Non-Life Insurance in Luxembourg, Key Trends and Opportunities to 2017

Date: 2015-09

Luxembourg is amongst the worldโ€™s most developed economies, and has the highest domestic per capita income. The global financial and eurozone debt crises affected the countryโ€™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 โ€“ 31 domestic and 11 foreign โ€“ as of 2012. The Commissariat aux Assurances (CA) is the regulator of Luxembourgโ€™s insurance industry.

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