Norway Life & Non Life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Norway Life & Non Life Insurance Market Analysis
COVID-19 negatively impacted the overall insurance industry in Norway in 2020. Private motor vehicle insurance claims account for the largest share of non-life insurance claims. The claims having a value of around NOK 11.7 billion for private motor vehicle insurance were paid by insurance companies in 2020. The insurance corporations settled total of 905,544 claims for motor vehicle insurance during the pandemic.
The trend of online insurance buying is observed in Norway. The adoption of electric vehicles is increasing rapidly. Norway's government plans to restrict IC engine vehicle sales from 2025. With growing sales of electric vehicles, significant growth in non-life insurance sales is observed. Electric vehicle insurance is expected to contribute a major share of revenue of non-life insurance major share during the forecast period. Owing dual advantage of securing future uncertain labilities due to accidental events and the investment opportunity unit linked insurance plans getting huge popularity among people in Norway's insurance market.
Norway Life & Non Life Insurance Market Trends
This section covers the major market trends shaping the Norway Life & Non Life Insurance Market according to our research experts:
Growing Online Sale of Insurance Policy
In the past few years, consumers' inclination toward buying online insurance increasing rapidly. The online channel observed significant growth in purchasing life and non-life insurance. Growing internet penetration in Norway is supporting the Online growth Sale of Insurance Policies. According to World Bank, 97% of the total population of Norway are internet users in 2020. A consumer can compare plans of different companies on aggregators' websites and choose the best suitable plan for them. Due to this convenient feature, the adoption of online insurance purchasing is increasing. Major players in Life & Non-Life Insurance Market in Norway are providing and working on improving online infrastructure to cater to the demand of online insurance consumers. Many insurance companies in Norway are enabling e-KYC for the convenience of insurance buyers.
Travel and Private Car Insurance are getting lucrative growth opportunity
Unfortunate events such as baggage loss, passport loss, a medical emergency, or an accident can affect your travels, whether for business or leisure. Travel insurance protects from an uncertain upcoming situation caused by such events. Hence consumers' inclination toward buying travel insurance is increasing day by day. The sales of 31,88,261 travel insurance policies registered in 2020.
Vehicle sales in Norway are growing steadily. Norway is experiencing a technological shift in the automotive industry. The major share of sales of new vehicles includes electric vehicles. According to Industry Associations, the overall new sales in Norway rose by 25% in 2021 to a record 176,276 cars, of which 65% were fully electric. This market share was up from 54% in 2020. People are opting for private car insurance to protect them from unplanned liabilities caused by accidents. The sales of 31,74,208 travel insurance policies were registered in 2020.
Norway Life & Non Life Insurance Industry Overview
Norway Life & Non-Life Insurance Market is higly competative with presence of local and global players. The market is highly conslidated with top three player holds major share of marketThe report covers the major players operating in the Life and Non-Life insurance market in Norway. KLP, Storebrand Livsforsikring, Nordea Liv, DNB Livsforsikring, SpareBank, Oslo Pensjonsforsikring, Gjensidige Forsikring ASA, Fremtind Forsikring AS, Protector Forsikring ASA, Eika Forsikring AS, DNB Forsikring AS, Frende Skadeforsikring AS are some of the key players operating in Life & Non-Life Insurance Market in Norway.
Norway Life & Non Life Insurance Market Leaders
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KLP
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Storebrand Livsforsikring
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Nordea Liv
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Oslo Pensjonsforsikring
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Gjensidige Forsikring ASA
*Disclaimer: Major Players sorted in no particular order
Norway Life & Non Life Insurance Market News
February 2022- The Norwegian Agency for Development Cooperation (NORAD) Partners with and Commits Funding toward African Trade Insurance Agency's (ATI) Renewable Energy Sector Initiatives.The grant of NOK 500 million (approximately USD 56 million) is geared towards the continued implementation of ATI's Regional Liquidity Support Facility (RLSF) and the development of additional insurance or guarantee products in support of small and medium sized renewable energy sector initiatives.
February 2022- Norway's municipal pensions giant KLP has joined forces with other Nordic financial institutions and the country's government to put together a set of guidelines for the shipping industry - to create transparency as companies seek cut-price financing to fund their transition to climate-friendly fuel.
Norway Life & Non Life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance type
5.1.1 Life Insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-life Insurance
5.1.2.1 Home
5.1.2.2 Motor
5.1.2.3 Others
5.2 By Channel of Distribution
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Channels of Distribution
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 KLP
6.2.2 Storebrand Livsforsikring
6.2.3 Nordea Liv
6.2.4 DNB Livsforsikring
6.2.5 SpareBank
6.2.6 Oslo Pensjonsforsikring
6.2.7 Gjensidige Forsikring ASA
6.2.8 Fremtind Forsikring AS
6.2.9 Protector Forsikring ASA
6.2.10 Eika Forsikring AS
6.2.11 DNB Forsikring AS
6.2.12 Frende Skadeforsikring AS*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER & ABOUT US
Norway Life & Non Life Insurance Industry Segmentation
This report aims to provide a detailed analysis of Norway's life and non-Life insurance market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights into the various product and application types. It also analyzes the key players and competitive landscape in Norway's life and non-life insurance market. The market is segmented by type (life and non-life) and distribution channel (direct, agency, banks, and other distribution channels).
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Norway Life & Non Life Insurance Market Research FAQs
What is the current Norway Life & Non-Life Insurance Market size?
The Norway Life & Non-Life Insurance Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Norway Life & Non-Life Insurance Market?
KLP, Storebrand Livsforsikring, Nordea Liv, Oslo Pensjonsforsikring and Gjensidige Forsikring ASA are the major companies operating in the Norway Life & Non-Life Insurance Market.
What years does this Norway Life & Non-Life Insurance Market cover?
The report covers the Norway Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Norway Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Norway Life & Non-Life Insurance Industry Report
Statistics for the 2024 Norway Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Norway Life & Non-Life Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
