General Insurance Nordic

The Nordic segment includes the Group’s operations in the Danish and Swedish private, commercial and municipal markets. Gjensidige has its own distribution channels in these markets as well as distribution through a number of partners and brokers. In Denmark, the Nykredit group is a key distribution partner.


Integration activities relating to companies and portfolios acquired in recent years were again among the priorities in 2017. Work has also been devoted to continuous strengthening of the distribution partnerships and on making operational processes more efficient. The focus on further development of the business model, portfolio restructuring and repricing helped to strengthen the quality of portfolios in the Danish and Swedish part of the business, during the year.


Our Nordic operations shall contribute to economies of scale, diversification of risk and increased competitiveness for the Group. The Nordic general insurance markets are relatively consolidated, but Gjensidige sees opportunities for growth through a patient, rational approach.

As from 2018, the Nordic segment will be split into a Danish and a Swedish business area. Both areas will give priority to increased profitability, cost efficiency, integration of acquired businesses, organisational and culture development and investments in customer-oriented digital solutions. The design and implementation of measures will be adapted to each area’s distinctive characteristics.

There is strong competition in the markets Gjensidige operates in. The pressure on prices remains high, especially in the market for larger commercial customers and in the municipal market.

Key figures Nordic

NOK million 2017 20162015

Earned premiums

6,563.5  5,917.85,233.3
Underwriting result 192.4 247.3509.1 
Loss ratio% 81.6 80.174.6
Cost ratio% 15.5 15.715.6
Combined ratio% 97.1 95.890.3


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Sources market shares:

Denmark: The Danish Insurance Association, based on gross premiums earned  2016 

Sweden: Insurance Sweden, based on earned premiums 3rd quarter 2017