Norway Property & Casualty Insurance Market Size
| 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 |
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.
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 & 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
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If Skadeforsikring Norsk Avdeling Av Utenlandsk Foretak
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Gjensidige Forsikring ASA
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Tryg Forsikring
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Fremtind Forsikring AS
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Sparebank 1 Forsikring AS
*Disclaimer: Major Players sorted in no particular order
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. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Driver
- 4.3 Market Restraints
- 4.4 Insight on Technologial Adoption in the Market
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4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Insight on Various Government Regulations in the Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Product Type
- 5.1.1 Property Insurance
- 5.1.2 Motor Insurance
- 5.1.3 Others
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5.2 By Distribution Channel
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Others
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 If Skadeforsikring Norsk Avdeling Av Utenlandsk Foretak
- 6.1.2 Gjensidige Forsikring ASA
- 6.1.3 Tryg Forsikring
- 6.1.4 Fremtind Forsikring AS
- 6.1.5 Sparebank 1 Forsikring AS
- 6.1.6 Frende Forsikring
- 6.1.7 Tide Forsikring AS
- 6.1.8 Codan Forsikring
- 6.1.9 Eika Forsikring
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
** Subject To AvailablityNorway 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 Research 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.
What years does this Norway Property & Casualty Insurance Market cover?
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.
