Norway Insurance Information

CIA link to demographic/economic data on Norway

General Norway Insurance Information

• Compulsory Insurance:
  
  1. Workers’ Compensation (part of Social Security Scheme);
  2. Third Party Automobile Liability;
  3. Pharmaceutical Product Liability;
  4. Aircraft Liability.
• Non-Admitted Insurance:
  Permitted except for compulsory coverages.
• Policy Wordings & Rates / Tariffs Controlled:
  

  Workers’ Compensation (Occupational Injury); Automobile Third Party. The Norwegian market is non-tariff.

• Policy Language:
  Norwegian.
• Types of Insurance Restricted to Government Institutions:
  Workers’ Compensation. There is a compulsory cession for fire policies which insure against the perils of earthquake, windstorm / hurricane, cyclone and flood. These perils are insured on a pool basis ( while not a Government Insurer, this pool is mandated by law).
• Policy Currency:
  Norwegian krone (NOK). U.S. $ insurance is available.
• Currency Restrictions / Exchange Controls:
  No restrictions known.
• Policy Period:
  Annual. Long Term Agreements (LTAs) are not common.
• Cancellation Provisions:
  90 day notice prior to expiry or within 14 days following a loss and may be given by either party.
• Premium Tax, etc. paid by Insured:
  There are no premium taxes on insurance contracts in Norway.
• Insurance Companies:
  
• Brokers:
  Most business is placed directly with Insurers. Brokers are not common.
• Brokerage Commissions:
  Negotiable. Commissions cannot be paid to brokers not licensed in Norway.
• Broker of Record Letters:
  Required to obtain information on a risk.
• Reinsurance:
  No restrictions known. There are no withholding taxes imposed on premiums for insurance or reinsurance remitted abroad.
• Local Natural Hazards:
  Wind, Storm, Flood are the main exposures. The exposures are covered by the Natural Catastrophe Pool – deductible applies.
• Other Information:
  

Property Insurance

• Fire:
  Standard fire perils include - fire, lightning, explosion, malicious damage, vehicle impact. Aircraft, earthquake, flood, storm / tempest, burst water pipe, windstorm / hurricane, weight of snow / avalanche are available through the pool for an additional premium charge.
• All Risk:
  Available but not common.
• Coinsurance:
  100%.
• Blanket Insurance:
  Not usual.
• Business Interruption:
  Local forms but follow UK Loss Profits concept.
• Replacement Cost:
  Available.
• Discount for fire protection equipment / systems: Various - negotiable.

Boiler & Machinery / Machinery Breakdown / Engineering

• Wording: Local - Comprehensive available. Boiler explosion covered under the fire policy. Business Interruption available. Periodic inspections are mandated by law and must be conducted by either a Government or approved inspector.

General / Public Liability

• Available Wordings:
  Local form. Only schedule operations are covered. Employer’s Liability and Product Liability are available.
• Comments:
  Policies are not offered on an occurrence basis.

Automobile / Motor

• Compulsory Limits:
  Bodily Injury: Unlimited; Property Damage: NKr2,000,000.
• Comments:
  Coverage applies to the Insured and any licensed individual driving with the Insured’s permission. Passengers are deemed to be Third Parties.

Workers’ Compensation

• Comments:
  This insurance is compulsory and covers all employees. Extra-Territorial, Medical Expenses and Occupational Disease benefits are provided by the Government Scheme.

Marine

• Available Wordings:
  Norwegian and International.

Crime

• Forms Available:
  Fidelity, Money & Securities (both written on a scheduled basis).