Property Insurance - Denmark | Statista Market Forecast

The Property Insurance market market in Denmark is expected to reach a projected market size of US$3.88bn in 2024.
The average spending per capita in the Property Insurance market market is estimated to be US$653.80 in 2024.
With an anticipated annual growth rate (CAGR 2024-2029) of 1.09%, the gross written premium is projected to increase to a market volume of US$4.10bn by 2029.
When comparing globally, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
Denmark's property insurance market is experiencing a surge in demand due to the country's high rate of homeownership and vulnerability to extreme weather events.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Denmark has been experiencing significant growth and development in recent years. Customer preferences in the Danish Property Insurance market have been shifting towards comprehensive coverage that includes protection against natural disasters such as floods and storms. Customers are also increasingly looking for customizable policies that cater to their specific needs and preferences. Trends in the market indicate a rise in demand for digital insurance solutions, with more customers opting to purchase and manage their property insurance policies online. This shift towards digitalization has led to increased competition among insurance providers, prompting them to enhance their online platforms and offer more user-friendly experiences. Local special circumstances in Denmark, such as the country's high standard of living and stringent building regulations, contribute to the unique dynamics of the Property Insurance market. The prevalence of eco-friendly and energy-efficient buildings in Denmark has also influenced the types of coverage that customers seek in their property insurance policies. Underlying macroeconomic factors, such as the stable economy and low unemployment rates in Denmark, have provided a favorable environment for the growth of the Property Insurance market. As disposable incomes rise and the housing market remains robust, more individuals and businesses are investing in property insurance to protect their assets against unforeseen events.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.