Life and non-life insurance companies, premiums and disbursements, 2004

Non-life

The earned premiums increased during 2004 by 4.3 per cent which is equivalentto NOK 1.6 billion. In the same period the claims incurred decreased by 6.5 per cent, back to the same level as in 2002. Since 2001 the claims incurred have stabilized, and amounts annually to around NOK 26 billion.

The private customers paid 36.9 per cent of the earned premiums, while the business sector paid 36.9 per cent. Marine insurance services amounts to 9 per cent of the total earned premiums. The claims incurred have a similar distribution.

The earned premiums from the private customers increased by 10.8 per cent, while the claims incurred remained stable. Property insurance and motor vehicle insurance services are the largest type of insurance services for the private customers. While the earned premiums for these types of insurance services combined increased by NOK 1.7 billion, the claims incurred increased by NOK 74 million.

The earned premiums from the industry increased by 7.9 per cent, while the claims incurred decreased by 6.5 per cent.

Marine insurances had a total increase in the earned premiums of NOK 3.4 billion in 2004, which is a reduction of 10 per cent since 2003. The claims incurred decreased by 21.4 per cent during 2004.

Life insurance

The earned premiums increased by 21.2 per cent, while the claims incurred increased by 8.9 per cent. During 2004 the minimum guaranteed interest rate decreased by 1 percentage point, from 4 to 3 per cent, which could explain some of the increased earned premiums.

The non-unit-linked life insurance and pension services are the largest type of insurance service, and amounts to about 94 per cent of the premium income and claims. The individual pension services increased its premium income by 134.8 per cent during 2004.

The unit-linked life insurance services amounted to about 6 per cent of the premium income and claims, and both the premium incomes and claims for unit-linked life insurance increased considerably in 2004, with 23.3 and 86.6 per cent respectively. This increase is probably connected to the low interest rate in 2004.

Tables

Published tables