Boston, MA -- (ReleaseWire) -- 04/14/2014 -- Luxembourg is a leading financial center and hub for private banking, insurance and investment funds in the EU. The country's economy is highly developed, with the highest GDP per capita in the world. The availability of multilingual and multicultural experts, flexible and deferrable tax regimes, and a standardized regulatory regime has made it one of the leading centers of insurance and reinsurance business in Europe. It is also an attractive destination for cross-border life insurance business, where it acts as a center for global insurers to launch new policies under the EU's freedom of services provision. The life insurance segment is highly competitive and concentrated, with the 10 leading companies accounting for 79.1% of the gross written premiums in 2012. Overall, 48 life insurers, of which 43 are domestic, one is foreign, and four are pension companies, operated in the country in 2012. Commissariat aux Assurances (CA) is the insurance regulator.
- Life insurance was the largest segment in the insurance industry in 2012, accounting for 89.0% of the industry's total written premiums in 2012
- Individual life insurance dominated the segment in 2012, accounting for 78.7% of the segment's gross written premiums
- Reforms in the pension system, which came into force from January 2013, increased the contribution rate from 24.0% of wages to 30.0%
- Bancassurance's popularity is primarily due to the presence of large financial institutions in the country, and insurers entering into agreements with leading banks to market their products
- The segment is highly concentrated, with the 10 leading insurers collectively representing a 79.1% share of written premiums in 2012
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This report provides a comprehensive analysis of the life insurance segment in Luxembourg:
- It provides historical values for the Luxembourg 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 categories in the Luxembourg 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 life insurance products in Luxembourg.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Luxembourg for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Luxembourg and its growth prospects.
- It profiles the top life insurance companies in Luxembourg and outlines the key regulations affecting them.
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Companies Mentioned in this Report: Lombard International Assurance, Cardif Lux Vie, Swiss Life (Luxembourg), La Mondiale Europartner, CALI Europe, Sogelife, Allianz Life Luxembourg, Foyer International, Baloise Vie Luxembourg, R+V Luxembourg
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