The Norwegian Insurance market is small in terms of the number of insurance companies and the premium collection values compared to any developed economy. The insurance industry is very much structured and well regulated in recent years.
Norwegian insurance market is slowly growing as a result of increase in the personal accident and health insurance market segment. Life insurance segment is a major part of Norway’s insurance accounting for 59.8% in 2011.
Due to macroeconomic growth and increased business operations the income levels of people have increased this provides them to invest in insurance products. In recent years due to changes in the regulatory policies many large companies based in London started its operations in Norway .There are 6 life insurance companies and 5 non life insurance companies serving the total market.
The Banking, Insurance and Securities Commission has been acting as the regulatory body in the insurance industry in Norway.
Norwegian National Insurance is mandatory for every resident of Norway. As a part of the social security system you will be able to get many benefits like unemployment benefits, health benefits, medical and dental benefits and many other benefits. It is the most important general insurance system in Norway. It is funded from employee premium contribution, government contribution , employer contribution.
In Norway the vehicle insurance is covered by the Frontier insurance system which has much similarity with the third party liability insurance . It covers the accident and other damages to the property.
All the residents of Norway are covered by the health insurance. Residents have to pay taxes to make avail all the medical services. The health system does not cover dental treatment. Norway has a standard health care system consisting of private and public hospital which provide the healthcare facilities.
Travel insurance is mandatory for international visitors to Norway. Norway has a lot of scenic beautiful places , art museums and galleries, wild forests and high rise mountain with ice peaks. You can go for adventure sports and winter sports while you are in Norway , so make sure to get a proper travel insurance for Norway that will meet all your requirements , in case the need arises for hospital treatment, medical evacuation in case of emergencies .
Major life insurance companies in Norway are:
- Vital Insurance
- Storebrand Insurance
- KLP Insurance
- Nordea Insurance
- Vesta Forsikring Insurance
- Danica Pensjon Insurance
Major Non-Life Insurance companies in Norway are :
- Gjensidige Insurance
- Vesta Insurance
- Terra Skadeforsikring Insurance
- AIG Europe Insurance
- Tennant Forsikring Insurance
- Trygg-Hansa Insurance