Our products

Motor insurance 
Motor insurance accounts for 32% of total premiums earned by the Group. A motor insurance policy consists of mandatory third party liability comprehensive cover and cover for the motorist’s own vehicle. The mandatory third party liability insurance provides cover against lia-bility for injuries to a third party and damage to a third party’s property. The comprehensive vehicle insurance, which is voluntary, provides cover for the motorist’s own vehicle, for example in connection with collisions, fire damage and theft. Motor insurance is written for passenger cars, motorcycles, mopeds, caravans, lorries, buses and trailers. Motor policies taken out by TrygVesta’s concept customers in Denmark include roadside assistance, including services such as towing and battery jump-start, at no additional charge.

Building insurance 
Building insurance accounts for 11% of total premiums earned by the Group. A building policy covers damage to the policyholder’s house caused by events such as fire and storm and water damage. The policy also provides legal expenses cover and covers the policyholder’s liability as the owner of a building.

TrygVesta introduced a new, extended building insurance policy in Denmark in November 2008, designed to provide enhanced peace of mind to customers. It includes, among other features, a new and extended water damage coverage. The price of the new, enhanced building insurance is higher than previously and differentiated relative to customers’ risk profiles based on strong statistical material.

House contents insurance
House contents insurance accounts for 6% of total premiums earned by the Group. A contents insurance policy provides cover for the loss of, or damage to, the contents of private dwellings with a range of additional features, such as cover for valuables temporarily located away from the home, legal expenses and liability arising from occupancy of a building.

Personal accident insurance 
Personal accident insurance contributes 10% of total premiums earned by the Group. A personal accident insurance policy provides cover against accidental bodily injury or death. The policy may be taken out with full-time or spare-time cover. Coverage and sums insured are tailored to customer requirements. Compensation is in the form of a lump sum intended to help the policyholder cope with the financial consequences of an accident, thereby easing the strain of a changed everyday life.

Many children are not covered by accident insurance. TrygVesta therefore intends to make a special effort in 2009 to market this policy to parents. Profitability in the personal accident business will furthermore be enhanced by various initiatives in 2009.

Property – commercial insurance 
Commercial insurance comprises Property and accounts for 14% of total premiums earned by the Group. A commercial insurance policy provides cover for the loss of, or damage to, the buildings, inventory or equipment of commercial customers. In addition, TrygVesta provides cover for financial loss due to business interruption resulting from covered claims.

Workers’ compensation insurance
9% of total premiums earned by the Group is attributable to workers’ compensation insurance. A workers’ compensation policy provides cover for employees against bodily injury sustained at work and, in Norway, also occupational diseases. This insurance is mandatory for all employers and covers their employees, except for public employees and those employed by sole proprietorships.

Proactive claims handling is a focus area for TrygVesta, which pursues a close dialogue with the claimant to optimise claims handling. We have set up a proactive claims handling team consisting of claims handlers, social counsellors, legal experts, occupational health practitioners, orthopaedic surgeons and a network of psychologists. Proactive claims handling has three winners: the business, the injured person and TrygVesta in the form of a shorter period of absence from work, enhanced self-esteem for the injured person and reduced expenses

Professional liability insurance
Professional liability insurance accounts for 4% of total premiums earned by the Group. A professional liability insurance policy provides cover for various types of liability, such as claims incurred by a company arising from the conduct of its business or in connection with its products, professional liability incurred by professionals such as lawyers and engineers arising from negligence, and directors’ and officers’ liability with respect to claims against board members and key personnel arising from negligent conduct.

Transport and marine insurance
Transport and marine insurance accounts for 4% of total premiums earned by the Group. A marine insurance policy covers damage to the policyholder’s vessel caused by factors including fire, collision, sinking and third-party liability.

A transport insurance policy covers damage to the policyholder’s dispatched goods caused by for example collision, capsizing or crashing.

Other products, including health care insurance
Other products include coverage in connection with change of home ownership, unemployment insurance, health care insurance, travel insurance, insurance for summer cottages and pleasure boats, and insurance for pets.

Health care insurance, which is a relatively new product in the market, experiences strong demand. A health care insurance policy covers expenses involved in examination, treatment, medicine, surgery and rehabilitation in a private health care facility. The sustained increase in living standards has raised expectations with respect to services to be provided by the public health care services, and not least the quality of such services. Combined with increasing health care costs and waiting times in the public system, citizens’ higher requirements have generated substantial demand for health care policies, and this demand is expected to continue in the years ahead. The greater number of insured persons and the increased use of the private health care policies will together generate significant growth potential within health care insurance.