A record loyalty discount of DKK 253 million (EUR 34 million) is on its way back to LB Forsikring’s members just before Christmas. Denmark’s largest member-owned insurer is paying out a quarter of a billion to members for 2022, while more members will have access to the discount this year than previously.
On 21 December 2022, the bonus will be paid into the accounts of loyal members of LB Forsikring, which consists of the four insurance companies of the LB Group: Lærerstandens Brandforsikring, Runa Forsikring, Bauta Forsikring og LB Forsikring til PFA. The mutual insurer pays out DKK 253 million in loyalty rebates to members who have had a home insurance policy for more than two years.
Normally, LB members would have had to have had home insurance with the insurer for at least three years: but for this year, members only need to have had a policy for two years.
“We are a member community at LB Forsikring, and our newest group in the insurance community is LB Forsikring til PFA, which went live in January 2020. This means that several of our members insured by this company will get the loyalty discount for the first time, along with all other members who qualify” said Steen Holse Andersen, COO of LB Forsikring.
Steen continues: “The loyalty discount reflects our community in many ways. We safeguard each other when things go wrong, share when things go well, and stand together when things are difficult. Our record payout this year of DKK 250 million is an example of how good a year 2021 was for us in the LB community, because the loyalty rebate is set the year before by the Board.”
The 2021 result was marked by a very good result on LB Forsikring’s investments and by the fact that the corona period had produced fewer claims than usual – including fewer burglaries and fewer car claims, as members were at home more and driving less. The record payout in 2022 also marks when LB Forsikring strengthened member democracy in the insurance community even further by expanding the circle of delegates from 45 to 70 this spring.
“We now have members from all four of our insurance brands represented among the delegates, and the Board also wanted to mark this, so the large loyalty discount is also a celebration of member democracy at LB Forsikring,” says Steen Holse Andersen.
