Non-life insurances - Norway

Norway

The Non-life insurance market in Norway is projected to reach a market size (gross written premium) of US$8.12bn in 2024.
The average spending per capita in the Non-life insurance market is expected to amount to US$1,473.00 in 2024.
This indicates a strong demand for insurance coverage in the country.
Furthermore, the gross written premium is expected to exhibit an annual growth rate (CAGR 2024-2029) of 3.17%, resulting in a significant expansion of the market volume.
By 2029, the market volume is projected to reach US$9.49bn, demonstrating steady growth and a positive outlook for the industry in Norway.
In global comparison, it is noteworthy that the United States is expected to generate the highest gross written premium in the Non-life insurance market.
With an estimated value of US$2,500.0bn in 2024, the US market remains a dominant player in the global insurance industry.
Norway's non-life insurance market is experiencing a surge in demand due to the country's high standard of living and focus on risk management.

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Analyst Opinion

Over the past few years, the Non-life insurances market in Norway has been experiencing steady growth and development. Customer preferences in the Non-life insurances market in Norway are shifting towards more personalized and digital solutions, reflecting a global trend in the insurance industry. Customers are increasingly seeking tailored insurance products that cater to their specific needs and lifestyle, as well as the convenience of managing their policies online. Trends in the market show a rise in demand for non-life insurance products such as property and casualty insurance, travel insurance, and motor vehicle insurance in Norway. This can be attributed to the country's high standard of living and the emphasis on risk management and protection against unforeseen events. Local special circumstances, such as the country's strict regulatory environment and high level of trust in insurance companies, play a significant role in shaping the Non-life insurances market in Norway. The well-established insurance industry in the country, along with a strong culture of financial security, contributes to the stability and growth of the market. Underlying macroeconomic factors, including the overall economic stability, low unemployment rates, and high disposable income levels in Norway, also contribute to the positive development of the Non-life insurances market. As the economy continues to grow, more individuals and businesses are willing to invest in insurance products to safeguard their assets and mitigate risks.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.