Non-Life Insurance in Norway, Key Trends and Opportunities to 2017

Date: 2015-09

The size and significance of the Norwegian non-life segment is relatively small compared to other countries in the Nordic region such as Denmark, Finland and Sweden. The Norwegian non-life segmentโ€™s penetration was 1.5% in 2012, compared to Denmarkโ€™s 2.9%, Finlandโ€™s 1.9% and Sweden with 1.9% in the same year. This indicates a large potential customer base in the country. Norway is one of the best performing economies in the Nordic region. Unlike other countries in the region, Norway didnโ€™t experience a significant impact from the global financial crisis and the EU sovereign debt crisis, even though the country has numerous commercial links with EU member states and the countryโ€™s exports are mainly to EU countries. Insurance providers in Norway incurred losses in 2009 as investment income declined sharply.


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