Norway

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%.

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

Information for Norway can be seen in:

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.