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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
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