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Biggest traded Norwegian insurer becomes haven in market selloff

Biggest traded Norwegian insurer becomes haven in market selloff

OSLO: Gjensidige Forsikring ASA, Norway’s largest listed insurer, said it should be a haven for investors amid unprecedented global turbulence.

“We have a very strong position in a very strong economy, the Norwegian economy,” Chief Executive Officer Helge Leiro Baastad said in an interview in Oslo Thursday. “Gjensidige, insurance, the Nordics. When the world is uncertain and there’s a lot of movement, then we’re rather a safe haven.”

Global markets have been shaken up in the past week. The Standard & Poor’s 500 Index climbed 3.9 percent Wednesday, halting a six-day slide that was its steepest in four years while crude oil is at the lowest levels since 2009. The turbulence has spread from China, where stocks on Thursday ended the deepest five-day rout since 1996.