Insurance Key Figures

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2021 At a glance

€42 bn24%

As of 31 December, 2021, the insurance sector recorded
a record premium income of €42 bn in both life insurance
(+30% to €27.5 bn) and non-life insurance (+14% to €14.9
bn), even exceeding the excellent figures for 2019 in
some sectors. The amount of assets under management,
meanwhile, was up 9% to € 232 bn.

Direct Insurance Premiums 2021


Life insurance €bn

Life insurance €bn Non-Life insurance €bn

€232 bn9%

Assets under administration €bn


Luxembourg split by sector in €bn

Split by branches :

International Business: Life Insurance

€25,6 bn34,4%

International life Insurance 2021 premiums
(ACA members only)

Total premiums collected by ACA members internationally reached a record high of €25.6 bn, an increase of +34% compared to 2020 and +10% compared to 2019. The share of products with guaranteed returns is decreasing, representing 20% of invested assets in 2021, compared to 23% in 2020 and 28% in 2019. On the other hand, unit-linked contracts have seen their collection increase and now represent 78% of invested assets as of December 31, 2021.

In 2021, the 5 main markets of international life insurers represented 81% of the insurance products distributed in LPS. Over the last 5 years, the French market has remained the dominant market representing 45% of the global market in 2021. The main developments over the last 5 years are :

  • The recovery of the Italian market, +28% compared to 2020, however this progression does not make up for the poor performance of 2019.
  • The constant progression of the Belgian market, +32% in 2020 and +55% in 2019, for a total of €1.9 bn in 2021.
  • The strong growth of the Swedish market which has more than tripled between 2019 and 2021 reaching € 1 bn in 2021.

Premium Type

Client Type

Investment Type

International Life Business Premiums €bn

International Non-life Business

€11 bn17%

Premiums
(ACA members only)

International non-life insurance grew by 16,9% in the year 2021, following +5,5% in 2020. This increase is no longer the consequence of the arrival of new of new players following the United Kingdom’s decision to leave the European Union, however those companies continue to contribute to the growth of the international non-life sector. The General Liability and Property branches, representing 81% of direct collected premiums as of 31.12.2021, recorded an increase of 25% compared to the 2020 financial year.

International Non-life Business Premiums €m

Reinsurance Business

€12 bn

Premiums
(Source CAA - Juillet 2021)

The Luxembourg reinsurance market is characterised by a strong concentration of activity on 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 2021

Accepted Non-proportional Reinsurance 2021

Life Reinsurance 2021

Local Business Life and Non Life Insurance

Local Life Business

€1,9 bn28%

Premiums
(ACA members only))

In 2021, life insurance products with a guaranteed rate of return recorded a 14% decrease compared to 2019, and only represented 46% of life insurance underwritten in Luxembourg. More and more players have decided not to promote this type of product in view of the extremely low interest rates in 2021. Conversely, unit-linked products have increased by 45% in 2021 compared to 2019.

Premium type

Client type

Investment type


Local Non-Life Business

€1,1 bn9%

Premiums
(ACA members only)

Local non-life growth remained solid, with global performance of +3% and €1.1bn in direct insurance premiums as of 3112.2021. The two main branches, “Motor” and “Property” products, recorded increases of 2% and 1%, respectively. This trend could be directly linked with the increase in the number of Luxembourgish residents.

2021 flooding insurance coverage :
Total cost of claims :
€ > 135 ms
9 142 Claims
> 136 000 households covered

Non-Life Business Premium €m


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