Denmark insurance market
The Danish insurance market is one of the most developed in the Nordic region, characterised by a very large life and pension sector underpinned by compulsory occupational pension contributions and high household savings rates. Finanstilsynet's regulatory data show life/pension gross premiums rising steadily, reaching DKK 230.0bn in 2023, up from DKK 218.3bn in 2022. The non-life segment, tracked separately by Finanstilsynet under its new 'Sektoren i tal' format (replacing the former 'Markedsudviklingsartikler' from 2025), covered 42 non-life undertakings (captives excluded) that wrote combined gross premiums of DKK 83.1bn in 2024, an increase of DKK 4.2bn on 2023, with an improved technical result. Industry body Forsikring & Pension (F&P) reports a narrower non-life figure of DKK 75.9bn for 2024 across 39 member companies (private and commercial lines), while Sampo estimates the Danish P&C market at roughly EUR 9.9bn in 2024 with the four largest life-and-P&C groups writing about 68% of all premiums; these different scopes are not directly comparable. Non-life is led by Tryg, Alm. Brand and Topdanmark/If (merged into Sampo group from July 2025), and has seen strong premium growth driven by motor and property rate increases and claims inflation. The market is regulated by Finanstilsynet (the Danish Financial Supervisory Authority), and the industry trade body is Forsikring & Pension (F&P). A new standalone Insurance Business Act (Lov om forsikringsvirksomhed, LBK nr. 169 of 16/02/2025) governs insurance undertakings, and a new Terror Insurance Scheme Act (LOV nr. 1540 of 18/11/2025) updated the state-backed NBCR terrorism backstop for fire-insured property in late 2025.
Country market
Available products
Market overview
Market numbers
Total premiums
DKK ~308.9bn (combined estimate: DKK 230.0bn life/pension 2023 + DKK ~78.9bn non-life 2023, per Finanstilsynet)
Annual growth
Insurance penetration
11.1%
Active insurers
42
Population
6,031,699
Registered vehicles
4,860,284
Total premiums (EUR bn)
- 202483.1 EUR bn
- 202378.9 EUR bn
- 202175.2 EUR bn
- 202275 EUR bn
- 202069.6 EUR bn
2020 — 69.6 EUR bn
2021 — 75.2 EUR bn
2022 — 75 EUR bn
2023 — 78.9 EUR bn
2024 — 83.1 EUR bn
Annual growth (%)
Market data by year
Market share 2025
Tryg Forsikring A/S
24.4%If Skadeförsäkring AB (dansk filial, inkl. tidligere Topdanmark Forsikring A/S pr. 1. juli 2025)
21.4%Alm. Brand Forsikring A/S (Alm. Brand Group, inkl. Codan)
16.0%Gjensidige Forsikring ASA (dansk filial)
7.9%Sygeforsikringen "danmark"
5.6%Insurer directory
Active insurers
Insurers currently active in Denmark.
Tryg Forsikring A/S
Ballerup, Denmark
Tryg Forsikring A/S is Denmark's largest non-life insurance company and one of Scandinavia's largest, offering insurance products and services to private individuals and businesses in Denmark, Norway, and Sweden. Its roots trace back to 1731, and the modern entity was formed through a series of mergers, most recently in 2002. It is listed on Nasdaq OMX Copenhagen and majority-owned by TryghedsGruppen smba.
If Skadeförsäkring AB (dansk filial, inkl. tidligere Topdanmark Forsikring A/S pr. 1. juli 2025)
Ballerup, Denmark
If is the leading property and casualty insurer in the Nordic region, operating in Denmark as a branch of If Skadeförsäkring AB (publ), Sweden, wholly owned by Finnish Sampo plc. On 1 July 2025, Topdanmark was legally merged into If Skadeforsikring, making If Denmark's second-largest insurer with roughly 21% market share, serving both private and commercial customers under both the If and Topdanmark brands.
Alm. Brand Forsikring A/S (Alm. Brand Group, inkl. Codan)
Alm. Brand A/S (Danmark)
Gjensidige Forsikring ASA (dansk filial)
Copenhagen, Denmark
Gjensidige is a leading Nordic non-life insurance company with roots tracing back to 1816 in Norway, operating in Denmark, Norway, Sweden and the Baltics.
Sygeforsikringen "danmark"
Copenhagen, Denmark
Sygeforsikringen "danmark" is a Danish member-owned mutual insurance association founded in 1973, specializing in covering the consequences of illness and accidents, including dental, eyewear and funeral expenses. It is Denmark's largest member-owned insurance company, with more than 2.8 million members.
LB Forsikring A/S
Amerika Plads 15, 2100 Copenhagen Ø, Denmark
LB Forsikring is a member-owned Danish mutual insurance company (forsikringsaktieselskab) that primarily writes private non-life insurance, marketed through the brands Lærerstandens Brandforsikring, Bauta Forsikring, Runa Forsikring and LB Erhverv.
DKK ~3,300m
GF Forsikring A/S
Odense, Denmark
GF Forsikring is a member-owned Danish non-life insurer founded in 1967 by local enthusiasts on Funen, offering private and small-business insurance through a network of independent local insurance clubs and sharing its annual profits with members instead of shareholders.
Forsia Forsikring A/S
Aabenraa, Denmark
Forsia Forsikring A/S is a customer-owned Danish general insurer, formerly known as Sønderjysk Forsikring, with headquarters in Aabenraa and branches in Esbjerg, Odense and Copenhagen, offering general insurance products to private customers across Denmark.
DKK 848m
Vestjylland Forsikring G/S
Videbæk, Denmark
Vestjylland Forsikring is a Danish, customer-owned mutual insurance company headquartered in Videbæk, tracing its roots to 1843 and offering a broad range of private and business insurance products mainly to customers in Mid- and West Jutland.
Thisted Forsikring A/S
Thisted, Denmark
Thisted Forsikring is a customer-owned Danish general insurer with roots back to 1853, offering insurance solutions to private individuals, businesses and agricultural customers, mainly in North, Central and West Jutland, from its head office in Thisted plus offices in Herning and Aalborg.
DKK 576.3m
Market notes
Important news
Jul 17, 2026
ETU Forsikring breaches absolute minimum capital requirement again, ordered new financing plan
ETU Forsikring informed Finanstilsynet on 17 June 2026 that its solvency coverage against the absolute minimum capital requirement (EUR 4 million) stood at only 90% as of 31 May 2026. Finanstilsynet ordered a new financing plan, due 17 July 2026, requiring the shortfall to be resolved within three months. Independent experts have called ETU a candidate for the market's next insurer bankruptcy.
Why it matters
Confirms ETU's financial distress has continued to deteriorate since 2025, raising the risk of insolvency for a company already in run-off. Highlights ongoing vulnerabilities among smaller Danish non-life insurers and the practical operation of the minimum capital enforcement regime.
Mar 30, 2026
Finanstilsynet issues four orders to Vestjylland Forsikring after inspection
Following an ordinary inspection, Finanstilsynet issued four orders to Vestjylland Forsikring G/S concerning miscalculation of technical provisions for motor comprehensive and motor liability business, double-counting of reinsurance risk mitigation in fire and storm scenarios, and incorrect capital-requirement methodology for interest-rate risk.
Why it matters
Illustrates Finanstilsynet's ongoing close supervision of smaller regional mutual insurers' Solvency II calculations. Miscalculated technical provisions and capital requirements can understate true risk exposure, directly affecting policyholder protection.
Nov 18, 2025
New Act on Terror Insurance Scheme for Non-Life Insurance enacted
On 18 November 2025, Denmark enacted LOV nr 1540, a new Act on a Terror Insurance Scheme for non-life insurance (NBCR risks). The law updates the existing framework, confirming state-backed financing covers NBCR terror damage to fire-insured property. All non-life insurers writing fire cover in Denmark must participate.
Why it matters
Strengthens the Danish terrorism risk backstop, ensuring that policyholders and insurers are protected against catastrophic NBCR events. Relevant for all non-life carriers as it mandates participation and sets claims-handling obligations, part of a broader legislative modernisation following the 2024 Insurance Business Act.
Oct 6, 2025
Finanstilsynet orders ETU Forsikring to submit financing and recovery plans after capital requirement breach
Finanstilsynet disclosed that ETU Forsikring's 2024 annual report showed minimum capital coverage of only 38%, breaching the statutory 100% minimum. ETU also confirmed a continued breach as of 1 October 2025. The regulator ordered a financing plan (deadline 1 November 2025) and a recovery plan (deadline 1 December 2025), both requiring Finanstilsynet approval.
Why it matters
Signals serious financial distress at a Danish non-life insurer already in run-off after transferring its private portfolio to Forsia in 2024. Independent experts have warned ETU may become the market's next insurer failure, underlining risks at smaller, under-capitalised carriers.
Regulation
Regulation
DFSA
Danish Financial Supervisory Authority
Primary regulator and supervisor of insurance companies, pension funds, life insurers, non-life insurers, insurance brokers and other financial entities in Denmark. Responsible for licensing, prudential supervision, market conduct oversight, and publication of sector statistics via its 'Sektoren i tal' series (which from 2025 replaced the former 'Markedsudviklingsartikler'). Also acts as secretariat for the Financial Business Council and the Danish Securities Council.
https://www.finanstilsynet.dkF&P
Insurance and Pension Denmark
Danish trade association representing insurance companies and pension funds operating in Denmark. Collects and publishes quarterly market-share and industry statistics (e.g. non-life gross premiums of DKK 75.9bn across 39 reporting companies in 2024), represents the sector in policy debates, and is the national member association of Insurance Europe.
https://www.fogp.dkDFIM
Danish Motor Insurers Bureau
Guarantee fund and national Green Card Bureau that processes claims arising from uninsured or unidentified motor vehicles. Also serves as information centre and compensation body under the EU Motor Insurance Directive (2009/103/EC). Members include all insurance companies providing motor third-party liability insurance in Denmark.
https://www.dfim.dkSGF
Danish Guarantee Fund for Non-life Insurers
Statutory guarantee fund providing cover for policyholders if a non-life insurance company becomes insolvent. All non-life insurance companies authorised to carry out insurance business in Denmark are required to be members; the underlying act was most recently consolidated as LBK nr. 1105 of 10/09/2025.
https://www.skadesgarantifonden.dkKey legislation
Key legislation
LBK nr 169 af 16/02/2025 - Lov om forsikringsvirksomhed i tværgående pensionskasser, livsforsikringsselskaber og skadesforsikringsselskaber m.v. (lov om forsikringsvirksomhed)
Insurance Business Act
Principal statute governing the regulation and supervision of insurance and reinsurance undertakings in Denmark, covering tværgående pensionskasser, livsforsikringsselskaber and skadesforsikringsselskaber. Sets out requirements for authorisation, solvency (implementing Solvency II Directive 2009/138/EC), governance, outsourcing, reporting and policyholder protection, and distinguishes between Group 1 (large, Solvency II-subject) and Group 2 (smaller) insurers.
LBK nr 1390 af 18/11/2025 - Lov om finansiel virksomhed (Financial Business Act)
Financial Business Act
Overarching financial sector legislation governing banks, mortgage credit institutions, and remaining financial entities. Previously the primary basis for insurance supervision in Denmark; insurance provisions are now progressively migrated to the standalone Insurance Business Act, though the Act continues to apply to insurance in certain cross-sector matters.
LOV nr 1540 af 18/11/2025 - Lov om en terrorforsikringsordning på skadeforsikringsområdet
Terror Insurance Scheme Act
Updates the pre-existing terrorism insurance backstop, confirming state-backed financing (up to an index-adjusted amount) that covers NBCR (nuclear, biological, chemical, radiological) terror damage to fire-insured property. All non-life insurers writing fire cover in Denmark must participate and follow the associated claims-handling rules.
Forsikringsaftaleloven (Insurance Contracts Act, consolidated)
Insurance Contracts Act
Regulates the rights and obligations of insurers and policyholders under insurance contracts. Provides mandatory consumer-protective provisions including rules on premiums, disclosure, limitation periods and cancellation rights. Does not apply to reinsurance contracts. Applies to both life and non-life insurance.
LBK nr 1543 af 18/11/2025 - Bekendtgørelse af lov om forsikringsformidling (implementing IDD 2016/97/EU)
Insurance Distribution Act
Implements the EU Insurance Distribution Directive (IDD). Governs the distribution of insurance products by insurers, intermediaries and ancillary insurance intermediaries. Sets out registration, conduct of business, transparency and professional competence requirements for insurance distributors.
LBK nr 183 af 26/02/2024 - Lov om firmapensionskasser
Company Pension Funds Act
Governs the establishment and operation of company pension funds (firmapensionskasser) that provide occupational pension benefits to employees of a single employer or group of employers. Sets out capital, governance and reporting requirements applicable to these funds.
EU cross-border access
EU cross-border insurers
Allianz Global Corporate & Specialty SE
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
Offers large-corporate insurance in Denmark via FoS with a Nordic office.
Zurich Insurance plc
Freedom of Services
Home country: Ireland
Supervisor: Central Bank of Ireland
Offers commercial insurance in Denmark via FoS, notified through the Irish home-country supervisor.
AXA France IARD
Freedom of Services
Home country: France
Supervisor: ACPR (France)
AXA offers commercial insurance via FoS in Denmark, notified through the ACPR.
Hiscox SA
Freedom of Services
Home country: Luxembourg
Supervisor: CAA (Luxembourg)
Hiscox offers SME and specialty insurance, including cyber, to the Danish market via FoS with Danish-language marketing.
Gouda Rejseforsikring (Gjensidige Forsikring ASA)
Freedom of Establishment (branch of Gjensidige Forsikring ASA)
Home country: Norway
Supervisor: Finanstilsynet (Norway)
The Gouda brand belongs to Gjensidige and offers travel insurance directly to Danish consumers via FoS from Norway.
Sompo Insurance (Europe) SA
Freedom of Services
Home country: Luxembourg
Supervisor: CAA (Luxembourg)
Offers commercial insurance in Denmark via FoS from Luxembourg.
Chubb European Group SE
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Chubb offers specialty and commercial insurance in Denmark via FoS through brokers.
Distribution channels
Share by channel- 45%Direct Insurers
- Tryg Forsikring
- Alm. Brand
- Codan Forsikring
- GF Forsikring
- If Forsikring
- Gjensidige Forsikring
- Topdanmark (nu del af If)
- 20%Insurance Brokers
- Marsh Denmark
- Aon Denmark
- Willis Towers Watson
- FMG ForsikringsMæglerGruppen
- Balticfinance (Wecoya Nordics)
- 15%Insurance Agents and Tied Agents
- Forsia Forsikring
- First Forsikring (GGW/Wecoya)
- DASF (Dansk Arbejdsskadeforsikring Agentur)
- 12%Bancassurance
- Forsikringsselskabet Privatsikring A/S (Alm. Brand / lokale banker)
- Nykredit Forsikring
- Danske Bank / Danica Pension
- 8%Digital / Online Direct
- Next Forsikring
- Basisforsikring
- Forsikring Danmark
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
Contact the insurer's claims handler or responsible department directly. Explain the issue. This informal first step may resolve the matter quickly.
- 2
Submit a written complaint to the insurer's designated complaint officer (klageansvarlig). All insurers must by law appoint one for private customer matters. The insurer must respond.
- 3
If the insurer upholds its decision or fails to respond, lodge a complaint with Ankenævnet for Forsikring (Insurance Complaints Board). The complaint must concern your own private insurance and have economic substance.
- 4
For complaints about insurance intermediaries (brokers/agents), file with Mæglingsteamet for Forbrugerklager first; if unresolved, escalate to Forbrugerklagenævnet. Dispute value must be between DKK 1,110 and DKK 100,000.
- 5
For complaints about foreign EU/EEA insurers operating in Denmark, use the EU Online Dispute Resolution (ODR) platform or contact the insurer's home-country dispute body.
EU cross-border access
EU cross-border access
Denmark is a full EU member. Insurance and reinsurance undertakings authorised in any EU/EEA member state may operate in Denmark either by establishing a branch (freedom of establishment) or by providing services directly across borders (freedom of services) without obtaining a separate Danish licence, subject to notification procedures. Non-EU/EEA insurers must establish a Danish branch and obtain a licence from Finanstilsynet. All operators must comply with Danish rules on good insurance practice, consumer protection, and the Insurance Contracts Act.
EU Directive 2009/138/EC (Solvency II), Lov om forsikringsvirksomhed (in force 1 January 2024), Lov om forsikringsformidling (IDD implementation)
freedom of establishment
An EU/EEA-authorised insurer may establish a branch in Denmark. The home-state regulator notifies Finanstilsynet, which confirms the notification. The branch must comply with Danish conduct-of-business rules, consumer protection, and the Insurance Contracts Act. Non-life insurers must join the Danish Guarantee Fund for Non-life Insurance Companies.
freedom of services
An EU/EEA-authorised insurer may provide insurance services in Denmark on a cross-border basis without a branch. The home-state regulator notifies Finanstilsynet. Danish rules on good insurance practice, consumer protection, and the Insurance Contracts Act still apply. For non-life insurers the Danish Guarantee Fund membership obligation also applies.
Market history
Market history
1988–1999
Regulatory Consolidation and Nordic Integration
Finanstilsynet was established in 1988, unifying bank and insurance supervision. The Danish market was characterised by many small mutual insurers and moderate foreign competition. The Insurance Brokers Association (FMF) had been founded in 1980 and brokers began gaining market influence. Tryg-Baltica expanded into Norway and Sweden, reflecting early Nordic integration.
2000–2009
Nordic Consolidation Wave and EU Single Market Opening
The merger of Unidanmark (owner of Tryg-Baltica) with Meritanordbanken created Nordea in April 2000, reshaping the Nordic insurance landscape. EU single market rules facilitated cross-border entry. The 2002 tax exemption for employer-paid health insurance spurred rapid growth in supplementary VHI, with Sygeforsikringen 'danmark' membership rising sharply.
2010–2020
Solvency II Implementation and Post-Crisis Restructuring
Denmark implemented Solvency II from 1 January 2016, introducing risk-based capital requirements and the Group 1/Group 2 distinction. The market became highly concentrated, with a handful of large groups dominating non-life premiums. Digital channels began growing but remained a small segment. Gefion Insurance's insolvency (finalised around 2019–2021) underlined systemic risks of under-reserved small carriers.
2021–2026
Major M&A Wave, New Insurance Business Act and Digital Acceleration
Alm. Brand acquired Codan (completed May 2022, legal merger 31 March 2024), creating one of Denmark's largest insurers. Sampo completed a tender offer for Topdanmark in September 2024, and the two businesses were legally integrated on 1 July 2025, making If Denmark's second-largest non-life insurer. A standalone Insurance Business Act entered into force 1 January 2024. Direct online premiums rose 7.3% in 2024, with up to 35% of new motor policies sold via mobile apps.
Glossary
Glossary
da
Forsikringstager
The person who has entered into the insurance contract with the insurer and is liable for paying the premium.
da
Forsikringssum
The maximum amount payable by the insurer as compensation under the insurance policy in the event of a covered loss.
da
Præmie
The price paid by the policyholder to the insurer, typically annually or monthly, in exchange for insurance coverage.
da
Selvrisiko
The amount the policyholder must pay out of pocket before the insurer covers the remaining loss. A higher excess usually means a lower premium.
da
Skadesforsikring
All insurance other than life insurance, including motor, property, liability, travel, and accident insurance.
da
Livsforsikring
Insurance that pays out a sum upon the death or survival to a specified age of the insured person, including pension and endowment products.
da
Ansvarsforsikring
Insurance covering legal liability to pay compensation for bodily injury or property damage caused to third parties. Mandatory for motor vehicles, horses, and dogs in Denmark.
da
Kaskoforsikring
Insurance covering physical damage to the insured vehicle itself, including self-caused damage and damage caused by others, in addition to third-party liability.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 27, 2026
- 01Finanstilsynet – Forsikringsområdet (lovgivning og afgørelser)
Official regulator page listing all insurance laws, orders, and supervisory decisions in Denmark.
- 02Finanstilsynet – Inspektion og afgørelser
Official database of all Finanstilsynet inspection reports, orders, fines, and enforcement actions.
- 03Finanstilsynet – Kontakt
Official regulator contact page with hotline phone numbers and opening hours.
- 04Ankenævnet for Forsikring
Official website of the Danish Insurance Complaints Board for private consumer disputes.
- 05Forsikring & Pension – Kvartalsvise markedsandele
Industry association publishing quarterly market-share data for Danish insurers.
- 06Forsikringsmæglerforeningen (FMF)
Danish Insurance Brokers Association; publishes broker market data and member information.
- 07Statistics Denmark – Insurance Companies and Pension Funds
Official statistical documentation on Danish insurance company financials from Danmarks Statistik.
- 08Chambers and Partners – Financial Services Regulation 2025: Denmark
Legal practice guide covering Danish insurance regulation, cross-border rules, and recent FSA trends.