Market Trends of Norway Property & Casualty Insurance Industry
This section covers the major market trends shaping the Norway Property & Casualty Insurance Market according to our research experts:
Increased Number of Registered Passenger Car is Driving the Motor Insurance
Motor Insurance is the largest segment of the Norway Property and Casualty Insurance market, contributing to almost one-third of the property and casualty insurance. The number of registered passenger cars in the country is constantly increasing. In 2015, the number of registered passenger cars in the country was 2.61 million, while in 2020, the number reached 2.81 million.
The Property and Casualty Insurance in Norway is highly concentrated.
Norway's Property and Casualty insurance can be characterized as a highly concentrated market as the four largest firms cover almost three fourth of the market share in terms of premium. Four of the largest life and P&C insurance group, Gjensidige, IF, Fremtind Skageforsikring, and Tryg, contribute 74.5% of the market share in terms of premium for the year 2020.
