The Danish insurance and pension industry contributed DKK 50bn in taxes and duties to the treasury in 2024, analysis from Insurance and Pension Denmark (I&P) has revealed.  

I&P argued that the insurance and pension industry is an "integral part" of the welfare of the Danes and a key contributor to the treasury, with I&P CEO, Kent Damsgaard, pointing out that "every year, the industry delivers a billion-dollar economic contribution to Danish welfare and prosperity".

"This contribution is created together with the customers in the insurance and pension companies, and we are proud of that, to say the least," he continued. 

Damsgaard pointed out that the insurance and pensions industry also contributes to both prosperity and welfare in Denmark in its daily operations through insurance and pension savings. 

"The industry's core contribution is of course security – in everyday life and in old age," he explained. 

"But our members are also responsible for investments in everything from housing and workplaces to green transition to our common defense and security, where our industry alone doubled its investments in the defense area last year." 

However, Damsgaard argued that although the insurance and pension industry's overall contribution to social development is "truly great", the extra increased corporate tax paid by the industry should "simply be removed". 

"It is important to remember that it is the individual Dane with his insurance and pension scheme who ultimately bears the many taxes and duties imposed on our industry," he added. 

Alongside these latest figures, I&P have welcomed the annual speech from European Commission president, Ursula von der Leyen, as Damsgaard argued that she had "hit the mark by both talking about the great work with a world on fire - and the work to ensure good conditions for European business". 

"We need extra pressure on the work to strengthen the competitiveness of European companies," he continued, arguing that there is "no doubt that Europe is ready to meet our 2030 climate goals, and this is largely due to investments from the pension industry".

"We as a society can and must go even further, but this requires that the framework conditions are strengthened," he continued.

"A strong and focused green transition can also contribute to lowering general energy prices – something that will benefit both the competitiveness of companies and ordinary EU citizens.

"In von der Leyen's speech, there is a great focus on the EU standing on its own two feet, and that the Commission is on the way with a number of initiatives to support that process.

"We from the insurance and pensions industry will actively contribute with a number of concrete proposals for simpler rules and strengthened competitiveness." 

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