Luxembourg Personal Accident and Health Insurance Segment to Grow at 11.5% CAGR, Informs Timetric
10 Jan 2013 • by Natalie Aster
Luxembourg’s domestic insurance market is a small, but available pool of multilingual and multicultural experts, flexible and deferrable tax regimes, and an outward-looking policy approach. It is a leading center of major reinsurance companies in Europe and a market leader in ‘captive’ insurance.
Luxembourg’s insurance market includes 53 life insurance companies, 41 non-life insurance companies and three life and general insurance companies. Most insurance and reinsurance companies are local subsidiaries of global firms. Despite the presence of a large number of life and non-life insurance companies, the Luxembourg insurance market is highly concentrated.
According to the report “The Insurance Industry in Luxembourg, Key Trends and Opportunities to 2016” by Timetric, the Luxembourg insurance industry grew in written premium value at a CAGR of 6.6% during the review period. The life insurance segment, with 86.1%, accounted for the largest share of total written premiums in 2011, registering a CAGR of 7.5%. The non-life insurance segment increased at a CAGR of 10.0% during the review period while the personal accident and health insurance segment grew at a CAGR of 15.8%.
The Insurance Industry in Luxembourg, Key Trends and Opportunities to 2016
Published: November, 2012
Price: US$ 1,950.00
The Luxembourg insurance industry is projected to grow over the forecast period in written premium value at a CAGR of 7.6%. Rising employment is expected to boost the insurance industry as people increasingly invest in their future. The life insurance segment is expected to increase in value at a CAGR of 7.9%, with the individual life insurance category expected to retain its position as the largest category within the life insurance segment, growing at a CAGR of 6.6%. The non-life segment is anticipated to grow at a CAGR of 5.2% with the property insurance sub-section expected to retain the lead with a market share of 43.2% in 2016. The personal accident and health segment is expected to grow at a CAGR of 11.5%. The health insurance category is expected to retain its prime position within the personal accident and health segment over the forecast period.
More information can be found in the report “The Insurance Industry in Luxembourg, Key Trends and Opportunities to 2016” by Timetric.
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