Historic Rainfall Dents Topdanmark Profit

In 2023, Topdanmark experienced a profit reduction by 267 million kroner due to the wettest year on record in Denmark. The insurance company’s post-tax result fell to 1.05 billion kroner from nearly 1.08 billion the previous year. It saw a surge in rain-related claims, with actions on 94% more rain and cloudburst damages than the five-year average, incurring weather-related damage costs of 517 million kroner, far exceeding the normalized level of 300 million. By December 20, 2023, Denmark’s Meteorological Institute reported a record 907.0 millimeters of rainfall for the year. Topdanmark also faced increased major damage costs, amounting to 179 million kroner due to severe fires and a significant hail-related damage.