Market Size of Norway Life & Non-Life Insurance Industry
| 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 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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| By Channel of Distribution | |
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| Other Channels of Distribution |
Norway Life & Non-Life Insurance Market Size Summary
The Norway Life & Non-Life Insurance Market is experiencing a dynamic transformation, driven by technological advancements and changing consumer preferences. The market, which faced challenges due to the COVID-19 pandemic, is witnessing a shift towards online insurance purchasing, facilitated by high internet penetration. This trend is supported by the growing popularity of electric vehicles, which is expected to significantly boost non-life insurance sales, particularly in the electric vehicle insurance segment. The market is characterized by a competitive landscape with both local and global players, including major companies like KLP, Storebrand Livsforsikring, and Gjensidige Forsikring ASA, who are enhancing their online infrastructure to meet the rising demand for digital insurance solutions.
The insurance market in Norway is also seeing an increase in the sale of travel insurance, as consumers seek protection against unforeseen events during their travels. The automotive sector's shift towards electric vehicles is contributing to the growth of private car insurance, as consumers aim to safeguard against accidental liabilities. The market is highly consolidated, with a few key players holding a significant share. Additionally, initiatives such as the partnership between Norway's municipal pensions giant KLP and other Nordic financial institutions highlight the industry's focus on sustainability and climate-friendly practices, further influencing market dynamics.
Norway Life & Non-Life 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 Drivers
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1.3 Market Restraints
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Insurance type
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2.1.1 Life Insurance
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2.1.1.1 Individual
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2.1.1.2 Group
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2.1.2 Non-life Insurance
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2.1.2.1 Home
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2.1.2.2 Motor
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2.1.2.3 Others
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2.2 By Channel of Distribution
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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 Other Channels of Distribution
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Norway Life & Non-Life Insurance Market Size 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.
