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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for Luxembourg's non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in the insurance sector of Luxembourg. Systematic updates are published throughout the cycle, to the latest developments in the Luxembourg's non-life (P&C) market as well as trends by line of business. Axco analysts also report on Luxembourg's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Luxembourg, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Luxembourg, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Luxembourg with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The domestic non-life market in Luxembourg is relatively small, reflecting the country's limited industrial base and small population. It is highly developed and mature and dominated by motor and property.
In 2023,, premium income (excluding personal accident and healthcare) increased by 5.45% to EUR 1.30bn (USD 1.42bn) according to the local insurers' association (Association des Compagnies d'Assurances - ACA), with the major classes motor and property growing by 4.4% and 6.4% respectively, driven in large part by inflation. These classes made up 38.6% and 22.2% of premiums respectively in 2022.
This is a brief extract of information; more updated information may be available in the latest published report.
