Market Size of Norway Cyber (Liability) Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 1.00 % |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Norway Cyber (Liability) Insurance Market Analysis
Norway is regarded as the market most lagging of the Nordic countries regarding organizations' adoption of cyber-insurance. At the same time, it's a technologically developed country, with an estimated loss from cybercrime at 0.64% of GDP, which is above the EU average.
Norwegian and international companies are increasingly dependent on available data and functioning networks to be able to carry out their activities. Managers and top executives can no longer afford to ignore cyber risk, which in its broadest form can be defined as any risk related to information technology.
Norway is one of the leading digital nations in the world. The digitalization of Norwegian society also represents a challenge. Digital infrastructure and systems are becoming increasingly complex, comprehensive, and integrated. Dependencies and vulnerabilities are progressively emerging across areas of responsibility, sectors, and nations, and it is generally expected that digital services should be accessible anywhere and all times. Successful digitalization also includes making sure that the solutions provided appropriately accommodate demands for the security and privacy of the individual, and that everyone can be confident that the digital services will function as they should.
Cyber insurance pricing generally increased in Norway, while insurers limited their appetite for these risks. Ransomware continued to be a primary concern, with insurers typically restricting coverage and limiting their exposure to these claims. More than ever, insurers are expected to display a sound cybersecurity strategy to be considered insurable and to receive the best available terms and conditions.
