Industriforsikring operates as a fully integrated insurance company and is licensed to write Property, Casualty, Financial Lines, Credit and Personnel Insurances for Norsk Hydro ASA and its subsidiaries. Most of the functions like underwriting, policy issuing and administration, claims handling and accounting are performed internally, while certain functions are outsourced like risk management, compliance and actuary.
Domiciled in Norway, Industriforsikring can operate as direct insurer based on freedom of service in most European countries while in other jurisdictions where legally required or sensible for other reasons, Industriforsikring operates via local insurance network partners to ensure good local standards and compliance to local regulations.
Industriforsikring’s role (direct or indirect insurance) and risk assumed differ for the various insurance lines based on what may be the most costs efficient and adequate insurance solutions to Hydro, as well as sound business to Industriforsikring. Normally, Industriforsikring prefers to be exposed on a primary layer.