Privatforsikring

Privatforsikring is a term used in Danish and Norwegian to describe private, voluntary insurance products sold by private insurers to cover risks not fully addressed by the public social security system. Private coverage can supplement state schemes such as pension, health care, loss of income due to illness or disability, and unemployment, and is typically purchased by individuals or households rather than provided by the government.

Common categories include life insurance, private health or medical insurance, disability or income protection, travel insurance, automobile insurance with optional comprehensive coverage, home and contents insurance, liability insurance, and pet insurance. Policies vary by country and provider, with differences in coverage scope, premiums, deductibles, exclusions, and claim procedures. Underwriting and risk assessment influence premium levels, which generally increase with age, health status, and the level of coverage.

Regulation of privatforsikring is carried out by national financial supervisory authorities. In the European Economic Area, insurers must comply with frameworks such as solvency and consumer-protection rules, while national rules govern contract terms, disclosures, and complaint processes. Tax treatment of premiums and benefits also varies by jurisdiction.

The role of privatforsikring is to provide financial protection and faster or broader access to services beyond what public systems offer. Critics point to cost and potential gaps in coverage, while supporters view it as a tool for risk management and personal financial planning.