Published on March 10, 2014
Life Insurance in Denmark, Key Trends and Opportunities to 2017 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 Executive 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. Reasons 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 table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Nordic Region Market Dynamics 3.1 Overview 3.1.1 Market Trends 3.1.2 Market Size 4 Life Insurance Segment – Regional 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 Life Insurance in Denmark, Key Trends and Opportunities to 2017
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 Analysis 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 Analysis – 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 Dynamics And Challenges 9.1 Reinsurance Segment Size, 2008–2017 9.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017 10 Governance, 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 Personal 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 International Association Of Insurance Supervisors 10.4.2 European Insurance And Occupational Pensions Authority 10.4.3 Danish Financial Supervisory Authority (dfsa) 10.5 Non-admitted Insurance Regulations Life Insurance in Denmark, Key Trends and Opportunities to 2017
10.5.1 Overview 10.5.2 Intermediaries 10.5.3 Market Practices 10.5.4 Fines And Penalties 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 Alternative 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 Financials 11.5 Danica Pension– Company Overview 11.5.1 Danica Pension – Key Facts 11.5.2 Danica Pension – Key Financials 11.6 Nordealiv A/s – Company Overview 11.6.1 Nordealiv A/s – Key Facts 11.6.2 Nordealiv A/s– Key Financials 11.7 Pensiondanmark A/s – Company Overview 11.7.1 Pensiondanmark A/s – Key Facts 11.7.2 Pensiondanmark A/s– Key Financials 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 Financials 11.9 Industrienspensionsforsikring A/s – Company Overview 11.9.1 Industrienspensionsforsikring A/s – Key Facts 11.9.2 Industrienspensionsforsikring A/s – Key Financials 11.1 Ap Pension Livsforsikringsaktieselskab – Company Overview 11.10.1 Ap Pension Livsforsikringsaktieselskab– Key Facts 11.10.2 Ap Pension Livsforsikringsaktieselskab – Key Financials 11.11 Pen-sam Livforsikringsaktieselskab – Company Overview 11.11.1 Pen-sam Livforsikringsaktieselskab – Key Facts 11.11.2 Pen-sam Livforsikringsaktieselskab– Key Financials 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 Financials 11.13 Lærernes Pension – Company Overview 11.13.1 Lærernes Pension – Key Facts 11.13.2 Lærernes Pension – Key Financials Life Insurance in Denmark, Key Trends and Opportunities to 2017
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$) 12.3 Infrastructure 12.3.1 Commercial Vehicles Exports – Total Value 12.3.2 Commercial Vehicles Imports – Total Value 12.3.3 Automotive Exports – Total Value 12.3.4 Automotive Imports – Total Value 12.3.5 Total Internet Subscribers 12.4 Labor Force 12.4.1 Labor Force 12.4.2 Unemployment Rate 12.5 Demographics 12.5.1 Gross National Disposable Income (us$) 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 ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: firstname.lastname@example.org Website: http://www.researchmoz.us/ Life Insurance in Denmark, Key Trends and Opportunities to 2017
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