Life Report

Product Insurance Market Reports Life Rev Norway

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Norway's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Norway's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Norway

The Norway life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Norway. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Norway and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Norway’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Norway is available.

Axco’s report describes the regulatory framework that applies to the Norwegian domestic life insurance sector, including whether non-admitted insurance is permitted in Norway; as well as the legislation necessary to know regarding Norway’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Norway with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Norwegian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Norway, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Norwegian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Norway report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Norway Life and Benefits Report Extract

Below are brief extracts of information from the Norway Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

At the time this report was in preparation the full impact of the COVID-19 pandemic on the Norwegian life/pension market remained to be seen. It can be expected, however, that any downturn in the economy and increase in unemployment will negatively affect premium income to life/pension insurers. At the same time, any sustained fall in investment markets will negatively affect the ability of some life/pension insurers to meet their guaranteed interest commitments and will affect insureds' appetite for unit-linked savings products.


Norway has a well-developed, generous and comprehensive social security system, financed on a pay-as-you-go (PAYG) basis. It is though extremely expensive and despite Norway's oil wealth, it is recognised that the old age pension system needs to be financially sound into the future as the population ages and the number of taxpayers continues to fall.


It can also be expected that any downturn in the economy and increase in unemployment will negatively affect premium income for PMI insurers.

Private medical insurance (PMI) is considered to be part of the non-life market despite some business being written by life companies. This is a small, but growing, class of business in Norway. Premium for medical treatment insurance in 2019 was NOK 1.66bn ....

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