Boston, MA -- (ReleaseWire) -- 03/19/2014 -- Luxembourg is amongst the world's most developed economies, and has the highest domestic per capita income. The global financial and eurozone debt crises affected the country's financial sector during the review period. In 2009, a decline of 4.1% at current prices was recorded in GDP, but the economy recovered to expand by 2.9% in 2010 and 1.7% in 2011. Marred by troubles in other eurozone economies, GDP growth moderated to 0.3% in 2012 and a stable housing and automobile industry supported growth in the non-life segment. The segment posted a compound annual growth rate (CAGR) of 2.3% during the review period. The segment is highly competitive, with 42 operational insurers - 31 domestic and 11 foreign - as of 2012. The Commissariat aux Assurances (CA) is the regulator of Luxembourg's insurance industry.
- Luxembourg's non-life segment is the second-largest in the insurance industry, accounting for 10.3% of the total gross written premium generated in 2012
- In 2012, property insurance accounted for 43.7% of the gross written premium, followed by motor insurance with a share of 27%
- Brokers and agencies were the preferred distribution channels for non-life insurers in Luxembourg
- Companies are focusing on reducing costs and improving efficiency to generate sufficient profit margins
- The Luxembourg non-life insurance segment comprises both domestic and foreign insurers
- The segment is highly concentrated with top 10 companies accounting for 92.3% of the total non-life segment, in terms of written premium
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This report provides a comprehensive analysis of the non-life insurance segment in Luxembourg:
- It provides historical values for Luxembourg's non-life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categiories in Luxembourg's non-life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for non-life insurance products in Luxembourg.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Luxembourg for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Luxembourg and its growth prospects.
- It profiles the top non-life insurance companies in Luxembourg and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast market data related to the Luxembourg non-life insurance segment and each category within it.
Companies Mentioned in this Report: Swiss Re International, Foyer Assurances, La Luxembourgeoise, The Ship-Owners Mutual Protection and Indemnity Association, The West of England Ship-Owners Mutual Insurance Association, Telefonica Insurance, Camca Assurance, Axa Assurances Luxembourg, Arisa Assurances, Baloise Assurances Luxembourg
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