Norway's biggest banking group DnB NOR announced 
on Tuesday that it would establish a new Non-Life Insurance company by the end of 2008.
The company also said in a statement at the beginning of a capital markets day event for investors in London that it would open three new international offices, in Chile, Greece and India.
DnB NOR said it had "an ambition to capture a considerable share of the retail non-life insurance market."
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," says Åsmund Skår, group executive vice president, DnB NOR Retail Banking.
Since 1999, DnB NOR has offered its customers non-life insurance through Vital Skade. The current portfolio with NOK 700 million in premium income will be incorporated in the new company.
"We have extensive experience within non-life insurance, and DnB NOR is at the forefront in the electronic distribution of insurance products through the Internet bank. This ensures very cost-effective operations. Today, 5.8 per cent of our 800 000 Internet banking customers have bought non-life insurance policies. We aim to increase this share to 30 per cent," says Åsmund Skår.
DnB NOR will market non-life insurance in all distribution channels: branch offices, the telephone bank, the Internet bank, the mobile bank and real estate brokerages.
Source: Agencies
on Tuesday that it would establish a new Non-Life Insurance company by the end of 2008.The company also said in a statement at the beginning of a capital markets day event for investors in London that it would open three new international offices, in Chile, Greece and India.
DnB NOR said it had "an ambition to capture a considerable share of the retail non-life insurance market."
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," says Åsmund Skår, group executive vice president, DnB NOR Retail Banking.
Since 1999, DnB NOR has offered its customers non-life insurance through Vital Skade. The current portfolio with NOK 700 million in premium income will be incorporated in the new company.
"We have extensive experience within non-life insurance, and DnB NOR is at the forefront in the electronic distribution of insurance products through the Internet bank. This ensures very cost-effective operations. Today, 5.8 per cent of our 800 000 Internet banking customers have bought non-life insurance policies. We aim to increase this share to 30 per cent," says Åsmund Skår.
DnB NOR will market non-life insurance in all distribution channels: branch offices, the telephone bank, the Internet bank, the mobile bank and real estate brokerages.
Source: Agencies
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