In 2016, life insurance companies had a 2.5 per cent increase in their gross premiums compared to the year before. Non-life insurance companies had an increase in their earned premium income of 0.1 per cent.
Motor vehicle insurance services had a decrease of 1.3 per cent in 2016, while claims incurred increased by 1.3 per cent.
Increase in premiums written for life insurance
Premiums written for life insurance increased by 2.5 per cent from 2015 to 2016. During the same period, gross claim payments increased by 4.1 per cent.
Increase in premiums written for defined contribution pension schemes
Defined contribution pension schemes have the largest share of the premiums written and gross claim payments for life insurance. From 2015 to 2016, premiums written for defined contribution schemes increased by 11.8 per cent, while gross claim payments increased by 5.8 per cent.
Source: SSB / Norway Today