Norway-based financial services company DnB NOR has announced that it will establish its own non-life insurance company, and intends to capture a considerable share of the retail non-life insurance market. The new company will start operations by the end of 2008.
So far, DnB NOR has delivered non-life insurance in co-operation with external risk bearers. The establishment of the new company means that DnB NOR will control the entire value chain.
Since 1999, DnB NOR has offered its customers non-life insurance through Vital Skade. The current portfolio with NOK700 million in premium income will be incorporated into the new company.
DnB NOR will market non-life insurance in all distribution channels: branch offices, telephone bank, internet bank, mobile bank and real estate brokerages. Customers will buy and manage their insurance policies in a self-service solution in the internet bank.
Asmund Skar, group executive vice president at DnB NOR retail banking, said: DnB NOR wishes to offer customers a full range of financial services. The establishment of our own non-life insurance company will enable us to tailor products to the retail segment. We will take advantage of our extensive distribution power to gain a considerable share of this market.