Norway General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Norway General Insurance Market Report Overview
The gross written premium of Norway general insurance market was NOK113.8 billion ($11.8 billion) in 2022 and is expected to achieve a CAGR of more than 9% during 2023-2027. The Norway general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Norway General Insurance Market Outlook, 2022-2027 (NOK Billion)
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The Norway general insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Norway’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | NOK113.8 Billion ($11.8 Billion) |
CAGR (2023-2027) | >9% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Motor
· Property · Liability · Financial Lines · MAT · Non-Life PA&H · Miscellaneous |
Key Distribution Channels | · Direct from Insurers
· Banks · Insurance Brokers · Financial Advisors · Online Aggregators |
Leading Companies | · Gjensidige
· If Skadeforsikring · Tryg · Fremtind · Storebrand |
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Norway General Insurance Market Trends
Cyber insurance, insurtech, and rising demand for EVs are the recurring trends in the Norway general insurance market.
- Norway is currently leading the world in the adoption of EVs, and this trend is expected to continue in the coming years. As of October 2023, EVs accounted for a significant share of all new car sales in Norway, making it the country with the highest EV market share worldwide.
- The Government of Norway is providing several financial incentives to encourage people to purchase EVs including exemptions from import duties, VAT, and purchase taxes.
Norway General Insurance Market Segmentation by Lines of Business
Motor was the leading general insurance line of business in 2022
The key lines of business in the Norway general insurance industry are property, motor, liability, financial lines, MAT, non-life PA&H, and miscellaneous among others. In 2022, motor insurance made up more than 31% of the total general insurance industry’s NEP. This line of business experienced growth primarily due to an increase in vehicle sales and the lifting of travel restrictions, which led to improved mobility.
Norway General Insurance Market Analysis by Lines of Business, 2022 (%)
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Norway General Insurance Market Segmentation by Distribution Channels
Direct from insurers was the most preferred channel to purchase general insurance in 2023
A few of the key distribution channels in the Norway general insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers among others. Most of the customers prefer the direct channel for motor insurance owing to the high consumer inclination towards direct contact with insurance companies due to digitalization.
Norway General Insurance Market Analysis by Distribution Channels, 2022 (%)
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Norway General Insurance Market - Competitive Landscape
Gjensidige was the largest general insurer in 2022
A few of the leading general insurance companies in Norway are:
- Gjensidige
- If Skadeforsikring
- Tryg
- Fremtind
- Storebrand
The Norwegian general insurance sector is relatively concentrated, with the top five insurers accounting for more than 80% of the market share. The largest insurer in Norway Gjensidige remained in the top position from 2018. To maintain its dominance the company makes multiple strategic decisions. For instance, in November 2023, Gjensidige introduced an advisory service in collaboration with Norsk Landbruksrådgiving to support farmers with financial problems.
Norway General Insurance Market Analysis by Companies, 2022 (%)
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Norway General Insurance Market - Latest Developments
- The insurtechs of Norway have created an abundance of innovations related to different elements of the insurance sector. Insurtechs in the Nordic region are experts in digitalization, customer experience, enhanced claims management, data analytics, and risk assessment.
Segments Covered in the Report
Norway General Insurance Lines of Business Outlook (Value, NOK Billion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
- Miscellaneous
Norway General Insurance Distribution Channel Outlook (Value, NOK Billion, 2018-2027)
- Direct from Insurers
- Insurance Brokers
- Financial Advisors
- Banks
- Online Aggregators
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Norway.
- Historical values for the Norway general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Norway and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Norway’s general insurance segment.
- A comprehensive overview of Norway’s economy, government initiatives, and investment opportunities.
- Norway’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Norway’s general insurance segment’s market structure gives details of lines of business.
- Norway’s general reinsurance business’s market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Norway’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Norway’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Norway’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Storebrand
If Skadeforsikring
Eika
Fremtind
Frende
Tryg
KLP
Table of Contents
Frequently asked questions
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What was the Norway general insurance market gross written premium in 2022?
The gross written premium of the Norway general insurance market was NOK113.8 billion ($11.8 billion) in 2022.
-
What will the growth rate of the Norway general insurance market be during the forecast period?
The general insurance market in Norway is expected to achieve a CAGR of more than 9% during 2023-2027.
-
Which line of business held the largest share of the Norway general insurance market in 2022?
Motor was the leading general insurance line of business in 2022.
-
Which distribution channel held the highest share in the Norway general insurance market in 2023?
Direct from insurers was the leading channel in the Norway general insurance market in 2023.
-
Which are the key companies operating in the Norway general insurance market?
A few of the leading general insurance companies in Norway are Gjensidige, If Skadeforsikring, Tryg, Fremtind, and Storebrand among others.
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