Luxembourg General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Luxembourg General Insurance Market Report Overview
The gross written premium of the Luxembourg general insurance market was EUR1.4 billion in 2022 and is expected to achieve a CAGR of more than 7% during 2023-2027. The Luxembourg general insurance market research report provides in-depth market analysis, information, and insights into the Luxembourg’s general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and reinsurance premiums during the review period and forecast period.
Luxembourg General Insurance Market Outlook, 2022-2027 (EUR Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of The Luxembourg economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | EUR1.4 billion |
CAGR | >7% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Motor
· Property · Financial Lines · Non-Life PA&H · Liability · MAT |
Key Distribution Channel | · Agencies
· Insurance Brokers · Direct Marketing · Bancassurance · Others |
Leading Companies | · AIG Europe S.A.
· Foyer Assurances S.A. · La Luxembourgeoise S.A. · Baloise Assurances Luxembourg S.A. · AXA Assurances Luxembourg S.A. · Others |
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Luxembourg General Insurance Market Trends
Inflation, personalization, ESG, and digitalization are some of the key trends driving the Luxembourg general insurance market.
Personalization: With the advancement of artificial intelligence (AI) and data analytics, insurers are offering policies catering to individual needs. At the retail level, consumers are seeking non-life insurance products that are custom-made for their lifestyles. The availability of digital insurance products and new ways of purchasing these products have led to a paradigm shift in the non-life insurance industry, taking it from a product-centric to a customer-centric environment. With customers spending more time at home because of remote working, interest in purchasing insurance that offers embedded home protection services such as smart thermostats, water leakage sensors, and energy meters is increasing.
ESG: In line with the Environmental, Social, and Governance (ESG) trend in the EU and guidelines made by the EC, Luxembourg’s insurance industry has been actively integrating ESG factors in its business models, risk management, as well as products and pricing structures. Luxembourg is the world leader in green bond listings. The Luxembourg Green Exchange (LGX) lists more than half of the world’s sustainability bonds. Moreover, in the 2022 Global Green Finance Index, Luxembourg ranked third in terms of green finance penetration.
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Luxembourg General Insurance Market Segmentation by Line of Business
The key lines of business in the Luxembourg general insurance market are motor, property, financial lines, non-life PA&H, liability, and MAT. Motor insurance was the highest contributor to general insurance premiums in 2022.
Luxembourg General Insurance Market Analysis by Lines of Business, 2022 (%)
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Luxembourg General Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Luxembourg life insurance industry are agencies, insurance brokers, direct marketing, bancassurance, and others. In 2022, agencies accounted for the highest Luxembourg general insurance market share, followed by insurance brokers, indicating the preference for traditional channels.
Luxembourg General Insurance Market Analysis by Distribution Channel, 2021 (%)
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Luxembourg General Insurance Market - Competitive Landscape
The leading general insurance companies in the Luxembourg general insurance market are AIG Europe S.A., Foyer Assurances S.A., La Luxembourgeoise S.A., Baloise Assurances Luxembourg S.A., and AXA Assurances Luxembourg S.A., among others. In 2022, AIG Europe S.A.was the leading general insurer in Luxembourg.
Luxembourg General Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Luxembourg General Insurance Market Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Motor
- Property
- Financial Lines
- Non-Life PA&H
- Liability
- MAT
Luxembourg General Insurance Market Distribution Channel Outlook (Value, EUR Billion, 2018-2027)
- Agencies
- Insurance Brokers
- Direct Marketing
- Bancassurance
- Other Distribution Channels
Scope
This report provides a comprehensive analysis of the general insurance segment in Luxembourg –
- It provides historical values for the Luxembourg general insurance segment for the report’s review period and projected figures for the forecast period.
- It offers a detailed analysis of the key categories in Luxembourg’s general insurance segment and market forecasts until 2027.
- It profiles the top general insurance companies in Luxembourg and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Luxembourg general insurance segment.
• A comprehensive overview of Luxembourg’s economy, government initiatives, and investment opportunities.
• The Luxembourg insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Luxembourg general insurance industry’s market structure giving details of lines of business.
• The Luxembourg general reinsurance business’ market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by the Luxembourg’s general insurers.
• Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Luxembourg general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in The Luxembourg general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing Luxembourg’s general insurance industry, and their impact on companies and the industry’s future.
AIG Europe SA
Baloise Assurances Luxembourg SA
AXA Assurances Luxembourg SA
The West of England Ship Owners Mutual Insurance Association (Luxembourg)
Foyer Sante SA
Foyer Arag SA
Liberty Mutual Insurance Europe SE (Luxembourg)
Table of Contents
Frequently asked questions
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What was the Luxembourg general insurance market gross written premium in 2022?
The gross written premium of the Luxembourg general insurance market was EUR1.4 billion in 2022.
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What is Luxembourg’s general insurance market growth rate?
The general insurance market in the Luxembourg is expected to achieve a CAGR of more than 7% during 2023-2027.
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Which LoB held the highest share of the Luxembourg general insurance market?
In 2022, the motor line of business segment held the highest share in the Luxembourg general insurance market.
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Which was the most preferred distribution channel in the Luxembourg general insurance market?
Agencies were the most preferred distribution channel in the Luxembourg general insurance market.
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Which are the leading companies in the Luxembourg general insurance industry?
The leading insurance companies in Luxembourg’s general insurance industry are AIG Europe S.A., Foyer Assurances S.A., La Luxembourgeoise S.A., Baloise Assurances Luxembourg S.A., and AXA Assurances Luxembourg S.A. among others.
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