Luxembourg Life Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Luxembourg Life Insurance Market Report Overview
The gross written premium of the Luxembourg life insurance market was EUR 2.1 billion in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. The Luxembourg life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Luxembourg’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates during the review period and forecast period.
Luxembourg Life 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 Luxembourg’s economy and demographics, and provides detailed information on the competitive landscape in the country. It 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) | EUR 2.1 billion |
CAGR | >4% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Endowment
· Term Life · Capitalization · Pension · Others |
Key Distribution Channel | · Agencies
· Direct Marketing · Bancassurance · Insurance Brokers |
Leading Companies | · Lombard International Assurance
· Cali Europe · La Luxembourgeoise Vie · Swiss Life (Luxembourg) · Foyer Vie · Cardif Lux Vie · Others |
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Luxembourg Life Insurance Market Trends
Personalization, ESG, inclusivity, and inflation are some of the key trends impacting the Luxembourg life insurance market.
Personalization: Luxembourg life assurance policies offer the flexibility of investments, protection of assets, and international portability and tax neutrality. These policies differ from other life insurance policies by offering the policyholder great flexibility in managing their investments. The variety and the number of investments for these policies are limitless and can include unlisted investments such as real estate crowdfunding.
Inclusivity: The EU is making headwinds toward inclusive insurance with the “right to be forgotten” article and it plans to establish a code of conduct for cancer survivors by 2024. Mental health awareness gained more prominence during the COVID-19 pandemic. Many international insurers in Luxembourg cover mental illness and cover treatments that are excluded in state-funded insurance such as children’s psychotherapy.
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Luxembourg Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Luxembourg life insurance industry are endowment, term life, capitalization, term insurance, and others. In 2022, endowment emerged as the leading life insurance line of business. These policies offer several advantages such as geographical portability, multi-currency access in terms of both premiums and claims, the absence of income tax during redemption, lack of inheritance tax in case of direct line or spouse, and no extra taxes if the beneficiaries are in the countries that Luxembourg has non-double taxation treaties.
Additionally, term life insurance is the second largest line in the life insurance segment in terms of GWP.
Luxembourg Life Insurance Market Analysis by Lines of Business, 2022 (%)
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Luxembourg Life Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Luxembourg life insurance industry are agencies, direct marketing, bancassurance, and insurance brokers. Agencies was the most sought-out channel for life insurance in Luxembourg in 2022, followed by direct marketing, indicating the preference for traditional channels. Agencies are expected to remain the leading distribution channel over the forecast period.
Luxembourg Life Insurance Market Analysis by Distribution Channel, 2022 (%)
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Luxembourg Life Insurance Market - Competitive Landscape
The leading life insurance companies in Luxembourg are Lombard International Assurance, Cali Europe, La Luxembourgeoise Vie, Swiss Life (Luxembourg), Foyer Vie, Cardif Lux Vie, Wealins, Axa Wealth Europe, CNP Luxembourg, and Baloise Vie Luxembourg, among others. In 2021, Lombard International Assurance accounted for the highest share.
Luxembourg Life Insurance Market Analysis by Companies, 2021 (%)
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Segments Covered in the Report
Luxembourg Life Insurance Lines of Business Outlook (Value, EUR Billion, 2018-2027)
- Endowment
- Term Life
- Capitalization
- Pension
- Others
Luxembourg Life Insurance Distribution Channel Outlook (Value, EUR Billion, 2018-2027)
- Agencies
- Direct Marketing
- Insurance Brokers
- Bancassurance
Scope
This report provides a comprehensive analysis of the life insurance segment in Luxembourg –
- It provides historical values for Luxembourg’s life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Luxembourg and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Luxembourg life insurance segment.
• A comprehensive overview of the Luxembourg economy, government initiatives and investment opportunities.
• The Luxembourg insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
• The Luxembourg life insurance industry’s market structure giving details of lines of business.
• The Luxembourg life insurance reinsurance business’s market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by Luxembourg life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Luxembourg life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Cali Europe
Foyer Vie S.A.
Swiss Life (Luxembourg) S.A.
Baloise Vie Luxembourg S.A.
The OneLife Company S.A.
Cardif Lux Vie S.A.
Wealins S.A.
Table of Contents
Frequently asked questions
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What was the Luxembourg life insurance market gross written premium in 2022?
The gross written premium of the Luxembourg life insurance market was EUR 2.1 billion in 2022.
-
What is the Luxembourg life insurance market growth rate?
The life insurance market in Luxembourg is expected to achieve a CAGR of more than 4% during 2023-2027.
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Which was the leading line of business in the Luxembourg life insurance market?
Endowment was the largest line in the life insurance segment in terms of GWP.
-
What are the key distribution channels in the Luxembourg life insurance market?
Agencies led the distribution channels in new business DWP in 2022.
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Which are the leading companies in the Luxembourg life insurance industry?
The leading life insurance companies in Luxembourg are Britam Holdings, Jubilee Holdings, Luxembourg Reinsurance, Britam Life Luxembourg, British-American Luxembourg, PTA Reinsurance, CIC Insurance, and Sanlam Luxembourg.
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