In Norway, life insurance has the purpose of ensuring a one-time payment to help a family financially in case of an unexpected death or severe disability regarding the insured person. The sum is paid out quickly after the death or disability, and the insured can choose the beneficiary. Not all contracts cover both death and disability, some contracts only cover the death of the insured, which is the most common coverage type.
The Norwegian company KLP held the largest market share among Norwegian life insurance companies in 2019. However, the market share is based on companies selling life products, also including products other than just life insurance, such as pension and accident insurance. The life insurance company which had the largest premium income specifically from life insurance that year was Storebrand, with income amounting to around 2.8 billion Norwegian kroner, which was significantly higher than the premium income KLP had from life insurance.
There are two types of life insurance contracts that Norwegians can be covered by, either individual or group life insurance contracts. More people are covered by group life insurance, which is covers more than one person and is usually connected to the workplace. More than three million individuals in Norway were covered by such an insurance in 2019, while around 1.1 million individuals had individual life insurance contracts. However, the premium income from individual life insurance was much higher than the one from group life insurance, around 15 billion Norwegian kroner compared to around 4.3 billion Norwegian kroner in 2019.
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