Hadrien Bertrand
Economic Advisor
2022 At a glance€40,2 bn
5,1%
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.
€217,4 bn6,5%
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:
International Non-life Business€13,5 bn
18,9%
Premiums
(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.
Reinsurance Business€12 bn
Premiums
(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).
Local Business Life and Non Life Insurance€1,6 bn20%
Premiums
(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.
€1,2 bn7%
Premiums
(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.
E-mail: hadrien.bertrand@aca.lu
Phone : +352 44 21 44 22
Hadrien holds a Master 2 in Finance and started as a Financial Auditor in Luxembourg in 2010. He joined the insurance sector in 2013 and worked in particular in the Finance and Compliance departments of life and non-life insurance companies. Hadrien joined the ACA in 2019 and is in charge of the Finance, Private Equity, SFDR, IFRS 17, Custodian Bank Reporting, Statistics, and Solvency 2 working groups.
