Lux. insurance market grows in the second half of 2017
Across all insurance sectors combined, the insurance market in Luxembourg grew by 26.94% in the second trimester compared to the same period last year.
A report published on 14 August found that over the first six months of 2017, total inflows grew by 16.28%, with premiums up by 17.81% in life insurance and by 6.98% in non-life insurance sectors.
Concerning the branch of life insurance, the half-yearly growth of 17.81% is due to unit-linked products whose premiums increased by 41.70%, while the inflow of guaranteed-return products fell by 21.97%.
Total life insurance company technical reserves amounted to €166.24 billion in June 2017, which represents an increase of 10.45% compared to the end of June 2016. The increase of 2.74 billion in the second quarter of 2017 is due to positive net inflows of only about 0.25 billion, with new premiums only slightly exceeding redemptions. The redemption rate returned to a level of 8.34% of actuarial liabilities after a peak in the first quarter.
Non-life insurance rose by 6.98% in the first six months. Insurers working mainly, if not exclusively on the Luxembourg market, recorded an increase in their inflow of 3.43%.
Firms operating abroad in the non-life insurance sectors excluding marine insurance saw their receipts increase by 11.83%.