Market Trends of Norway Life & Non-Life Insurance Industry
This section covers the major market trends shaping the Norway Life & Non Life Insurance Market according to our research experts:
Growing Online Sale of Insurance Policy
In the past few years, consumers' inclination toward buying online insurance increasing rapidly. The online channel observed significant growth in purchasing life and non-life insurance. Growing internet penetration in Norway is supporting the Online growth Sale of Insurance Policies. According to World Bank, 97% of the total population of Norway are internet users in 2020. A consumer can compare plans of different companies on aggregators' websites and choose the best suitable plan for them. Due to this convenient feature, the adoption of online insurance purchasing is increasing. Major players in Life & Non-Life Insurance Market in Norway are providing and working on improving online infrastructure to cater to the demand of online insurance consumers. Many insurance companies in Norway are enabling e-KYC for the convenience of insurance buyers.
Travel and Private Car Insurance are getting lucrative growth opportunity
Unfortunate events such as baggage loss, passport loss, a medical emergency, or an accident can affect your travels, whether for business or leisure. Travel insurance protects from an uncertain upcoming situation caused by such events. Hence consumers' inclination toward buying travel insurance is increasing day by day. The sales of 31,88,261 travel insurance policies registered in 2020.
Vehicle sales in Norway are growing steadily. Norway is experiencing a technological shift in the automotive industry. The major share of sales of new vehicles includes electric vehicles. According to Industry Associations, the overall new sales in Norway rose by 25% in 2021 to a record 176,276 cars, of which 65% were fully electric. This market share was up from 54% in 2020. People are opting for private car insurance to protect them from unplanned liabilities caused by accidents. The sales of 31,74,208 travel insurance policies were registered in 2020.
