Luxembourg General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Luxembourg General Insurance Market Report Overview
The gross written premium of the Luxembourg general insurance market was EUR1.5 billion ($1.6 billion) in 2023 and is expected to achieve a CAGR of more than 6% during 2024-2028. The Luxembourg general insurance market research report provides a detailed outlook by product category for Luxembourg’s general insurance segment.
Luxembourg General Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Luxembourg general insurance market report provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period (2019–23) and forecast period (2024–28). The report additionally analyzes distribution channels operating in the segment, gives a comprehensive overview of Luxembourg’s economy and demographics, and provides detailed information on the competitive landscape in the country.
Market Size (2023) | EUR1.5 billion ($1.6 billion) |
CAGR (2024-2028) | >6% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · Non-Life PA&H |
Leading Companies | · Foyer Assurances
· LALUX Assurances · AIG Europe · Liberty Mutual Insurance · Convex Europe |
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Luxembourg General Insurance Market Trends
Digitalization in distribution and the growing focus on environment, social, and governance (ESG) are the recurring trends impacting the Luxembourg general insurance market.
- With the shift towards green and clean energy projects, new types of risks emerge, such as those related to renewable energy infrastructure, energy efficiency technologies, and climate change impacts. Insurers need to assess and manage these risks effectively to provide adequate coverage to their clients.
- In line with the ESG trend in the European Union (EU) and guidelines laid by the European Commission (EC), general insurance companies in Luxembourg increased their asset allocation in green investment.
- As part of its Green Plan, Luxembourg aims to transition completely to EVs by 2030. This has led to insurance companies expanding their coverage.
Luxembourg General Insurance Market Segmentation by Lines of Business
The key lines of business in the Luxembourg general insurance industry are property, motor, liability, financial lines, MAT, and Non-Life PA&H. Motor was the leading general insurance line of business in 2023 supported by an increase in vehicle sales.
Luxembourg General Insurance Market Analysis by Lines of Business, 2023 (%)
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Luxembourg General Insurance Market - Competitive Landscape
The leading general insurance companies in Luxembourg are Foyer Assurances, LALUX Assurances, AIG Europe, Liberty Mutual Insurance, and Convex Europe.
Foyer Assurances: The company’s website provides a platform for customers to contact financial advisors directly. Policyholders can also change/edit their personal data, bank account, payment method, and beneficiaries through the insurer’s website. Policyholders can also request tax certificates, terminate their contract, and avail of other downloads on the website.
Luxembourg General Insurance Market Analysis by Companies
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Luxembourg General Insurance Market – Deals and Jobs
- In February 2024, Monument Re’s subsidiary, MAL successfully transferred its long-term life insurance portfolio from Integrale Luxembourg.
- In December 2023, Monument Re’s subsidiary, MAL successfully transferred its long-term life insurance portfolio from Integrale Luxembourg.
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Segments Covered in the Report
Luxembourg General Insurance Lines of Business Outlook (Value, EUR Billion, 2019-2028)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- Non-Life PA&H
Scope
This report provides a comprehensive analysis of the general insurance segment in Luxembourg –
- It provides historical values for Luxembourg’s general insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top general insurance companies in Luxembourg and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Luxembourg’s general insurance segment.
- A comprehensive overview of Luxembourg’s economy, government initiatives, and investment opportunities.
- Luxembourg’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Luxembourg’s general insurance industry’s market structure gives details of lines of business.
- Luxembourg’s general reinsurance business market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Luxembourg’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Luxembourg’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Luxembourg’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
AIG Europe
Baloise Assurances Luxembourg
AXA Assurances Luxembourg
The West of England Ship Owners Mutual Insurance Association
Foyer Sante
Foyer Arag
Liberty Mutual Insurance Europe
Table of Contents
Frequently asked questions
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What was the Luxembourg general insurance market gross written premium in 2023?
The gross written premium of Luxembourg general insurance market was EUR1.5 billion ($1.6 billion) in 2023.
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What will Luxembourg general insurance market growth rate be during the forecast period?
The general insurance market in Luxembourg is expected to achieve a CAGR of more than 6% during 2024-2028.
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Which line of business held the largest share of the Luxembourg general insurance market in 2023?
Motor held the largest share of the Luxembourg general insurance market in 2023.
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Which are the key companies operating in the Luxembourg general insurance market?
A few of the leading general insurance companies in Luxembourg are Foyer Assurances, LALUX Assurances, AIG Europe, Liberty Mutual Insurance, and Convex Europe.
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