Property and Casualty insurance market in Norway - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Property and Casualty insurance market in Norway - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Property and Casualty insurance market in Norway is estimated to grow at a CAGR of approximately 4% during the forecast period.
• The non-life insurance sector has experienced strong profitability in recent years, while income declined in 2018 due to weather-related events combined with lower financial revenues. Some small firms are struggling to make enough profits. The premium for 2018 was NOK 59 billion in land-based non-life insurance (the natural damage premium comes in addition). Motor vehicles are the largest of the industries, then come private buildings and housing. Motor vehicle insurance is the highest in the non-life insurance segment, the premium for 2018 recorded at 22 NOK billion. In Norway, the vehicle fleet is turning electric. In 2018, 7% of all cars in Norway were electric, a phenomenon registered mostly in cities. These electric cars have a higher claim frequency due to more urban driving. Furthermore, there are many expensive electric cars in the fleet, which are more costly to repair. In 2018, total motor premiums increased by 4.4%, while the number of insured cars increased by 2%. 100% FDI (Foreign Direct Investment) is permitted in the Norwegian insurance industry, Insurance policies issued in the country are exempt from premium taxes.

Key Market TrendsIncrease in Sales of Electric cars in the country:

Norway now has about 200,000 electric cars, which make up about 7% of the passenger car fleet, while no other country in the world has more electric vehicles per capita than Norway. Electric cars and hybrid cars are more expensive to insure than other vehicles. By the end of 2018 200,192 electric passenger cars and vans had been registered in Norway. Within one year, the figure increased by 41%.

Increase in GDP Per Capita income:

GDP per capita is a very significant indicator of a country's economic strength and a positive change is an indicator of economic growth. The total economy grew 1.6% in the fourth quarter of 2019 in quarter-on-quarter seasonally adjusted terms, after flatlining in Q3 marking the fastest acceleration since Q4 2016. The mainland economy which excludes petroleum activities and related ocean transport increased 0.2% in Q4, down from the third quarter’s 0.6% expansion. In annual terms, the economy expanded 1.8% in Q4, up from the third quarter’s 1.2% increase; the mainland economy also grew 1.8% in Q4 but was down from the third quarter’s 3.6% expansion. The country's per capita income has risen in recent years, and it is expected to continue.

Competitive Landscape

The report covers the major players operating in the Property and Casualty insurance market in Norway. The market is Consolidated, the non-life insurance market has been dominated by four players for several years. In recent years, however, several other players have joined and some of the smaller ones have grown, so the other category now accounts for almost 30% of the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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