Insurance Key Figures


2022 At a glance

€40,2 bn5,1%

As of 31 December, 2022, the insurance sector recorded a premium income of €40,2 bn, -16,3% in life insurance to €23 bn and +15,7% in non-life insurance to €17,2 bn. The amount of assets under management is down from 6,5% to € 217,4 bn.

Direct Insurance Premiums 2022

Life insurance €bn

Life insurance €bn Non-Life insurance €bn

€217,4 bn6,5%

Assets under administration €bn

Split by branches :

International Business: Life Insurance

€23,1 bn11,2,%

International life Insurance 2022 premiums
(ACA Members only)

Total premiums collected by ACA members internationally decreased to 23,1 bn (-11% compared to 2021). The share of products with guaranteed returns is decreasing, representing 16% of invested assets in 2022, compared to 20% in 2021 and 23% in 2019. On the other hand and in proportion, unit-linked contracts now represent 78% of invested assets as of December 31, 2022. 

In 2022, the 5 main markets of international life insurance represent 82% of the insurance products distributed in LPS. 

Over the last 5 years, the following main developments were observed: 

  • French market remains the dominant market representing 47% of the global market in 2022.  
  • Decrease of the Italian market over the years, -35% compared to 2021 and -41% compared to 2018, 
  • Constant positive evolution of the Portuguese market, +20% in 2022 and +22% in 2021, for a total of €1 bn in 2022. 
  • Strong growth of the German market +26% in 2022 reaching € 2,1 bn. 

Premium Type

Client Type

Investment Type

International Life Business Premiums €bn

International Non-life Business

€13,5 bn18,9%

(ACA Members only)

With an increase in premium income of + 19 % in 2022, following +23% in 2021, the non-life insurance sector confirmed that it plays an increasing role in the international growth of the Luxembourg insurance market.

General Liability and Property insurance classes, representing 80% of direct collected premiums as of 31 December 2022, recorded an increase of 18% compared to 2021.

International Non-life Business Premiums €M

Reinsurance Business

€12 bn

(Source CAA - Juillet 2022)

The Luxembourg reinsurance market is characterised by a strong concentration of activity amongst only a few players, with almost half of the underwritten premiums coming from the accepted proportional reinsurance (and a preponderance for Fire and Motor vehicle liability insurance). 

Accepted proportinal Reinsurance 2022

Accepted Non-proportional Reinsurance 2022

Life Reinsurance 2022

Local Business Life and Non Life Insurance

Local Life Business

€1,6 bn20%

(ACA members only))

There was a downturn in the local life insurance sector during the year 2022 (-20% compared to the year 2021). This decrease being more marked for unit linked products (-28%) than for products with guaranteed returns (-14%).  

We observed an increase in share of periodic premiums and group contracts, +12% and +9% compared to 2021, representing respectively 45% and 33% of the 2022 premiums. 

Premium type

Client type

Investment type

Local Non-Life Business

€1,2 bn7%

(ACA members only)

Local non-life growth remained solid, with a global performance of +7% and €1.2bn in direct insurance premiums as of 31 December 2022. The two main insurance classes, “Motor” and “Property”, recorded increases of 4% and 13%, respectively. This evolution could be directly linked to the macro-economic environment and especially inflation.

Non-Life Business Premium €M

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