Non-Life Insurance in Denmark, Key Trends and Opportunities to 2020

Published: Feb, 2017 | Pages: 125 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Non-Life Insurance in Denmark Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Danish non-life insurance segment, including:

• The Danish non-life segment’s detailed outlook by product category

• A comprehensive overview of the Danish economy and demographics

• A comparison of the Danish non-life insurance segment with its regional counterparts

• The various distribution channels in the Danish non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Danish insurance industry

• Details of the competitive landscape in the non-life insurance segment in Denmark

• Details of regulatory policy applicable to the Danish insurance industry

Synopsis

Timetric’s 'Non-Life Insurance in Denmark Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Danish non-life insurance segment, and a comparison of the Danish insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Danish economy and demographics, explains the various types of natural hazard and their impact on the Danish insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Denmark:

• It provides historical values for the Danish non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Danish non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Danish non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Denmark.

• It analyzes various natural and man-made hazards and their impact on the Danish insurance industry

• It profiles the top non-life insurance companies in Denmark, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Danish non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Danish non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Danish insurance industry, and their impact on companies and the industry's future.

Key Highlights

• Non-life penetration in Denmark was the second-highest in Northern Europe, standing at 2.37% in 2015.

• In September 2016, amendments to the Danish Air Navigation Act made it mandatory for commercial drone users to have third-party liability insurance covering persons or property.

• Property insurance accounted for 45.4% of the segment’s direct written premium in 2015.

• According to ClinicalTrials.gov, a service of the US National Institutes of Health, Denmark leads the world in terms of the number of clinical trials per capita.

• The Danish non-life segment is competitive and highly concentrated, with the 10 leading companies accounting for 87.9% of the total non-life gross written premium in 2015.

• Bancassurance is an integral part of insurance distribution in Denmark.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Profitability
4.2.3 Assets and investments

5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Profitability

6 Distribution Channel Outlook

7 Natural Hazards
7.1 Flooding
7.2 Cloudbursts
7.3 Storms
7.4 Exposure

8 Competitive Landscape
8.1 Company Profiles
8.1.1 Tryg Forsikring A/S – company overview
8.1.2 Codan Forsikring A/S – company overview
8.1.3 Topdanmark Forsikring A/S – company overview
8.1.4 Alm. Brand Forsikring A/S – company overview
8.1.5 LB Forsikring A/S – company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Air carriers and aircraft operators liability insurance
9.4.3 Workmen’s compensation insurance
9.4.4 Professional indemnity insurance for alternative investment fund managers
9.4.5 Third-party liability insurance for dogs
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Federation of European Risk Management Associations
9.5.4 Danish Financial Supervisory Authority
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List 0f Tables

Table 1: Danish Non-Life Insurance – Key Facts, 2015
Table 2: Danish Non-Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Danish Government Credit Ratings
Table 4: Danish Non-Life Insurance – Gross Written Premium (DKK Billion and US$ Billion), 2011–2015
Table 5: Danish Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Danish Non-Life Insurance – Gross Written Premium (DKK Billion and US$ Billion), 2015–2020
Table 7: Danish Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Danish Non-Life Insurance – Premium per Capita (DKKand US$), 2011–2015
Table 9: Danish Non-Life Insurance – Premium per Capita (DKK and US$), 2015–2020
Table 10: Danish Non-Life Insurance – Profitability Ratio (%), 2011–2015
Table 11: Danish Non-Life Insurance – Profitability Ratio (%), 2015–2020
Table 12: Danish Non-Life Insurance – Total Assets (DKK Billion and US$ Billion), 2011–2015
Table 13: Danish Non-Life Insurance – Total Assets (DKK Billion and US$ Billion), 2015–2020
Table 14: Danish Non-Life Insurance – Total Investment Income (DKK Billion and US$ Million), 2011–2015
Table 15: Danish Non-Life Insurance – Total Investment Income (DKK Billion and US$ Million), 2015–2020
Table 16: Danish Non-Life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2015
Table 17: Danish Non-Life Insurance – Direct Written Premium by Category (DKK Billion), 2015–2020
Table 18: Danish Property Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2015
Table 19: Danish Property Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2015–2020
Table 20: Danish Property Insurance – Loss Ratio (%), 2011–2015
Table 21: Danish Property Insurance – Loss Ratio (%), 2015–2020
Table 22: Danish Motor Insurance – Number of New Registered Vehicles by Type , 2011–2016
Table 23: Danish Motor Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2015
Table 24: Danish Motor Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2015–2020
Table 25: Danish Motor Insurance – Loss Ratio (%), 2011–2015
Table 26: Danish Motor Insurance – Loss Ratio (%), 2015–2020
Table 27: Danish Liability Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2015
Table 28: Danish Liability Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2015–2020
Table 29: Danish Liability Insurance – Loss Ratio (%), 2011–2015
Table 30: Danish Liability Insurance – Loss Ratio (%), 2015–2020
Table 31: Danish Transport Network – Global Rankings
Table 32: Danish Marine, Aviation and Transit Insurance – Transport Figures, 2011–2015
Table 33: Danish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2015
Table 34: Danish Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2015–2020
Table 35: Danish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 36: Danish Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 37: Danish Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Table 38: Tryg Forsikring A/S – Key Facts
Table 39: Tryg Forsikring A/S – Key Financials (DKK Million), 2011–2015
Table 40: Codan Forsikring A/S – Key Facts
Table 41: Codan Forsikring A/S – Key Financials (DKK Million), 2011–2015
Table 42: Topdanmark Forsikring A/S – Key Facts
Table 43: Topdanmark Forsikring A/S – Key Financials (DKK Million), 2011–2015
Table 44: Topdanmark Forsikring A/S – Key Facts
Table 45: Topdanmark Forsikring A/S – Key Financials (DKK Million), 2011–2015
Table 46: LB Forsikring A/S – Key Facts
Table 47: LB Forsikring A/S – Key Financials (DKK Million), 2011–2015
Table 48: Denmark – Insurance Regulatory Framework Key Features
Table 49: Denmark – Life Insurance Regulatory Framework
Table 50: Denmark – Property Insurance Regulatory Framework
Table 51: Denmark– Motor Insurance Regulatory Framework
Table 52: Denmark – Liability Insurance Regulatory Framework
Table 53: Denmark – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 54: Denmark – Corporate Tax Rates for the Financial Year 2017
Table 55: Danish Insurance Industry – Policies and Premium, 2011–2015
Table 56: Danish Insurance Industry – Policies and Premium, 2015–2020
Table 57: Danish Non-Life Insurance – Claims and Expenses, 2011–2015
Table 58: Danish Non-Life Insurance – Claims and Expenses, 2015–2020
Table 59: Danish Non-Life Insurance – Assets and Investments, 2011–2015
Table 60: Danish Non-Life Insurance – Assets and Investments, 2015–2020
Table 61: Danish Non-Life Insurance – Property Insurance, 2011–2015
Table 62: Danish Non-Life Insurance – Property Insurance, 2015–2020
Table 63: Danish Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 64: Danish Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 65: Danish Non-Life Insurance – Motor Insurance, 2011–2015
Table 66: Danish Non-Life Insurance – Motor Insurance, 2015–2020
Table 67: Danish Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 68: Danish Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 69: Danish Non-Life Insurance – Liability Insurance, 2011–2015
Table 70: Danish Non-Life Insurance – Liability Insurance, 2015–2020
Table 71: Danish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 72: Danish Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 73: Insurance Industry Definitions

List of Figures

Figure 1: Danish Real GDP (DKK Trillion), 2011–2020
Figure 2: Danish Consumer Price Inflation (%), 2011–2020
Figure 3: Danish Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 4: Danish Unemployment Rate, 2011–2020
Figure 5: Danish Population by Age Group, 1990–2025
Figure 6: Danish Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 7: Danish Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 8: Danish Non-Life Insurance – Gross Written Premium (DKK Billion), 2011–2020
Figure 9: Danish Non-Life Insurance – Penetration (%), 2011–2020
Figure 10: Danish Non-Life Insurance – Premium per Capita (DKK), 2011–2020
Figure 11: Danish Non-Life Insurance – Profitability Ratio (%), 2011–2020
Figure 12: Danish Non-Life Insurance – Total Assets (DKK Billion), 2011–2020
Figure 13: Danish Non-Life Insurance – Total Investment Income (DKK Billion), 2011–2020
Figure 14: Danish Non-Life Insurance – Direct Written Premium by Category (DKK Billion), 2011–2020
Figure 15: Danish Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 16: Danish Property Insurance – Construction Value Output by Category (DKK Billion), 2011–2015
Figure 17: Danish Property Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2020
Figure 18: Danish Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 19: Danish Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (DKK Billion and %), 2011–2020
Figure 20: Danish Motor Insurance – Number of Registered Vehicles by Type (%), 2015 and 2016
Figure 21: Danish Motor Insurance – Direct Written Premium by Sub-Category (DKK Billion), 2011–2020
Figure 22: Danish Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 23: Danish Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (DKK Billion and %), 2011–2020
Figure 24: Danish Liability Insurance – Direct Written Premium (DKK Billion), 2011–2020
Figure 25: Danish Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (DKK Billion and %), 2011–2020
Figure 26: Danish Marine, Aviation and Transit Insurance – Imports and Exports (DKK Billion), 2010–2015
Figure 27: Danish Marine, Aviation and Transit Insurance – Direct Written Premium (DKK Million), 2011–2020
Figure 28: Danish Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (DKK Million and %), 2011–2020
Figure 29: Danish Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 30: Denmark – The Three Pillars of Solvency II
Figure 31: Denmark – Insurance Supervision and Control at Various Levels
Figure 32: Denmark – Insurance Regulatory Frameworks for Company Registration and Operation