Earthquake Risk Transfer for Norway

Earthquake Risk Transfer for Norway; Short-term earthquake loss
Fig.1 - The south and south west of Norway are undercover by Earling and it successfully detected earthquake pre-indicators in the regions since July 2018. The regions experienced about 4 earthquakes greater than M3 followed by earthquake preparedness alerts issued by Earling.

"Earthquake Norway" - Unlocking the Potential of Norway's Minor Earthquakes for Insurance Growth

In the 2019 Norwegian insurance industry report, natural perils insurance accounted for a mere 1% share. Enter Earling, a visionary player in the industry, with a mission to elevate this share to NOK 500 million, constituting a significant 5% of the expansive and untapped market in the southern region of Norway, specifically focusing on earthquakes. Earling has harnessed the power of data analytics to precisely identify high-risk time windows, statistically associated with minor and light earthquakes that have occurred in the southern part of Norway over the last few decades. This strategic approach forms the cornerstone of their marketing campaign, aimed at boosting penetration rates for property and casualty insurance and expanding the coverage landscape.

While Norway may not be renowned for seismic activity, Earling's Earthquake Preparedness Alerts are reshaping perceptions, transforming minor earthquakes into a burgeoning opportunity within the insurance sector. These seismic events, although minor in scale, represent an unexplored and promising market segment, spanning life, property, and casualty insurance. "Earthquakes in Norway" are no longer an anomaly but an emerging frontier in the insurance landscape both for risk owners (government, businesses, and residents) and risk takers ((re)insurers).

EPA Effect on Norway Probable Maximum Loss

 

 

 

 
Fig.2 EPAs can increase Norway's earthquake insured loss up by $5 million in 2020.

Norway short-term expected earthquake loss

Earthquake risks that need to be transferred? download the report.