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Non-Life Insurance in Norway, Key Trends and Opportunities to 2020 Report / Search Code: WGR1697730
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1-user PDF : $ 1450.0
Publish Date: 30 November, 2016
Site PDF : $ 2900.0
Enterprise PDF : $ 4350.0
Synopsis Timetric’s 'Non-Life Insurance in Norway Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Norwegian non-life insurance segment, and a comparison of the Norwegian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Norwegian economy and demographics, explains the various types of natural hazard and their impact on the Norwegian insurance industry, and provides detailed information on the competitive landscape in the country. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure. Summary Timetric’s ' Non-Life Insurance in Norway, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Norwegian non-life insurance segment, including: • The Norwegian non-life insurance segment’s detailed outlook by product category • A comprehensive overview of the Norwegian economy and demographics • A comparison of the Norwegian insurance industry with its regional counterparts • The various distribution channels in the Norwegian non-life insurance segment • Detailed analysis of natural hazards and their impact on the Norwegian insurance industry • Details of the competitive landscape in the life insurance segment in Norway • Details of regulatory policy applicable to the Norwegian insurance industry Scope This report provides a comprehensive analysis of the non-life insurance segment in Norway: • It provides historical values for the Norwegian non-life insurance segment for the report’s 2011– 2015 review period, and projected figures for the 2015–2020 forecast period. • It offers a detailed analysis of the key categories in the Norwegian non-life insurance segment, and market forecasts to 2020. • It provides a comparison of the Norwegian non-life insurance segment with its regional counterparts. • It analyzes the various distribution channels for non-life insurance products in Norway. • It analyzes various natural and man-made hazards and their impact on the Norwegian insurance industry. • It profiles the top non-life insurance companies in Norway, and outlines the key regulations affecting them. Reasons To Buy • Make strategic business decisions using in-depth historic and forecast market data related to the Norwegian non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Norwegian non-life insurance segment. • Assess the competitive dynamics in the non-life insurance segment. • Identify growth opportunities and market dynamics in key product categories. • Gain insights into key regulations governing the Norwegian insurance industry, and their impact on companies and the industry's future. Key Highlights
• The Norwegian government announced plans to remove the VAT exception rule for companies providing financial services, and introduce new taxation by January 2017. • Solvency II came into force in Norway on January 1, 2016. • The non-life segment’s growth was driven by property, casualty and collision and business insurance products. • Norwegian law also mandates compulsory property insurance against natural disasters. • The Norwegian liability insurance category remained very competitive during the review period. • In Norway, the distribution of non-life insurance takes place primarily through bancassurance, agents and business partners.
Contents:
Table of Contents 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium 4.2.2 Policies sold 4.2.3 Claims 4.2.4 Profitability 4.2.5 Assets and investments 5 Outlook by Category 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Policies sold 5.1.4 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Policies sold 5.2.4 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Policies sold 5.3.4 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Profitability 6 Distribution Channel Outlook 7 Natural Hazards 7.1 Flooding 7.2 Storms 7.3 Avalanche 7.4 Landslides 7.5 Wildfires 7.6 Exposure 8 Competitive Landscape 8.1 Company Profiles 8.1.1 Gjensidige Forsikring – company overview 8.1.2 Sparebank 1 Skadeforsikring AS – company overview 8.1.3 Eika Forsikring AS – company overview 8.1.4 DNB Forsikring AS – company overview 8.1.5 Frende Skadeforsikring AS – company overview 9 Governance, Risk and Compliance 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance 9.4.1 Workmen’s compensation insurance 9.4.2 Motor third-party liability insurance 9.4.3 Air carriers and aircraft liability insurance 9.4.4 Natural disaster insurance for property cover 9.4.5 Professional indemnity insurance for alternative investment fund managers 9.4.6 Professional indemnity insurance for insurance brokers 9.4.7 Third-party liability insurance for remotely piloted aerial vehicles 9.4.8 Third-party liability insurance for nuclear facilities 9.4.9 Clinical trials liability insurance 9.4.10 Liability for ships with respect to oil pollution 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 European Insurance and Occupational Pensions Authority 9.5.3 The Financial Supervisory Authority of Norway 9.5.4 The Nordic Association of Marine Insurers 9.6 Non-Admitted Insurance Regulation 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and Penalties 9.7 Company Registration and Operations 9.7.1 Type of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution (ADR) 10 Databook 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Property Insurance by Product 10.6 Motor Insurance 10.7 Motor Insurance by Product 10.8 Liability Insurance 10.9 Marine, Aviation and Transit Insurance 11 Definitions and Methodology 11.1 Definitions 11.2 Methodology 12 About Timetric 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric’s Services 12.4 Disclaimer List of Tables Table 1: Norwegian Non-Life Insurance – Key Facts, 2015 Table 2: Norwegian Non-Life Insurance – Segment Shares (%) of the Top Insurers, 2015 Table 3: Norwegian Government Credit Ratings Table 4: Norwegian Non-Life Insurance – Gross Written Premium (NOK Billion and US$ Billion), 2011–2015 Table 5: Norwegian Non-Life Insurance – Gross Written Premium (NOK Billion and US$ Billion), 2015–2020
Table 6: Norwegian Non-Life Insurance – Number of Policies Sold (Million), 2011–2015 Table 7: Norwegian Non-Life Insurance – Number of Policies Sold (Million), 2015–2020 Table 8: Norwegian Non-Life Insurance – Paid Claims (NOK Billion and US$ Billion), 2011–2015 Table 9: Norwegian Non-Life Insurance – Paid Claims (NOK Billion and US$ Billion), 2015–2020 Table 10: Norwegian Non-Life Insurance – Profitability Ratio (%), 2011–2015 Table 11: Norwegian Non-Life Insurance – Profitability Ratio (%), 2015–2020 Table 12: Norwegian Non-Life Insurance – Total Assets (NOK Billion and US$ Billion), 2011–2015 Table 13: Norwegian Non-Life Insurance – Total Assets (NOK Billion and US$ Billion), 2015–2020 Table 14: Norwegian Non-Life Insurance – Total Investment Income (NOK Billion and US$ Billion), 2011–2015 Table 15: Norwegian Non-Life Insurance – Total Investment Income (NOK Billion and US$ Billion), 2015–2020 Table 16: Norwegian Non-Life Insurance – Investment Portfolio (NOK Billion), 2011–2015 Table 17: Norwegian Non-Life Insurance – Investment Portfolio (NOK Billion), 2015–2020 Table 18: Norwegian Non-Life Insurance – Gross Written Premium by Category (NOK Billion), 2011–2015 Table 19: Norwegian Non-Life Insurance – Gross Written Premium by Category (NOK Billion), 2015–2020 Table 20: Norwegian Property Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2011–2015 Table 21: Norwegian Property Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2015–2020 Table 22: Norwegian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015 Table 23: Norwegian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020 Table 24: Norwegian Property Insurance – Loss Ratio (%), 2011–2015 Table 25: Norwegian Property Insurance – Loss Ratio (%), 2015–2020 Table 26: Norwegian Motor Insurance – Number of Registered Vehicles by Type (Thousand), 2011–2015 Table 27: Norwegian Motor Insurance – Road Accidents, 2011–2015 Table 28: Norwegian Motor Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2011–2015 Table 29: Norwegian Motor Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2015–2020 Table 30: Norwegian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015 Table 31: Norwegian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020 Table 32: Norwegian Motor Insurance – Loss Ratio (%), 2011–2015 Table 33: Norwegian Motor Insurance – Loss Ratio (%), 2015–2020 Table 34: Norwegian Liability Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2011–2015 Table 35: Norwegian Liability Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2015–2020 Table 36: Norwegian Liability Insurance – Number of Policies Sold (Million), 2011–2015 Table 37: Norwegian Liability Insurance – Number of Policies Sold (Million), 2015–2020 Table 38: Norwegian Liability Insurance – Loss Ratio (%), 2011–2015 Table 39: Norwegian Liability Insurance – Loss Ratio (%), 2015–2020 Table 40: Norwegian Transport Network – Global Rankings Table 41: Norwegian Marine, Aviation and Transit Insurance – Freight Carried, 2011–2015 Table 42: Norwegian Marine, Aviation and Transit Insurance – Passenger Traffic, 2011–2015 Table 43: Norwegian Marine, Aviation and Transit Insurance – Gross Written Premium by SubCategory (NOK Billion), 2011–2015 Table 44: Norwegian Marine, Aviation and Transit Insurance – Gross Written Premium by SubCategory (NOK Billion), 2015–2020 Table 45: Norwegian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015 Table 46: Norwegian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020 Table 47: Norwegian Average Annual Loss by Hazard, 1990–2014 Table 48: Norwegian Non-Life Segment – Market Shares of Leading Insurers (%), 2015 Table 49: Norwegian Non-Life Segment – Market Shares of Leading Insurers (%), 2015 Table 50: Gjensidige Forsikring – Key Facts Table 51: Gjensidige Forsikring – Key Financials (NOK Million), 2011–2015 Table 52: Sparebank 1 Forsikring – Key Facts Table 53: Sparebank 1 Forsikring – Key Financials (NOK Million), 2011–2015 Table 54: Eika Forsikring – Key Facts Table 55: Eika Forsikring – Key Financials (NOK Million), 2011–2015 Table 56: DNB Forsikring – Key Facts
Table 57: Frende Skadeforsikring – Key Facts Table 58: Frende Skadeforsikring – Key Financials (NOK Million), 2011–2015 Table 59: Norway – Insurance Regulatory Framework Key Features Table 60: Norway– Life Insurance Regulatory Framework Table 61: Norway – Property Insurance Regulatory Framework Table 62: Norway – Motor Insurance Regulatory Framework Table 63: Norway – Liability Insurance Regulatory Framework Table 64: Norway – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft Table 65: Norway – Corporate Tax Rates for the Financial Year 2016 Table 66: Norwegian Insurance Industry – Policies and Premium, 2011–2015 Table 67: Norwegian Insurance Industry – Policies and Premium, 2015–2020 Table 68: Norwegian Non-Life Insurance – Claims and Expenses, 2011–2015 Table 69: Norwegian Non-Life Insurance – Claims and Expenses, 2015–2020 Table 70: Norwegian Non-Life Insurance – Assets and Investments, 2011–2015 Table 71: Norwegian Non-Life Insurance – Assets and Investments, 2015–2020 Table 72: Norwegian Non-Life Insurance – Property Insurance, 2011–2015 Table 73: Norwegian Non-Life Insurance – Property Insurance, 2015–2020 Table 74: Norwegian Non-Life Insurance – Property Insurance by Product, 2011–2015 Table 75: Norwegian Non-Life Insurance – Property Insurance by Product, 2015–2020 Table 76: Norwegian Non-Life Insurance – Motor Insurance, 2011–2015 Table 77: Norwegian Non-Life Insurance – Motor Insurance, 2015–2020 Table 78: Norwegian Non-Life Insurance – Motor Insurance by Product, 2011–2015 Table 79: Norwegian Non-Life Insurance – Motor Insurance by Product, 2015–2020 Table 80: Norwegian Non-Life Insurance – Liability Insurance, 2011–2015 Table 81: Norwegian Non-Life Insurance – Liability Insurance, 2015–2020 Table 82: Norwegian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015 Table 83: Norwegian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020 Table 84: Insurance Industry Definitions List of Figures Figure 1: Norwegian Real GDP (NOK Trillion), 2011–2020 Figure 2: Norwegian NOK–US$ Exchange Rate, 2011–2020 Figure 3: Norwegian Consumer Price Inflation (%), 2011–2020 Figure 4: Norwegian Current Account Balance as Percentage of GDP (%), 2011–2015 Figure 5: Norwegian Unemployment Rate (%), 2011–2020 Figure 6: Norwegian Population by Age Group, 1991–2025 Figure 7: Norwegian Insurance Segment Gross Written Premium Shares – Regional Comparison (%), 2015 Figure 8: Norwegian Non-Life Insurance – Gross Written Premium (NOK Billion), 2011–2020 Figure 9: Norwegian Non-Life Insurance – Number of Policies Sold (Million), 2011–2020 Figure 10: Norwegian Non-Life Insurance – Paid Claims (NOK Billion), 2011–2020 Figure 11: Norwegian Non-Life Insurance – Profitability Ratio (%), 2011–2020 Figure 12: Norwegian Non-Life Insurance – Total Assets (NOK Billion), 2011–2020 Figure 13: Norwegian Non-Life Insurance – Total Investment Income (NOK Billion), 2011–2020 Figure 14: Norwegian Non-Life Insurance – Investment Portfolio (NOK Billion), 2011–2020 Figure 15: Norwegian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011– 2020 Figure 16: Norwegian Non-Life Insurance – Gross Written Premium by Category (NOK Billion), 2011–2020 Figure 17: Norwegian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2011– 2020 Figure 18: Norwegian Property Insurance – Construction Value Output by Category (NOK Billion), 2011–2015 Figure 19: Norwegian Property Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2011–2020 Figure 20: Norwegian Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020 Figure 21: Norwegian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020 Figure 22: Norwegian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (NOK Billion and %), 2011–2020 Figure 23: Norwegian Motor Insurance – Number of Registered Vehicles by Type (%), 2014 and 2015 Figure 24: Norwegian Motor Insurance – Gross Written Premium by Sub-Category (NOK Billion), 2011–2020 Figure 25: Norwegian Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020 Figure 26: Norwegian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 27: Norwegian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (NOK Billion and %), 2011–2020 Figure 28: Norwegian Liability Insurance – Gross Written Premium (NOK Billion), 2011–2020 Figure 29: Norwegian Liability Insurance – Number of Policies Sold (Million), 2011–2020 Figure 30: Norwegian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (NOK Billion and %), 2011–2020 Figure 31: Norwegian Marine, Aviation and Transit Insurance – Imports and Exports (NOK Billion), 2010–2015 Figure 32: Norwegian Marine, Aviation and Transit Insurance – Gross Written Premium (NOK Billion), 2011–2020 Figure 33: Norwegian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (NOK Billion and %), 2011–2020 Figure 34: Norwegian – Frequency of Hazards by Type, 1990–2014 Figure 35: Norwegian Mortality by Hazards Type, 1990–2014 Figure 36: Norwegian Economic Loss by Hazards Type, 1990–2014 Figure 37: Norwegian Non-Life Segment – Market Shares of Leading Insurers (%), 2015 Figure 38: Norwegian Non-Life Segment – Market Shares of Leading Insurers (%), 2015 Figure 39: Norway – The Three pillars of Solvency II Figure 40: Norway – Insurance Supervision and Control at Various Levels Figure 41: Norway – Insurance Regulatory Frameworks for Company Registration and Operation
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