Results Q1 2011 Investor presentation - Tryg FINAL Investor presentation... · Certain statements in…

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<ul><li><p>Results Q1 2011 </p><p>Investor presentation</p></li><li><p>2</p><p>ContentsFacts about Tryg 4Structure of the Nordic insurance markets 5Headlines Q1 2011 7Key figures 8Segment performance in Q1 2011 10Combined ratio drivers Q1 10 / Q1 11 11Quarterly claims ratio Corporate 12Expenses 13Discount rates 14Investment results Q1 15Provisions and run-off 16Capitalisation 17Outlook 18Underlying claims development 20Average claims and frequency 21Large and weather claims development 23Premium hikes 25Development in average premiums 26Customer retention - Private 27Major claims initiatives annual benefits 28Danish market workers compensation challenging 29Makro development and inflation 30Key figures Private, Commercial and Corporate 32Assets allocation 36Key figures 2004-2010 and concensus 2011-12 37</p><p>AppendixGeographical segments 38Economic key figures in the Nordics 39Nordic peers 40</p></li><li><p>3</p><p>Disclaimer</p><p>Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by </p><p>and information currently available to the management. Forward-looking statements (other than statements of </p><p>historical fact) regarding our future results of operations, financial condition, cash flows, business strategy, plans and </p><p>future objectives can generally be identified by terminology such as targets, believes, expects, aims, intends, </p><p>plans, seeks, will, may, anticipates, continues or similar expressions. </p><p>A number of different factors may cause the actual performance to deviate significantly from the forward-looking </p><p>statements in this presentation including but not limited to general economic developments, changes in the </p><p>competitive environment, developments in the financial markets, extraordinary events such as natural disasters or </p><p>terrorist attacks, changes in legislation or case law and reinsurance. </p><p>We urge you to read our annual report available on tryg.com for a discussion of some of the factors that could affect </p><p>our future performance and the industry in which we operate.</p><p>Should one or more of these risks or uncertainties materialise or should any underlying assumptions prove to be </p><p>incorrect, our actual financial condition or results of operations could materially differ from that described herein as </p><p>anticipated, believed, estimated or expected. </p><p>We are not under any duty to update any of the forward-looking statements or to conform such statements to actual </p><p>results, except as may be required by law.</p><p>http://www.tryg.com/</p></li><li><p>4</p><p>Share</p><p>performance since IPO (incl. dividends)</p><p>Shareholder breakdown </p><p>Facts about Tryg</p><p> A true Nordic platform Prudent underwriting and risk selection Exceed customer expectation Vision to be perceived as the leading </p><p>peace-of-mind provider in the Nordic region </p><p>Gross</p><p>premium</p><p>split 2010</p><p>2.99.1</p><p>38.5</p><p>49.5</p><p>DenmarkNorwaySwedenFinland</p><p>Percentage</p><p>13</p><p>17</p><p>10</p><p>60</p><p>Danishinstitutional Non-DanishinstitutionalSmallershareholdersTryghedsGruppen</p><p>Percentage</p><p>0</p><p>25</p><p>50</p><p>75</p><p>100</p><p>125</p><p>150</p><p>175</p><p>200</p><p>225</p><p>250</p><p>Oct/2005 Apr/2006 Oct/2006 Apr/2007 Oct/2007 Apr/2008 Oct/2008 Apr/2009 Oct/2009 Apr/2010 Oct/2010 Apr/2011</p><p>Tryg Euro Insurance index</p></li><li><p>5</p><p>Structure of the Nordic insurance markets</p><p>A lka, 3 .5</p><p>T ryg, 20 .7</p><p>C odan, 12.9</p><p>A lm. Brand, </p><p>10 .0</p><p>I f, 5 .1</p><p>O ther, 24 .1</p><p>Top, 17 .8</p><p>Gjens idige, </p><p>5 .9</p><p>If, 25 .7</p><p>T ryg, 17 .1</p><p>Gjens idige, </p><p>27.9Spare</p><p>bank1, </p><p>10 .8</p><p>O ther, 18.5</p><p>O ther, 17 .4</p><p>Lns forskri</p><p>ngar, 28 .8</p><p>Folksam, </p><p>15.2</p><p>C odan, 16.0Moderna, </p><p>3 .7</p><p>I f, 18 .9</p><p>If, 24.2</p><p>Tryg, 2.4</p><p>Pohjo la, 27.6Tapio la, 18.5</p><p>Fennia, 9.5</p><p>Other, 17.8</p><p>Denmark </p><p>DKK 46.7bn/EUR 6.3bn (Q1 10)Norway </p><p>NOK 43.0bn/EUR 5.4bn (Q4 10)</p><p>Sweden</p><p>SEK 60.4bn/EUR 6.4bn (Q4 10) </p><p>Finland </p><p>EUR 3.5bn (Q4 10) incl. Tryg (EUR 84m)</p><p>Percentage Percentage</p><p>PercentagePercentage</p><p>Folksam, 4.5</p><p>Codan, 9.6</p><p>Tryg, 11.7</p><p>Other, 29.3</p><p>If, 17.4</p><p>Topdan-mark, 5.4</p><p>Lnsfor-sikring, 8.5</p><p>Gjensdige, 9.1</p><p>Pohjo la, 4.5</p><p>Nordic market</p><p>EUR 21.6bn</p><p>Percentage</p></li><li><p>66 13. maj 2011</p><p>Overview Q1 2011 </p></li><li><p>7</p><p>Headlines Q1 2011</p><p>Premium growthOrganic growth in local currency </p><p>2.0</p><p>3.0</p><p>4.0</p><p>5.0</p><p>6.0</p><p>Q108 Q208</p><p>Q308</p><p>Q408</p><p>Q109</p><p>Q209</p><p>Q309</p><p>Q409</p><p>Q110</p><p>Q210</p><p>Q310*</p><p>Q410</p><p>Q111</p><p>%</p><p>Combined ratio</p><p>80.0</p><p>90.0</p><p>100.0</p><p>110.0</p><p>120.0</p><p>Q108</p><p>Q208</p><p>Q308</p><p>Q408</p><p>Q109</p><p>Q209</p><p>Q309</p><p>Q409</p><p>Q110</p><p>Q210</p><p>Q310</p><p>Q410</p><p>Q111</p><p> Combined ratio of 95.9 vs 108.6 in Q1 2010 5.4% premium growth driven by Private Nordic with 9% growth Claims ratio of 75.7 compared with 88.9 in Q1 2010. Q1 2011 positively impacted by normal winter Cost ratio of 16.6 underlines cost control. Denmark/Norway expense ratio of only 15.5. Agreement on salary reductions for tied agents in Denmark and renewal of IT contract with CSC.</p><p>108.6</p><p>95.9</p></li><li><p>8</p><p>Key figures Q1 2011 Change</p><p>Q1 2011/DKKm Q1 2010 Q1 2011 Q1 2010</p><p>Gross premiums earned 4,650 5,038 388</p><p>Gross claims ratio 88.9 75.7 13.2</p><p>Business ceded as % of gross premiums 2.5 3.6 -1.1</p><p>Claims ratio, net of ceded business 91.4 79.3 12.1</p><p>Gross expense ratio 17.2 16.6 0.6</p><p>Combined ratio 108.6 95.9 12.7</p><p>Combined ratio before run-off 112.0 99.5 12.5</p><p>Technical result -354 276 630</p><p>Return on investments after technical interest 204 105 -99</p><p>Profit/loss before tax -113 361 474</p><p>Profit/loss on continuing business -85 271 356</p><p>Profit/loss for the period -102 271 373</p></li><li><p>9</p><p>Key figures</p><p>Claims ratio (ex winter 2010)</p><p>67.565.1</p><p>71.6</p><p>66.2</p><p>69.5</p><p>72.771.6</p><p>74.7 74.373.0</p><p>82.1</p><p>73.475.7</p><p>60</p><p>65</p><p>70</p><p>75</p><p>80</p><p>85</p><p>Q1 0</p><p>8Q2</p><p> 08</p><p>Q3 0</p><p>8Q4</p><p> 08</p><p>Q1 0</p><p>9Q2</p><p> 09</p><p>Q3 0</p><p>9Q4</p><p> 09</p><p>Q1 1</p><p>0Q2</p><p> 10</p><p>Q3 1</p><p>0Q4</p><p> 10</p><p>Q1 1</p><p>1</p><p>Gross premiumDKKm</p><p>4,000</p><p>4,400</p><p>4,800</p><p>5,200</p><p>Q1 0</p><p>8Q2</p><p> 08</p><p>Q3 0</p><p>8Q4</p><p> 08</p><p>Q1 0</p><p>9Q2</p><p> 09</p><p>Q3 0</p><p>9Q4</p><p> 09</p><p>Q1 1</p><p>0Q2</p><p> 10</p><p>Q3 1</p><p>0Q4</p><p> 10</p><p>Q1 1</p><p>1</p><p>Expense ratio </p><p>15</p><p>16</p><p>17</p><p>18</p><p>19</p><p>20</p><p>Q1 0</p><p>8Q2</p><p> 08</p><p>Q3 0</p><p>8Q4</p><p> 08</p><p>Q1 0</p><p>9Q2</p><p> 09</p><p>Q3 0</p><p>9Q4</p><p> 09</p><p>Q1 1</p><p>0Q2</p><p> 10</p><p>Q3 1</p><p>0Q4</p><p> 10</p><p>Q1 1</p><p>1</p><p>Combined ratio (ex winter 2010)</p><p>87.4 86.7</p><p>90.489.3</p><p>91.0 91.592.1</p><p>94.1 93.992.5</p><p>99.2</p><p>95.5 95.9</p><p>85</p><p>90</p><p>95</p><p>100</p><p>105</p><p>Q1 0</p><p>8Q2</p><p> 08</p><p>Q3 0</p><p>8Q4</p><p> 08</p><p>Q1 0</p><p>9Q2</p><p> 09</p><p>Q3 0</p><p>9Q4</p><p> 09</p><p>Q1 1</p><p>0Q2</p><p> 10</p><p>Q3 1</p><p>0Q4</p><p> 10</p><p>Q1 1</p><p>1</p></li><li><p>10</p><p>Segment performance in Q1 2011</p><p>107.8</p><p>95.194.3</p><p>70</p><p>80</p><p>90</p><p>100</p><p>110</p><p>Q1 2009 Q1 2010 Q1 2011</p><p>100.2</p><p>137.7</p><p>105.3</p><p>70</p><p>90</p><p>110</p><p>130</p><p>Q1 2009 Q1 2010 Q1 2011</p><p>Private Nordic -</p><p>CR Commercial Nordic -</p><p>CR Corporate Nordic -</p><p>CR</p><p> 9% premium growth in local currency </p><p> CR improvement driven by normal level of winter claims and premium hikes coming in as planned</p><p> Average premium per customer increased 3% in Norway and 8% in Denmark</p><p> Renewal of major partner agreements on better terms</p><p> Satisfactory underlying claims development</p><p> 2.6% premium growth in local currency</p><p> Combined ratio of 105.3</p><p> Positive influence from premium hikes made in autumn 2010</p><p> More than 3,000 customers have been through individual risk assessments</p><p> Agreement on reduction of salaries for tied agents in Denmark</p><p> 0.4% growth in premiums covering (DK: -2%, NO: 0% SE: 18%)</p><p> Still tough market conditions but January 2011 renewal went better than last year</p><p> Decrease in portfolio on workers comp</p><p>77.8</p><p>85.389.3</p><p>70</p><p>80</p><p>90</p><p>100</p><p>Q1 2009 Q1 2010 Q1 2011</p></li><li><p>11</p><p>95.9</p><p>108.6</p><p>5.0</p><p>14.7</p><p>0.6</p><p>2.5</p><p>4.9</p><p>1.0</p><p>0.2</p><p>Q1 2010 Extraordinarywinter</p><p>Premium hikes Claims inf lat ion Storm Corporate-strong Q1 2010 </p><p>Expense rat io Others Q1 2011</p><p>Combined ratio drivers Q1-2010 / Q1-2011</p></li><li><p>12</p><p>Quarterly claims ratio - Corporate</p><p>30</p><p>40</p><p>50</p><p>60</p><p>70</p><p>80</p><p>90</p><p>Q108</p><p>Q208</p><p>Q308</p><p>Q408</p><p>Q109</p><p>Q209</p><p>Q309</p><p>Q409</p><p>Q110</p><p>Q210</p><p>Q310</p><p>Q410</p><p>Q111</p><p> When adjusted for winter, claims ratio Q1 2010 was extraordinary low</p></li><li><p>13</p><p>Expenses</p><p>Breakdown of Group expense ratio</p><p>16.5 16.0 15.5 15.614.5 14.1 13.8</p><p>0.4 0.8 1.3 1.52.7</p><p>2.92.8</p><p>2005 2006 2007 2008 2009 2010 Q1 11</p><p>17.0 16.9 16.8 17.1 17.2 17.0 16.6</p><p>Denmark &amp; Norway Finland &amp; Sweden</p><p>Expense ratio</p><p>16.616.2</p><p>15.5</p><p>16.4</p><p>15.515.6</p><p>16.0</p><p>50.0</p><p>60.464.5</p><p>45.8</p><p>24.130.1</p><p>22.9</p><p>2005 2006 2007 2008 2009 2010 Q1 11</p><p>Denmark &amp; Norway Finland &amp; Sweden</p><p>Data before 2009 is not corrected for the sale of Marine Hull business.</p><p> Decreasing trend in no. of employees continues </p><p> Strict hiring policy continues</p><p> New agreement with tied agents in Denmark approved</p><p>No. of employees</p><p>42854280 4280</p><p>4291</p><p>4268</p><p>Q1 10 Q2 10 Q3 10 Q4 10 Q1 11</p></li><li><p>14</p><p>2.0</p><p>3.0</p><p>4.0</p><p>5.0</p><p>6.0%</p><p>Discount rates</p><p>Interest rates are increasing after dive in 2010</p><p>Discounting effect Q1 2011 only slightly higher than Q1 2010</p><p>Market expects increasing interest rates in 2011</p><p>1% increase in interest level will:</p><p>-increase pre-tax profit by around DKK 300m</p><p>-improve combined ratio by approx. 1 % point </p><p>2007 2008 2009 2010 2011 2012</p></li><li><p>15</p><p>Investment result Q1</p><p>Gross</p><p>investment</p><p>return(mio. DKK)</p><p>Bonds</p><p>1,185</p><p>Equities</p><p>261</p><p>Real estate</p><p>300</p><p>Total</p><p>1,746</p><p>Match</p><p>Result</p><p>-28mMismatch</p><p>0.01%</p><p>Free</p><p>investment</p><p>Result</p><p>188mReturn</p><p>2.1 %</p><p>Assets Return</p><p>Q1 2011</p><p>32.2 mia. DKK</p><p>9.4 mia. DKK</p><p>Gross</p><p>investment</p><p>return(DKKm)</p><p>Bonds</p><p>5</p><p>Equities</p><p>99</p><p>Real estate</p><p>56</p><p>Total</p><p>160</p><p>Match</p><p>Mismatch</p><p>0.01%</p><p>Free</p><p>investment</p><p>Result</p><p>188mReturn</p><p>2.1%(</p><p>8.5% p.a.)</p><p>Assets Return</p><p>Q1 2011</p><p>32.2bn</p><p>9.4bn</p></li><li><p>16</p><p>Provisions and run-off</p><p>561683</p><p>824</p><p>182</p><p>792 800</p><p>283</p><p>2005 2006 2007 2008 2009 2010 Q1 2011</p><p>21,261 20,410 21,104 19,71522,470</p><p>24,883 24,649</p><p>5,183 5,173 5,403 5,100</p><p>6,208</p><p>6,8199,352</p><p>0</p><p>10,000</p><p>20,000</p><p>30,000</p><p>2005 2006 2007 2008 2009 2010 Q12011</p><p>Relative Run-off/claims provisions</p><p>Insurance provision, DKKm</p><p>1.8%</p><p>3.0%</p><p>4.2% 4.1%3.6% 3.9%</p><p>3.0%</p><p>2005 2006 2007 2008 2009 2010 Q12011</p><p>Run-off net, DKKm</p><p>Premium provisions Claims provisions</p><p> Total provisions increased by DKK 2.3bn in Q1 2011 due to seasonal </p><p>increase in premium provisions</p><p> Stable run-off result</p><p>Q1 2011 annualised</p></li><li><p>17</p><p>Capitalisation</p><p>6,000</p><p>7,000</p><p>8,000</p><p>9,000</p><p>10,000</p><p>11,000</p><p>12,000</p><p>Q1 0</p><p>8Q2</p><p> 08</p><p>Q3 0</p><p>8</p><p>2008</p><p> bef</p><p>ore </p><p>payo</p><p>utQ1</p><p> 09</p><p>Q2 0</p><p>9Q3</p><p> 09</p><p>2009</p><p> bef</p><p>ore </p><p>payo</p><p>utQ1</p><p> 201</p><p>0Q2</p><p> 201</p><p>0Q3</p><p> 201</p><p>0 </p><p>2010</p><p> bef</p><p>ore </p><p>payo</p><p>utQ1</p><p> 201</p><p>1</p><p>Capital requirement Buffer (5%) Surplus capital</p><p>8%3%</p></li><li><p>18</p><p>Outlook</p><p>Mid-term</p><p>Medium term target is return on equity of more than 20% after tax </p><p>This implies a combined ratio level of 90% including potential run-off and </p><p>at current interest rate level</p><p>Annual impact fromprice increases</p><p>2011 2012</p><p>DKK ~1.0bn DKK ~0.6bn</p><p> ROE after tax</p><p>0%</p><p>10%</p><p>20%</p><p>30%</p><p>40%</p><p>2003</p><p>2004</p><p>2005</p><p>2006</p><p>2007</p><p>2008</p><p>2009</p><p>2010</p><p>2011</p><p>2012</p><p>2013</p><p>2014</p><p>Mid</p><p>term target</p><p> Q1 result marks first step toward reaching the target</p><p> Initiatives helps progress but further steps are needed</p><p> Increasing interest rates will support lower combined ratio</p></li><li><p>Claims development</p></li><li><p>20</p><p>Underlying claims development</p><p>Q1 2010</p><p>Q1 2011</p><p>Gross claims ratio</p><p>89.0 75.7</p><p>Large claims -3.0 -1.0</p><p>Weather claims 0.0 -1.1</p><p>Run-off 4.2 4.3</p><p>Interest rate 4.0 3.7</p><p>Extraordinary winter</p><p>-14.7</p><p>Underlying 79.5 81.6</p><p>Q1 2010</p><p>Q1 2011</p><p>Gross claimsratio</p><p>99.7 78.4</p><p>Large claims -2.0 -0.3</p><p>Weather claims 0.0 -1.3</p><p>Run-off 0.6 1.1</p><p>Interest rate 2.9 2.5</p><p>Extraordinary winter</p><p>-17.1</p><p>Underlying 84.1 80.4</p><p>Group</p><p>Private andCommercial</p><p>Price increases startsTo improve underlying</p><p>development</p><p>80%</p><p>84%</p><p>65%</p><p>70%</p><p>75%</p><p>80%</p><p>85%</p><p>90%</p><p>95%</p><p>Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11</p><p>Q1 usually has the highest claims ratio primarily due to normal winter effect</p><p>Private and Commercial underlying claims ratio</p></li><li><p>21</p><p>8090</p><p>100110120130140150160</p><p>2006 2007 2008 2009 2010 2011 Q1A t l Adj</p><p>80</p><p>90</p><p>100</p><p>110</p><p>120</p><p>130</p><p>140</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>80</p><p>85</p><p>90</p><p>95</p><p>100</p><p>105</p><p>110</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Average claims and frequency</p><p>8090</p><p>100110120130140150</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Frequency</p><p>private cars</p><p>NO</p><p>Average</p><p>claims private house NO*Average</p><p>claims private cars</p><p>NO</p><p>Frequency</p><p>private house NO</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>Actual</p><p>vs</p><p>adj. Average*</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>*Average</p><p>adjusted</p><p>for seasonal</p><p>effects</p><p>and long term trends</p></li><li><p>22</p><p>80</p><p>90</p><p>100</p><p>110</p><p>120</p><p>130</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Average claims and frequency</p><p>80</p><p>90</p><p>100</p><p>110</p><p>120</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Frequency</p><p>private cars</p><p>DK</p><p>8090</p><p>100110120130140150160</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Average</p><p>claims private house DK**</p><p>**Excl. Storm and extraordinary</p><p>winter</p><p>Average</p><p>claims private cars</p><p>DK</p><p>Frequency</p><p>private house DK**</p><p>80859095</p><p>100105110115120</p><p>2006 2007 2008 2009 2010 2011 Q1</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>Actual</p><p>vs</p><p>adj. average*</p><p>*Average</p><p>adjusted</p><p>for seasonal</p><p>effects</p><p>and long term trends</p></li><li><p>23</p><p>Large and weather claims development</p><p>Large claims gross</p><p>466537 491</p><p>813</p><p>50</p><p>597</p><p>0</p><p>200</p><p>400</p><p>600</p><p>800</p><p>1,000</p><p>2006 2007 2008 2009 2010 Q1 11</p><p> Large claims gross amounted to DKK 50m in Q1 2011 lower than anticipated. </p><p> Weather claims lower than expected. </p><p> Expected large claims level increased by 15% in 2011 and weather claims increased by 30%.</p><p>Weather claims (gross)</p><p>202332</p><p>112 121291</p><p>570</p><p>200</p><p>400</p><p>600</p><p>2006 2007 2008 2009 2010 Q1 11</p><p>DKKm</p><p>Expected full year level based on history </p><p>DKKm</p><p>Expected full year level based on history </p></li><li><p>Profitability initiatives and focus areas</p></li><li><p>25</p><p>Premium hikes</p><p>02468</p><p>101214</p><p>2009 2010 2011</p><p>Private Property M otor Property</p><p>Norway</p><p>0</p><p>5</p><p>10</p><p>15</p><p>2009 2010 2011</p><p>Private Property Other Private Property</p><p>Denmark</p><p>0</p><p>5</p><p>10</p><p>15</p><p>2009 2010 2011</p><p>Private Property M otor Other Private</p><p>Finland</p><p>0</p><p>5</p><p>10</p><p>15</p><p>2009 2010 2011</p><p>Private Property M otor Other Private</p><p>Sweden</p><p>% %</p><p>%%</p></li><li><p>26</p><p>Development in average premiumsMotor insurance - average premium </p><p> (Index 2005 =100)</p><p>80</p><p>90</p><p>100</p><p>110</p><p>120</p><p>2005 2006 2007 2008 2009 2010 2011</p><p>House insurance - average premium(Index 2005 = 100)</p><p>90</p><p>100</p><p>110</p><p>120</p><p>130</p><p>140</p><p>2005 2006 2007 2008 2009 2010 2011</p><p>Average price has declined for a number of years.</p><p>Increase past 12 months: </p><p>2.4 %</p><p>4.8 %</p><p>Pricing in House lagging claims development.</p><p>Increase past 12 months:</p><p>13.7 %</p><p>8.4 %</p></li><li><p>27</p><p>Customer retention Private</p><p>82%</p><p>84%</p><p>86%</p><p>88%</p><p>90%</p><p>92%</p><p>Customer retention rate</p><p>2005 2006 2007 2008 2009 2010 Q1 11</p><p> Retention rate in Norway is gradually improving </p><p> Retention rate stable in Denmark despite premium hikes. </p><p> Retention primarily decreasing among customers with only one product</p><p>75%</p><p>80%</p><p>85%</p><p>90%</p><p>95%</p><p>100%</p><p>Jan-2010 Jul-2010 Jan-2011</p><p>2+ products</p><p>1 product</p></li><li><p>28</p><p>Major claims initiatives - annual benefits</p><p>Improved</p><p>processesE-auction</p><p>etc. DKK 50m</p><p>Improved</p><p>processesE-auction</p><p>etc. DKK 50m</p><p>RecourseDKK 10m</p><p>RecourseDKK 10m</p><p>Alarm agreementDKK 10m</p><p>Alarm agreementDKK 10m</p><p>Reduce</p><p>loanercar</p><p>costsDKK 10m</p><p>Reduce</p><p>loanercar</p><p>costsDKK 10m</p><p>Improved</p><p>discountCar</p><p>spare partsDKK 25m</p><p>Improved</p><p>discountCar</p><p>spare partsDKK 25m</p><p>Reduce</p><p>fraudPersonal</p><p>linesDKK 10m</p><p>Reduce</p><p>fraudPersonal</p><p>linesDKK 10m</p><p>Large claims Building insurance</p><p>DKK 25m</p><p>Large claims Building insurance</p><p>DKK 25m</p><p>Windscreen</p><p>claims DKK 20m</p><p>Windscreen</p><p>claims DKK 20m</p></li><li><p>29</p><p>Danish market workers comp. - challenging</p><p>Number of awarded loss of ability</p><p>0</p><p>200</p><p>400</p><p>600</p><p>800</p><p>1000</p><p>1200</p><p>1400</p><p>1600</p><p>1800</p><p>2000</p><p>2004 2005 2006 2007 2008 2009 2010</p><p>1 year later 2 years later 3 years later 4 years later 5 years later 6 years later 7 years later</p><p> Figures shows how loss of ability claims are determined by National Board of Industrial Injuries</p

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