Jennifer Rudden
Research Lead Financial Services & Real estate
Life insurance in Denmark - statistics & facts
A life insurance contract ensures financial coverage for a family in case of unexpected death of the insured. In 2018, Danes signed insurance contracts which generated a gross premium income of around 180 billion Danish kroner. There are three different types of life insurance contracts in Denmark: work-related, non-work-related, and group life insurance. The largest part of this gross premium income comes from work-related contracts, which account for almost 90 percent of the total value.
In 2018, the largest life insurance company in Denmark was PFA Pension, which had a market share of almost 20 percent. The company was founded in 1917 and is the largest pension insurance company in the country today. It also provides other products, such as health and life insurance. Danica Pension, Velliv, and PensionDanmark followed as the other leading companies, all also mainly active on the pension market, as is the case with most companies providing life insurance in Denmark.
Though the main purpose of a life insurance contract is to provide for the family in the event of a death, it is not the most common reason for paying out life insurance benefits. The goal is usually to get paid some amount of the money back when cancelling the contract - a withdrawal compensation. Around 15 billion Danish kroner were paid out for such a contract cancellation in 2018, while roughly 1 billion Danish kroner were compensated after deaths.
In 2018, the largest life insurance company in Denmark was PFA Pension, which had a market share of almost 20 percent. The company was founded in 1917 and is the largest pension insurance company in the country today. It also provides other products, such as health and life insurance. Danica Pension, Velliv, and PensionDanmark followed as the other leading companies, all also mainly active on the pension market, as is the case with most companies providing life insurance in Denmark.
Though the main purpose of a life insurance contract is to provide for the family in the event of a death, it is not the most common reason for paying out life insurance benefits. The goal is usually to get paid some amount of the money back when cancelling the contract - a withdrawal compensation. Around 15 billion Danish kroner were paid out for such a contract cancellation in 2018, while roughly 1 billion Danish kroner were compensated after deaths.
