GF Forsikring gives millions back to its members

5 January 2022

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This month, the 330,000+ members of Danish ICMIF member GF Forsikring are learning what the profit sharing by the mutual insurer will actually mean for them in 2022. This year, all members will receive a share of the profit, which is significantly higher than last year. GF Forsikring has announced that once the accounts have been settled, more than DKK 265 million (over EUR 35 million) will be the final amount shared with members.

“In 2021, we have been spared major weather damage. At the same time, for a large part of the year we have been subject to coronavirus restrictions, which has meant fewer cars on the roads, fewer trips abroad – and we have generally stayed more at home than we did in the time before the coronavirus pandemic. This has led to less car damage claims and fewer burglaries, and overall this has contributed to a good result for 2021, which all our members will now benefit from,” says Jan Parner, CEO of GF Forsikring.

More specifically, the profit sharing means cheaper insurance in 2022 for the individual member, as the individual’s share of the profit is deducted from the price of the insurance policy when they need to be renewed.

Good behaviour benefits everyone

In GF Forsikring, it is not shareholders who reap the benefits of a good financial year. The basic idea since its founding in 1967 has been that members should share the annual profit – and thus GF lives up to the idea of solidarity in the most literal sense of the word: the fewer claims, the more profits for everyone – whether one has had an injury or not. And here the behaviour of the individual influences the rest of the members.

“A large part of the explanation for the nice result is the good behaviour that our members have shown. As a member-owned company, it benefits the members when sharing the profits. When members make an effort to avoid claims, we can provide them with insurance that gives them value for money – and we are very grateful for that,” Jan Parner concludes.

The profit sharing in GF Forsikring in 2022 will be over DKK 265 million, compared with DKK 215 million the year before.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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