In 2023, the production value of non-life insurance in Norway stood at 3.45 billion euros. For 2024, the forecasted production value increases to 3.59 billion euros, marking a year-on-year growth rate of approximately 4.1%. The upward trend continues through 2025 (3.73 billion euros, 3.9%), 2026 (3.88 billion euros, 4%), 2027 (4.02 billion euros, 3.6%), and 2028 (4.16 billion euros, 3.5%). The CAGR from 2024 to 2028 is roughly 3.8% per year.
Key trends to watch include:
- Technological advancements, particularly in digital transformation and insurtech innovation.- Regulatory changes that may impact underwriting and premium pricing.- The economic landscape, as growth might be affected by macroeconomic factors and market conditions.- Changing consumer behavior and increased demand for customized insurance products.
