Norway Property and Casualty Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Home Insurance Market in Norway and it is segmented by Insurance type (Property, Motor, and Others) and Distribution Channel (Direct, Agency, Banks, and Others).

Norway Property & Casualty Insurance Market Size

Property and casualty market in norway
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.00 %
Market Concentration High

Major Players

Norway Property & Casualty Insurance Market

*Disclaimer: Major Players sorted in no particular order

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Norway Property & Casualty Insurance Market Analysis

Norway's Property and Casualty Insurance are expected to register a CAGR of 6% for the forecasted period.

The Corona-Virus had very little impact on the property and casualty insurance. The segment showed slight growth in terms of premium written compared to the previous year's.

Norway has approximately one-fourth of the total Nordic Property and Casualty Insurance, making it the third-largest country in Nordic Property and Casualty Insurance. The value of the P&C insurance sector in Norway was approximately EUR XX bn in 2019. The sector experienced a growth rate of 1.7% in earned premiums in 2020 compared to the previous year. The Norwegian insurance market is highly concentrated. A total of 74.5% of all premiums were written in 2020 by the four largest life and P&C insurance companies or groups, while the rest of 25% is contributed by the rest of the firms. Motor vehicle insurance contributes the largest share, almost one-third of Norway's property and casualty insurance. Insurance against Fire and other property damage contributes to the second-largest share. Similarly, Marine, Transport, and Aviation Insurance contribute to Norway's third largest share of Property and Casualty insurance.

Norway Property & Casualty Insurance Market Trends

This section covers the major market trends shaping the Norway Property & Casualty Insurance Market according to our research experts:

Increased Number of Registered Passenger Car is Driving the Motor Insurance

Motor Insurance is the largest segment of the Norway Property and Casualty Insurance market, contributing to almost one-third of the property and casualty insurance. The number of registered passenger cars in the country is constantly increasing. In 2015, the number of registered passenger cars in the country was 2.61 million, while in 2020, the number reached 2.81 million.

Norway Property and Casualty Insurance

The Property and Casualty Insurance in Norway is highly concentrated.

Norway's Property and Casualty insurance can be characterized as a highly concentrated market as the four largest firms cover almost three fourth of the market share in terms of premium. Four of the largest life and P&C insurance group, Gjensidige, IF, Fremtind Skageforsikring, and Tryg, contribute 74.5% of the market share in terms of premium for the year 2020.

Norway Property and Casualty Insurance

Norway Property & Casualty Insurance Industry Overview

The Property and Casualty Insurance Market in Norway is highly concentrated, and few larger players are operating in the market. The report covers the major players operating in Norway's Property and Casualty insurance market. The market is consolidated. Four players for several years have dominated the non-life insurance market. In recent years, however, several other players have joined, and some of the smaller ones have grown, so the "other" category now accounts for almost one-third of the market.

Norway Property & Casualty Insurance Market Leaders

  1. If Skadeforsikring Norsk Avdeling Av Utenlandsk Foretak

  2. Gjensidige Forsikring ASA

  3. Tryg Forsikring

  4. Fremtind Forsikring AS

  5. Sparebank 1 Forsikring AS

*Disclaimer: Major Players sorted in no particular order

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Norway Property & Casualty Insurance Market News

In February 2022, Gjensidige Forsikring completed the acquisition of Falck's Road-side Assistance Nordic and Baltic. The relevant authorities approved the transaction, which is in accordance with the terms of the agreement entered into between the parties in December 2021.

In August 2021, Erika Forsikring signed a deal with Simplify. The deal comprises license agreements and delivery of Documentbot and Emailbot technologies, with front-end and backend integrations by Simplify to Erika Forsikring.

Norway Property & Casualty Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Driver

    3. 4.3 Market Restraints

    4. 4.4 Insight on Technologial Adoption in the Market

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Property Insurance

      2. 5.1.2 Motor Insurance

      3. 5.1.3 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 If Skadeforsikring Norsk Avdeling Av Utenlandsk Foretak

      2. 6.1.2 Gjensidige Forsikring ASA

      3. 6.1.3 Tryg Forsikring

      4. 6.1.4 Fremtind Forsikring AS

      5. 6.1.5 Sparebank 1 Forsikring AS

      6. 6.1.6 Frende Forsikring

      7. 6.1.7 Tide Forsikring AS

      8. 6.1.8 Codan Forsikring

      9. 6.1.9 Eika Forsikring

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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Norway Property & Casualty Insurance Industry Segmentation

Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property. This report aims to provide a detailed analysis of the Property and Casualty insurance market in Norway. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Norway.

By Product Type
Property Insurance
Motor Insurance
Others
By Distribution Channel
Direct
Agency
Banks
Others
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Norway Property & Casualty Insurance Market Research FAQs

The Norway Property & Casualty Insurance Market is projected to register a CAGR of 4% during the forecast period (2024-2029)

If Skadeforsikring Norsk Avdeling Av Utenlandsk Foretak, Gjensidige Forsikring ASA, Tryg Forsikring, Fremtind Forsikring AS and Sparebank 1 Forsikring AS are the major companies operating in the Norway Property & Casualty Insurance Market.

The report covers the Norway Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Norway Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Norway Property and Casualty Insurance Industry Report

Statistics for the 2024 Norway Property and Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Norway Property and Casualty 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.

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Norway Property and Casualty Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)