Insurances - Norway

Norway

The Insurances market in Norway is expected to reach a gross written premium of US$25.67bn in 2024.
Life insurances dominate the market with a projected market volume of US$17.38bn in 2024.
The average spending per capita in the Insurances market amounts to US$4.66k in 2024.
When compared globally, the highest nominal value is reached the United States, with a projected gross written premium of US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 4.35%, resulting in a market volume of US$30.44bn by 2028.
In global comparison, the United States will generate the most gross written premium, with US$4,642.0bn in 2024.
The insurance market in Norway is experiencing a shift towards digitalization, with online platforms gaining popularity among customers.

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Analyst Opinion

In Norway, the Insurances market has been experiencing significant growth and development in recent years. Customer preferences in the Insurances market in Norway are shifting towards more personalized and digital solutions. Customers are increasingly looking for tailored insurance products that meet their specific needs and lifestyle. The demand for digital insurance services is also on the rise, as customers seek convenience and accessibility in managing their insurance policies. Trends in the market show a growing focus on sustainability and climate-related insurance products in Norway. With the increasing awareness of environmental issues, there is a rising demand for insurance coverage that protects against climate risks such as extreme weather events. Insurers are adapting their offerings to include green insurance products that promote environmentally friendly practices. Local special circumstances in Norway, such as the high standard of living and robust social welfare system, impact the Insurances market. The population's high disposable income levels and emphasis on social welfare contribute to a strong demand for insurance products that provide additional security and protection. Moreover, the stable economy and low unemployment rate in Norway create a favorable environment for insurance companies to expand their operations. Underlying macroeconomic factors, including the country's stable economic growth and low interest rates, play a significant role in shaping the Insurances market in Norway. The stable economic conditions support the growth of the insurance industry by fostering consumer confidence and increasing investment opportunities. Low interest rates also influence insurance companies' investment strategies and pricing models, affecting the overall market dynamics.

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.