Windstorm losses push reinsurance to near $1bn for large firms

Regulations in force in Denmark ended brokers’ ability to receive commission since 1 July 2006. Brokers and their clients now have to enter into an agreement which sets out the services which the former will provide and the fee which the latter will pay. Most insurers have already introduced this system. Although the full effect of this change on brokers is not yet clear, the number of insurance brokers in the Danish market is expected to be reduced through mergers or withdrawal from the market

With over 140 non-life insurance companies active in the Danish insurance market in 2007 and the market open to insurers from other EU and some non-EU countries, competition has been fierce for most classes and continues to be keen. At the end of 2006 the number of domestic non-life insurance companies was 120 (including 61 mutuals). In addition, there were around 20 branches of foreign insurers.