ISTANBULAPRIL 24TH 2014

(MOGENS N. SKOV)

• My own background

• The origin of mutual insurance in Denmark

• A little about Købstædernes Forsikring

• Mutuality in Denmark

• Some personal observations

• Skybrud i København den 2. juli 2011– Konsekvenser for Købstædernes Forsikring

• Femtidens vejr– Fra en forsikringsmands synsvinkel

Istanbul April 24th 2014

WHAT WILL I TELL YOU ?

WHO AM I?

• Started in insurance in 1976• International reinsurance

1981-1985• 1985- 1989 management

consulting• 1989 - 1997 international (re-)

insurance• Board member of Ege-Baltica

Sigorta, Izmir• 1997 – 2014 President/CEO at

Købstædernes Forsikring• 2014 – professionel

boardmember• 1990 onwards + 30 boards• AISAM/AMICE/ICMIF

Istanbul April 24th 2014

THE ORIGIN

• City of Copenhagen is on fire in 1728

• The insurance company Copenhagen Fire is established

• The insurance company Købstædernes Forsikring is established on January 13th 1761

Istanbul April 24th 2014

VERY SIMPLE BUSINESS MODEL

Insuring buildings outside of Copenhagen against fire

Istanbul April 24th 2014

Development

• Monopoly from 1761

• Split to create Alm Brand in 1792 (farm houses)

• Monopoly ends 1972

• Cooperation with Baltica

• A multi-line insurance company in 2000

Istanbul April 24th 2014

MARKET SHARE – COMMERCIAL PROPERTY

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

TrygVesta Alm Brand

Topdanmark

Codan

Gjensidige (X) Købstædernes

Alka

Dong insurance

Danske forsikring

Premium -

000's

Istanbul April 24th 2014

MUTUALITY – COOPERATIVES IN DENMARK

• Hjedding Andelsmejeri 1882

• Start of the mutual/cooperative era in Denmark

• Insurance companies

Istanbul April 24th 2014

MUTUALITY IN DENMARK

• Equal legislation for mutuals/cooperatives and plc´s apart from EURO 130,000 tax deductible

Istanbul April 24th 2014

SOME PERSONAL OBSERVATIONS

Istanbul April 24th 2014

THANK YOU FOR YOUR

PATIENCE!