Norway Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Norway Life Insurance Market Report Overview
The gross written premium of Norway life insurance market was NOK135.8 billion ($14.1 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. The Norway life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Norway Life Insurance Market Outlook, 2022-2027 (NOK Billion)
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The Norway life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Norway’s economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | NOK135.8 billion ($14.1 billion) |
CAGR (2023-2027) | >4% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Pension
· Endowment · Term life · Other Life Insurance |
Key Distribution Channels | · Direct from Insurers
· Insurance Brokers · Financial Advisors · Banks · Online Aggregators |
Leading Companies | · KLP
· Storebrand · DNB · Nordea Liv · Oslo |
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Norway Life Insurance Market Trends
ESG, AI, digitalization, and insurtech are the recurring trends in the Norway life insurance market.
- In July 2022, the EU joined the Paris Agreement on climate change and Norway committed to a target of at least a 40% reduction in greenhouse gas emissions by 2030. Most insurers are working towards the goal.
- Kommunal landspensjonskasse (KLP) signed agreements for onshore wind farms with Fred Olsen Renewables (FOR), MEAG, and Keppel. It is one of the largest pension companies in Norway. KLP invested more than $159 million.
Norway Life Insurance Market Segmentation by Lines of Business
Pension was the leading life insurance line of business in 2022
The key lines of business in the Norway life insurance industry are endowment, pension, term life, and other life insurance. The growth is attributed to factors such as an increase in budget allocation to pension schemes. For instance, in 2023, the Government of Norway proposed it would increase national insurance contributions to fund the country’s welfare system and support its aging population.
Norway Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Norway Life Insurance Market Segmentation by Distribution Channels
Direct from insurer channel was the most preferred channel to purchase life insurance in 2023
A few of the key distribution channels in the Norway life insurance industry are banks, direct from insurers, financial advisors, online aggregators, and insurance brokers. Direct from insurers is the most popular channel in every age group owing to its strong presence. It is followed by banks.
Norway Life Insurance Market Analysis by Distribution Channels, 2022 (%)
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Norway Life Insurance Market - Competitive Landscape
KLP was the largest life insurer in 2022
A few of the leading life insurance companies in Norway are:
- KLP
- Storebrand
- DNB
- Nordea Liv
- Oslo
KLP remained at the top position throughout 2018-2022. It holds a solid position in the market followed by Storebrand and DNB.
Norway Life Insurance Market Analysis by Companies, 2022 (%)
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Norway Life Insurance Market - Latest Developments
- In August 2023, the insurtech company Lumera partnered with Nordea Liv to develop a cloud-based solution for managing Nordea Liv’s life and pension insurance portfolio in Norway. The solution aims to facilitate digital service development, reduce operational risk, and lower costs.
Segments Covered in the Report
Norway Life Insurance Lines of Business Outlook (Value, NOK Billion, 2018-2027)
- Endowment
- Pension
- Term life
- Other Life Insurance
Norway Life Insurance Distribution Channel Outlook (Value, NOK Billion, 2018-2027)
- Direct from Insurers
- Insurance Brokers
- Financial Advisors
- Banks
- Online Aggregators
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in Norway.
- Historical values for the Norway life insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top life insurance companies in Norway and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Norway’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Norway’s life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Storebrand
DNB
Nordea Liv
Oslo
Fremtind
Gjensidige Pensjon
Storebrand Danica
Table of Contents
Frequently asked questions
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What was the Norway life insurance market gross written premium in 2022?
The gross written premium of the Norway life insurance market was NOK135.8 billion ($14.1 billion) in 2022.
-
What will the growth rate be of the Norway life insurance market during the forecast period?
The life insurance market in Norway is expected to achieve a CAGR of more than 4% during 2023-2027.
-
Which line of business held the largest share of the Norway life insurance market in 2022?
Pension was the leading life insurance line of business in 2022.
-
Which distribution channel held the highest share in the Norway life insurance market in 2023?
Direct from insurer channel was the leading channel in the Norway life insurance market in 2023.
-
Which are the key companies operating in the Norway life insurance market?
A few of the leading life insurance companies in Norway are KLP, Storebrand, DNB, Nordea Liv, and Oslo among others.
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