Danish insurers call for acceleration of climate plans
Insurance companies in Denmark are urging the government to speed up its plans for dealing with climate change.
Forsikring and Pension (F&P), the trade association for Denmark’s insurance and pension industries, was responding to a recent speech from Prime Minister Mette Frederiksen outlining the government’s economic plans.
While F&P welcomed the plan to expand the use of renewable energy and stated there is “great potential for cooperation with the insurance and pension industry”, it also called for more urgency and ambition in the country’s climate change plan.
“It is quite positive to hear that the government will clear out the stumbling blocks which are delaying the expansion of renewable energy,” said F&P chief executive Kent Damsgaard. “We really need to increase the pace so that it matches the green ambitions, and together we can meet Denmark’s climate goals.
“With each and every day, month and year, Denmark needs an ambitious action plan that delivers joint responses to the climate changes that have already hit us,” added Damsgaard.
“We can already see serious examples in the rest of the world in large areas where buildings and businesses simply become impossible to insure. We are very reluctant to go there in Denmark.”
The comments come at the same time as the association has announced change to its status. F&P has become an employers’ association after agreeing to a proposal from the banking lobby group, Finance Denmark to integrate the insurance sector’s role as an employer within Finance Denmark.
“F&P and Finance Denmark have agreed that the employer-related activities within the Financial Sector Employers’ Association will be transferred to Finance Denmark and F&P respectively,” stated F&P.
According to Damsgaard, this will enable the association to provide more training and support to employees. “Now we are getting the opportunity to assist members in a fourth area, which is of such great importance to our companies – namely to support them in their role as employers of their many skilled employees,” he said.
Denmark, like other European nations, is facing a potential skills shortage in the risk and insurance industry due to a combination of demographic trends and the rise of emerging industries like big tech. So not only is there the prospect of a generation of skilled and experienced insurance professionals entering retirement, there is also greater competition when it comes to recruiting new talent.
