-2017
Table 33: DanishIndividual Life Insurance-Number of Active Policies (Thousand), 2008-2012
Table 34: DanishIndividual Life Insurance - Number of Active Policies, 2012-2017
Table 35: DanishIndividual Life Insurance - Written Premium (DKK Billion), 2008-2012
Table 36: DanishIndividual Life Insurance - Written Premium (DKK Billion), 2012-2017
Table 37: Danish Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: Danish Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39:Danish Individual Unit-Linked Insurance - Written Premium (DKK Billion), 2008-2012
Table 40:Danish Individual Unit-Linked Insurance - Written Premium (DKK Billion), 2012-2017
Table 41: Danish Group Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Danish Group Life Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Danish Group Life Insurance - Written Premium (DKK Billion), 2008-2012
Table 44: Danish Group Life Insurance - Written Premium (DKK Billion), 2012-2017
Table 45: Danish Group Superannuation Insurance -Number of Active Policies (Thousand), 2008-2012
Table 46: Danish Group Superannuation Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Danish Group Superannuation Insurance -Written Premium (DKK Billion), 2008-2012
Table 48: Danish Group Superannuation Insurance - Written Premium (DKK Billion), 2012-2017
Table 49: Danish Individual Single-Premium Insurance -Number of Active Policies (Thousand), 2008-2012
Table 50: Danish Individual Single-Premium Insurance -Number of Active Policies (Thousand), 2012-2017
Table 51: Danish Individual Single-Premium Insurance - Written Premium (DKK Billion), 2008-2012
Table 52: Danish Individual Single-Premium Insurance - Written Premium (DKK Billion), 2012-2017
Table 53:Danish Individual Non-Single-Premium Insurance -Number of Active Policies (Thousand), 2008-2012
Table 54: Danish Individual Non-Single-Premium Insurance -Number of Active Policies (Thousand), 2012-2017
Table 55: Danish Individual Non-Single-Premium Insurance - Written Premium (DKK Billion), 2008-2012
Table 56: Danish Individual Non-Single-Premium Insurance - Written Premium (DKK Billion), 2012-2017
Table 57: Danish Group Single-Premium Insurance -Number of Active Policies (Thousand), 2008-2012
Table 58: Danish Group Single-Premium Insurance -Number of Active Policies (Thousand), 2012-2017
Table 59: Danish Group Single-Premium Insurance - Written Premium (DKK Billion), 2008-2012
Table 60: Danish Group Single-Premium Insurance - Written Premium (DKK Billion), 2012-2017
Table 61: Danish Group Non-Single-Premium Insurance -Number of Active Policies (Thousand), 2008-2012
Table 62: Danish Group Non-Single-Premium Insurance -Number of Active Policies (Thousand), 2012-2017
Table 63: Danish Group Non-Single-Premium Insurance -Written Premium (DKK Billion), 2008-2012
Table 64: Danish Group Non-Single-Premium Insurance - Written Premium (DKK Billion), 2012-2017
Table 65: Danish Life Insurance - Direct Marketing Commission Paid (DKK Billion), 2008-2012
Table 66: Danish Life Insurance-Direct Marketing Commission Paid (DKK Billion), 2012-2017
Table 67: Danish Life Insurance - New Business Written Premium Through Direct Marketing (DKK Billion), 2008-2012
Table 68: Danish Life Insurance - New Business Written Premium Through Direct Marketing (DKK Billion), 2012-2017
Table 69: Danish Life Insurance - New Policies Sold Through Direct Marketing (Thousand),2008-2012
Table 70: Danish Life Insurance - New Policies Sold Through Direct Marketing (Thousand),2012-2017
Table 71: Danish Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 72: Danish Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 73: Danish Life Insurance - Bancassurance Commission Paid(DKK Billion), 2008-2012
Table 74: Danish Life Insurance - Bancassurance Commission Paid(DKK Billion), 2012-2017
Table 75: Danish Life Insurance - New Business Written Premium Through Bancassurance (DKK Billion), 2008-2012
Table 76: Danish Life Insurance - New Business Written Premium Through Bancassurance (DKK Billion), 2012-2017
Table 77: Danish Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 78: Danish Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 79: Danish Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 80: Danish Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 81: Danish Life Insurance - Commission Paid to Agencies (DKK Billion), 2008-2012
Table 82: Danish Life Insurance - Commission Paid to Agencies (DKK Billion), 2012-2017
Table 83: Danish Life Insurance - New Business Written Premium Through Agencies (DKK Billion), 2008-2012
Table 84: Danish Life Insurance - New Business Written Premium Through Agencies (DKK Billion), 2012-2017
Table 85: Danish Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 86: Danish Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 87: Danish Life Insurance - Number of Agencies, 2008-2012
Table 88: Danish Life Insurance - Number of Agencies, 2012-2017
Table 89: Danish Life Insurance - E-Commerce Commission Paid (DKK Billion), 2008-2012
Table 90: Danish Life Insurance - E-Commerce Commission Paid(DKK Billion), 2012-2017
Table 91: Danish Life Insurance - New Business Written Premium Through E-Commerce (DKK Billion), 2008-2012
Table 92: Danish Life Insurance - New Business Written Premium Through E-Commerce (DKK Billion), 2012-2017
Table 93: Danish Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 94: Danish Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 95: Danish Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 96: Danish Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 97: Danish Life Insurance - Commission Paid to Brokers(DKK Billion), 2008-2012
Table 98: Danish Life Insurance - Commission Paid to Brokers(DKK Billion), 2012-2017
Table 99: Danish Life Insurance - New Business Written Premium Through Brokers (DKK Billion), 2008-2012
Table 100: Danish Life Insurance - New Business Written Premium Through Brokers (DKK Billion), 2012-2017
Table 101: Danish Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 102: Danish Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 103: Danish Life Insurance - Number of Brokers, 2008-2012
Table 104: Danish Life Insurance - Number of Brokers, 2012-2017
Table 105: Danish Life Insurance - Commission Paid to Other Channels (DKK Billion), 2008-2012
Table 106: Danish Life Insurance - Commission Paid to Other Channels (DKK Billion), 2012-2017
Table 107: Danish Life Insurance - New Business Written Premium Through Other Channels (DKK Billion), 2008-2012
Table 108: Danish Life Insurance - New Business Written Premium Through Other Channels (DKK Billion), 2012-2017
Table 109: Danish Life Insurance - New Policies Sold Through Other Channels (Thousand), 2008-2012
Table 110: Danish Life Insurance - New Policies Sold Through Other Channels (Thousand), 2012-2017
Table 111: Danish Life Insurance - Number of Distributors in Other Channels, 2008-2012
Table 112: Danish Life Insurance - Number of Distributors in Other Channels, 2012-2017
Table 113: Reinsurance in Denmark by Category (DKK Billion), 2008-2012
Table 114: Reinsurance in Denmark by Category (US$ Billion), 2008-2012
Table 115: Reinsurance in Denmark by Category (DKK Billion), 2012-2017
Table 116: Reinsurance in Denmark by Category (US$ Billion), 2012-2017
Table 117: Danish Premium Ceded to Reinsurance by Type of Insurance (DKK Billion), 2008-2012
Table 118: Danish Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 119: DanishPremium Ceded to Reinsurance by Type of Insurance (DKK Billion), 2012-2017
Table 120: Danish Premium Ceded to Reinsurance by Type of Insurance(US$ Billion), 2012-2017
Table 121: Danish Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 122: Danish Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 123: Denmark - Life Insurance Regulatory Framework
Table 124: Denmark - Property Insurance Regulatory Framework
Table 125: Denmark - Motor Insurance Regulatory Framework
Table 126: Denmark - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 127: Denmark - Corporate Tax Rates for Financial Year 2013
Table 128: Shares of Key Insurers in the Danish Life Insurance Segment (%), 2012
Table 129: PFA Pension Forsikrings AS, Key Facts
Table 130: PFA Pension Forsikrings AS, Key Financials (DKK Million), 2008-2012
Table 131: Danica Pension, Key Facts
Table 132: Danica Pension, Key Financials (DKK Million), 2008-2012
Table 133: NordeaLiv A/S, Key Facts
Table 134: NordeaLiv A/S, Key Financials (DKK Million), 2008-2012
Table 135: PensionDanmark A/S, Key Facts
Table 136: PensionDanmark A/S, Key Financials (DKK Million), 2008-2012
Table 137: GruppoAssicurativoIntesaSanpaolo Vita, Key Facts
Table 138: Sampension KP Livsforsikring A/S, Key Financials (DKK Million), 2008-2012
Table 139: IndustriensPensionsforsikring A/S, Key Facts
Table 140: IndustriensPensionsforsikring A/S, Key Financials (DKK Million), 2008-2012
Table 141: AP Pension Livsforsikringsaktieselskab, Key Facts
Table 142: AP Pension Livsforsikringsaktieselskab, Key Financials (DKK Million), 2008-2012
Table 143: Pen-Sam LivForsikringsaktieselskab, Key Facts
Table 144: Pen-Sam LivForsikringsaktieselskab, Key Financials (DKK Million), 2008-2012
Table 145: SEB Pensionsforsikring A/S, Key Facts
Table 146: SEB Pensionsforsikring A/S, Key Financials (DKK Million), 2008-2012
Table 147: L�rernes Pension�, Key Facts
Table 148: L�rernes Pension, Key Financials (DKK Million), 2008-2012