Danish ICMIF member GF Forsikring has announced that its members will benefit from a profit share of more than DKK 215 million (USD 35 million) despite a turbulent year in which the Covid-19 pandemic has shifted the distribution of claims for the mutual insurer.

GF Forsikring says that its accounts for the past year have been settled, and earlier this month, the company’s 300,000 members were notified of what the profit sharing would actually mean for each of them financially.

Jan Parner, CEO of GF Forsikring said: “2020 has generally seen fewer car injuries than usual, because many people have worked from home, and we have also been spared major weather damages during the year. At the same time, the coronavirus situation has also meant fewer burglaries in most places in the country due to people working at home”.

Partner continued: “Conversely, and not surprisingly, we have had more expenses for travel insurance than usual. But overall, this means that this year there is a nice profit sharing for our members.”

A principle of solidarity

GF Forsikring is owned by its members, and since its first year of existence in the 1960s, the basic idea has been that members – and not shareholders – should share in each year’s profits. Therefore, GF’s profit sharing is also solidary. GF Forsikring told members that thanks to there being fewer claims in 2020, the more in profit there is for everyone, and this means that even if policyholders have had a claim during the year, they will still get a share of the profit.

In practical terms, this is done in such a way that the individual’s share of the profit is deducted from the price of renewing their insurance cover for 2021.

In total, the profit sharing in GF Forsikring in 2021 is more than DKK 215 million compared to DKK 190 million the year before.

Photo: Stock, GF archive