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
Real GDP growth (%)
Insurance Penetration (%)
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.