Insurances

The Insurances market in Denmark is projected to reach a gross written premium of US$42.64bn in 2024.
Life insurances dominate the market with a projected market volume of US$34.21bn in 2024.
The average spending per capita in the Insurances market amounts to US$7.18k in 2024.
When compared globally, the United States has the highest nominal value, reaching US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 2.11%, resulting in a market volume of US$47.33bn by 2029.
Similarly, in global comparison, the United States will generate the most gross written premium, reaching US$3.8tn in 2024.
The insurance market in Denmark is experiencing a shift towards digitalization, with more customers opting for online platforms for policy purchase and claims processing.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in Denmark has been experiencing significant growth and development in recent years. Customer preferences in the Danish insurance market have been shifting towards more personalized and digital solutions, reflecting a global trend in the industry. Customers are increasingly seeking tailored insurance products that meet their specific needs and provide a seamless online experience. This demand for customization and convenience has led insurance companies in Denmark to invest in technology and data analytics to better understand and serve their customers. Trends in the market show a rise in the adoption of insurtech solutions and a growing focus on sustainability and ESG (Environmental, Social, and Governance) factors. Insurtech startups in Denmark are disrupting the traditional insurance sector by offering innovative products and services, while established companies are incorporating ESG criteria into their investment and underwriting processes. This trend aligns with the broader European movement towards sustainable finance and responsible business practices. Local special circumstances in Denmark, such as the country's well-developed welfare system and high level of digitalization, have contributed to the growth of the insurance market. The Danish government's support for digital innovation and the population's high level of trust in financial institutions have created a favorable environment for insurance companies to introduce new technologies and expand their offerings. Underlying macroeconomic factors, including Denmark's stable economy and low interest rates, have also influenced the development of the insurance market. Low interest rates have prompted insurance companies to explore alternative investment strategies and develop new insurance products to maintain profitability in a challenging financial environment. Additionally, the country's aging population and increasing awareness of the importance of insurance coverage have driven demand for pension and health insurance products. In conclusion, the Insurances market in Denmark is evolving in response to changing customer preferences, technological advancements, and global trends towards sustainability. The market's growth is supported by local special circumstances and macroeconomic factors that create opportunities for innovation and expansion in the insurance sector.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.