Danish ICMIF member GF Forsikring has announced it will share more than DKK 165 million (USD 23.4 million) with its members in 2025 – and for the third year in a row will enter a new year without having to impose extraordinary price increases.
In a recent announcement, GF Forsikring said that although the costs of claims had increased in 2024, the 375,000+ members of the mutual insurer can now look forward to a share of a profit in 2025 of more than DKK 165 million. And that is a great result in a difficult year, explained Mark Palmberg, CEO of GF Forsikring, saying: “Both we and the industry are experiencing more and more expensive claims – and this naturally affects the bottom line. But the good news is that despite this, we have succeeded in creating a surplus that we can share with our members. This is due to our special business model, where we are owned by the members and do not have to create large returns for shareholders.”
Overall, GF Forsikring’s profit sharing will be smaller than last year, when members shared DKK 215 million. This is partly due to more claims and higher costs for repairing cars, as well as higher costs for building materials. But where there are external circumstances that have had an impact on the profit sharing, Mark Palmberg explained how members themselves can also do a lot to influence the size of the profit.
“It is very simple: The fewer claims, the greater the profit for everyone. And the more we each take care of our immediate environment, the better. Our members are already very good at preventing claims – but damage prevention remains a major focus area in 2025. Through a joint effort, we can each influence the profit sharing,” he said.
Specifically, the individual member receives the profit sharing in the form of a special percentage discount, which is deducted from the price of the insurance policies when they are paid during the year. The price of car insurance is reduced by an average of 9.3 percent, compared to 12.7 percent the year before. On other private insurances as well as on business cover products, the price is reduced by 1 percent compared to 3 percent the year before.
Third year in a row without price increases
Mark Palmberg also explained that having a large profit share for members is not a goal in itself saying: “GF Forsikring’s business model is about setting the right price for the members, who are our actual owners. Therefore, I am pleased that for the third year in a row we are entering a new year without extraordinary price increases.”
Since its foundation in 1967, the basic concept at GF Forsikring has been to ensure the lowest possible prices for its members and to share the yearly profits with them. In the past seven years alone, members have shared more than DKK 1.4 billion.
Photo shows: Mark Palmberg, GF Forsikring (photo source: GF Forsikring)
