2014-02-25 12:30:19 - New Insurance market report from Timetric: "Non-Life Insurance in Norway, Key Trends and Opportunities to 2017"
The size and significance of the Norwegian non-life segment is relatively small compared to other countries in the Nordic region such as Denmark, Finland and Sweden. The Norwegian non-life segment's penetration was 1.5% in 2012, compared to Denmark's 2.9%, Finland's 1.9% and Sweden with 1.9% in the same year. This indicates a large potential customer base in the country. Norway is one of the best performing economies in the Nordic region. Unlike other countries in the region, Norway didn't experience a significant impact from the global financial crisis and the EU sovereign debt crisis, even though the country has numerous commercial links with EU member states and the country's exports are mainly to EU countries. Insurance providers in Norway incurred
losses in 2009 as investment income declined sharply.
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* The Norwegian non-life segment's penetration was 1.5% in 2012, compared to Denmark's 2.9%, Finland's 1.9% and Sweden with 1.9% in the same year
* Insurers in Norway incurred substantial losses in 2009 as investment income declined sharply, however, these companies recovered quickly and posted positive growth in the subsequent years
* Norway is prone to storms, hurricanes, major floods and landslides, meaning demand for insurance against natural disasters is high
* Agencies were the largest distributors of non-life policies in Norway in 2012, accounting for 36.6% of the total market commission
* The segment is highly concentrated, with the 10 leading companies collectively accounting for 93.0% of the segment's written premiums in 2012
This report provides a comprehensive analysis of the non-life insurance segment in Norway:
* It provides historical values for Norway's non-life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
* It offers a detailed analysis of the key categories in Norway's non-life insurance segment, along with market forecasts until 2017.
* It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
* It analyses the various distribution channels for non-life insurance products in Norway.
* Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Norway for the non-life insurance segment.
* It provides a detailed analysis of the reinsurance segment in Norway and its growth prospects.
* It profiles the top non-life insurance companies in Norway and outlines the key regulations affecting them.
Reasons to Get this Report
* 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 within the Norwegian non-life insurance segment
* Assess the competitive dynamics in the non-life insurance segment, along with the reinsurance segment
* Identify the growth opportunities and market dynamics within key product categories
* Gain insights into key regulations governing the Norwegian insurance industry and its impact on companies and the market's future
Companies Mentioned in this Report: Gjensidige Forsikring ASA, If Skadeforsikrin NUF, Tryg Forsikring, Sparebank 1 Forsikring, DNB Forsikring, Eika Forsikring AS, Codan Forsikring, Protector Forsikring ASA, Frende Skadeforsikring AS, Storebrand
Partial Table of Contents:
1 Executive Summary
2.1 What is this Report About?
3 Nordic Region Market Dynamics
3.1.1 Market trends
3.1.2 Market size
4 Non-Life Insurance Segment - Regional Benchmarking
4.2 Scale and penetration
4.2.1 Total gross written premium
4.2.2 Premium per capita
4.2.3 Non-life insurance penetration (% of GDP)
4.3.1 Gross written premium
4.3.2 Gross written premium per capita
4.4 Efficiency and risk
4.4.1 Loss ratio
4.4.2 Combined ratio
4.4.3 Incurred losses per capita
4.4.4 Incurred losses as a percentage of GDP
4.5 Distribution channels
4.5.1 Direct marketing
4.5.5 Online channels
5 Norwegian Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
5.2.1 Business drivers
6 Non-Life Insurance Outlook
6.1 Non-Life Insurance Growth Prospects by Category
6.1.1 Property insurance
6.1.2 Fire and allied perils insurance
6.1.3 Engineering insurance
6.1.4 Agriculture insurance
6.1.5 Other property insurance
6.2 Motor Insurance
6.2.1 Motor hull insurance
6.2.2 Motor third-party insurance
6.3 General Third-Party Insurance
6.4 Marine, Aviation and Transit Insurance
6.4.1 Marine insurance
6.4.2 Transit insurance
7 Analysis by Distribution Channels
7.1 Direct Marketing
7.6 Other Channels
8 Porter's Five Forces Analysis - Norwegian Non-Life Insurance
8.1 Bargaining Power of Suppliers: Medium
8.2 Bargaining Power of Buyers: Low to Medium
8.3 Barriers to Entry: Medium
8.4 Intensity of Rivalry: Low
8.5 Threat of Substitutes: Low
9 Reinsurance Growth Dynamics and Challenges
9.1 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation Trends by Type of Insurance
10.2.1 Life insurance regulatory trends
10.2.2 Property insurance regulatory trends
10.2.3 Motor insurance regulatory trends
10.2.4 Marine, aviation and transit insurance regulatory trends
Full Table of Contents is available at:
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