Norway Life & Non-Life InsuranceCompanies (2024 - 2029)

Norway Life & Non-Life Insurance Market Companies Summary

The pandemic had a significant impact on the insurance industry in Norway, particularly affecting private motor vehicle insurance claims, which represent the largest share of non-life insurance claims. Insurance corporations had to settle a considerable number of claims for motor vehicle insurance during this period. However, the rise in the adoption of electric vehicles and the trend of online insurance buying have been observed, which is expected to contribute significantly to non-life insurance revenue in the future. The popularity of unit linked insurance plans, which offer both security against future uncertainties and investment opportunities, is also increasing. The insurance market in Norway is highly competitive with the presence of both local and global players. The market is dominated by a few key players who offer life and non-life insurance. The growing trend of online insurance purchasing has led these companies to improve their online infrastructure to meet customer demand. They are also enabling e-KYC for the convenience of insurance buyers. Additionally, there are growth opportunities in travel and private car insurance sectors, with an increasing number of consumers opting for these types of insurance to protect against unforeseen events.