Norway

Norway Insurance Market Highlights

Market Regulation:

Supervised by Finanstilsynet. Axco’s regulatory tracking focuses on 2026 digital resilience standards and the implementation of the new Insurance Contracts Act.

Non-Life Market Trends:

Marine and Offshore Energy remain the largest sectors; Axco’s research indicates that the Norwegian Electric Vehicle (EV) insurance market is the most mature in the world.

Distribution Channels:

Distribution is primarily direct or through bank-led channels; Axco analysis notes that brokers are largely reserved for complex industrial and offshore risks.

Key Risks & Outlook:

The outlook is tied to the energy sector; Axco’s risk assessment flags the volatility of global oil and gas prices as a primary influence on 2026 commercial premiums.

Insurance Companies:

Axco Navigator details that the non-life insurance market consists of 48 non-life insurers, including local fire mutuals plus a handful of marine mutuals, and over 20 branches of foreign insurers. There are 10 dedicated life insurers.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 11.9% to NOK 102,348 Mn with property the largest class of business, accounting for 30.7% of premiums. Insurance penetration stands at 1.97%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Norway Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Norway includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Norway?

The Norwegian non-life insurance market in 2025 consisted of 48 non-life insurers, plus a handful of marine mutuals, and over 20 branches of foreign insurers. Four leading companies (Gjensidige Forsikring, If Skadeforsikring, Fremtind Forsikring and Tryg Forsikring) dominate the non-marine market. There are two major P&I clubs and a number of captives.

In the Non-Life (P&C) market, Gjensidige Forsikring was the market leader, recording NOK 32,215.72 million in written premiums and 25.92% market share in 2025. It was followed by If Skadeforsikring (NOK 26,128.39 million; 21.02% market share) and Fremtind Skadeforsikring (NOK 22,010.42 million; 17.71% market share).

Among the leading non-life insurers, Euro Accident Liv reported the strongest growth, with premiums increasing 90.8% year-on-year. 48 companies are licensed for non-life business. 

Who are the top non-life insurers in Norway?

Source: Axco Navigator, Norway Insurance Market Rankings.

What is the Life Insurance market in Norway?

There were 23 dedicated life insurers under Norwegian supervision in 2025, of which the leaders were Kommunal Landspensjonskasse (KLP), Storebrand Livsforsikring, Nordea Livsforsikring, DNB Livsforsikring, SpareBank 1 Forsikring and Oslo Pensjonforsikring. KLP is organised as a mutual but otherwise mutuals are not a major feature of the market. In addition, there were 74 pension funds (42 private, 32 municipal).

In the Life insurance market, Kommunal Landspensjonskasse (KLP) was the largest insurer in 2025, generating NOK 65,079.68 million in written premiums and holding 37.60% market share. It was followed by Storebrand Livsforsikring (NOK 28,019.79 million; 16.19% market share) and DNB Livsforsikring (NOK 21,900.27 million; 12.65% market share). The fastest-growing major life insurer was Landkreditt Forsikring AS, with premium growth of 57.8% year-on-year. 23 companies are licensed for life business. 

Who are the top life insurers in Norway?

Source: Axco Navigator, Norway Insurance Market Rankings.

Country Information

Norway is a Scandinavian country with a coastline stretching from the Barents Sea to the Skagerrak strait in the south. There are numerous rocky islands and fjords. It has the world's sixth highest GDP per capita, amounting to USD 79,638, and the levels of unemployment, public debt and inflation are low. 

Despite its relatively small population, Norway's insurance market is large by international standards and in 2018 was ranked 25 in the world in terms of non-life premium. In the same year, premium income for non-life insurance in 2019 totalled NOK 73.99bn, up over 7%. 

The Norwegian non-life insurance market in 2019 consisted of 83 entities including 20 non-life insurance companies, 23 branches of foreign insurers, 10 marine insurers, 15 local fire mutuals, 10 captives and five marine mutuals. There are two major P&I clubs and a number of captives.