The Insurance Industry in Liechtenstein, Key Trends and Opportunities to 2017

Date: 2015-09

Liechtensteinโ€™s insurance industry is primarily driven by offshore business, and is the only insurance centre that offers insurance undertakings direct access to Switzerland and the European Economic Area (EEA) countries. Despite unfavorable demographics and economic factors, including a small population and GDP, Liechtensteinโ€™s insurance industry has undergone significant developments during the past decade and is being supported by the governmentโ€™s commercial links with Switzerland and increasing demand for life insurance policies in key overseas markets such as Italy, Germany and Switzerland. However, the industry posted a CAGR of -8.3% during the review period in terms of written premium value. The decline was largely a consequence of the expiry of the Italian tax amnesty of 2011, which resulted in sharp decline of insurance premiums in 2011. The life insurance segment, which accounted for 79.8% of Liechtensteinโ€™s insurance industry, registered a decline at a CAGR of -12.1% due to the Italian tax amnesty that affected the overall insurance industry.


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