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General Insurance Commercial

The Commercial segment offers a wide range of general insurance products to commercial and agricultural customers, and the public sector in Norway. Sales primarily take place through dedicated distribution channels, and only 20 per cent of the premium volume is brokered business. Gjensidige is market leader in general insurance for the commercial and agricultural markets. Most of the customer portfolio consists of small and medium-sized enterprises and agricultural customers.



During the year, the division has optimised its use of resources, defined focus areas and consolidated its position in the market. Models based on analytics have been further developed to ensure continued efficient distribution, a high activity level and good customer service. Product and tariff developments have been high on the agenda throughout the year to ensure relevance in a market subject to constant change. Significant efforts have been made to adapt digital solutions to customers’ needs to provide a digital boost for Commercial customers and thus secure our position in the market. There is a strong focus on competence building to ensure relevant customer service and good competitiveness in a professionalised procurement market.

Profitability was challenged in 2018 by a severe winter, an unusually dry summer, multiple flood events and an unexpected increase in claims inflation for car insurance. Significant measures were implemented to improve profitability, including by adjusting prices.


In recent years, Gjensidige has consolidated its position as market leader in commercial and agricultural insurance, and is in a good position for the future.

Work on improved risk pricing and analytical processes as tools for strengthening customer activities is given particular focus in the Commercial segment. Continuous initiatives to deliver the best customer experience in combination with analytics and operational efficiency will help to ensure forward-looking and customer-oriented operations.

The Commercial segment expects the development in premiums to be positive throughout 2019 thanks to the current positive trend in the Norwegian economy. Previous and new price initiatives are also expected to contribute to growth in premiums and improved profitability. The work on adapting the products’ terms and conditions will also continue.

Key figures Commercial

NOK million 2018 2017 2016
Earned premiums7,603.37,300.5 7,257.4
Underwriting result 1,5481,634.8  1,631.3
Loss ratio %68.266.1 66.5
Cost ratio %11.511.5 11.0
Combined ratio %79.677.6 77.5


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Source market shares:

Finance Norway, based on written premiums 3rd quarter 2018