Market Size of Norway Property & Casualty Insurance Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 |
Norway Property & Casualty Insurance Market Size Summary
The Property and Casualty Insurance market in Norway is a significant segment within the Nordic region, representing a substantial portion of the total Nordic market. Despite the challenges posed by the global pandemic, the sector demonstrated resilience with modest growth in premium writings. The market is characterized by a high level of concentration, with a few major players dominating the landscape. The largest companies, including Gjensidige, IF, Fremtind Skadeforsikring, and Tryg, account for a significant majority of the market share, highlighting the competitive dynamics and the barriers to entry for smaller firms. Motor vehicle insurance emerges as the most substantial segment, driven by the increasing number of registered vehicles in the country, followed by insurance for fire and property damage, and marine, transport, and aviation insurance.
The Norwegian Property and Casualty Insurance market is marked by its consolidated nature, with a few key players holding a dominant position. However, the market has seen some diversification with the entry and growth of smaller players, which now collectively hold a notable share. Recent strategic moves, such as Gjensidige Forsikring's acquisition of Falck's Road-side Assistance and Erika Forsikring's partnership with Simplify, indicate ongoing efforts to enhance service offerings and technological capabilities. These developments reflect the evolving landscape of the market, where innovation and strategic partnerships are becoming increasingly important for maintaining competitive advantage.
Norway Property & Casualty Insurance Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Driver
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1.3 Market Restraints
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1.4 Insight on Technologial Adoption in the Market
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1.5 Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insight on Various Government Regulations in the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Property Insurance
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2.1.2 Motor Insurance
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2.1.3 Others
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2.2 By Distribution Channel
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2.2.1 Direct
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2.2.2 Agency
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2.2.3 Banks
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2.2.4 Others
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Norway Property & Casualty Insurance Market Size FAQs
What is the current Norway Property & Casualty Insurance Market size?
The Norway Property & Casualty Insurance Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Norway Property & Casualty Insurance Market?
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.
