Life Insurance in Luxembourg to 2017:Industry Forecast Report

Life Insurance in Luxembourg, Key Trends and Opportunities to 2017

Synopsis
The report provides in-depth market analysis, information and insights into the Luxembourg life insurance segment, including:
The Luxembourg life insurance segment’s growth prospects by life insurance categories Key trends and drivers for the life insurance segment The
various distribution channels in the Luxembourg life insurance segment The detailed competitive landscape in the life insurance segment in Luxembourg Detailed
regulatory policies of the Luxembourg insurance industry A description of the life reinsurance segment in Luxembourg Porter's Five Forces analysis of the life
insurance segment
Executive summary
Luxembourg is a leading financial center and hub for private banking, insurance and investment funds in the EU. The country’s economy is highly
developed, with the highest GDP per capita in the world. The availability of multilingual and multicultural experts, flexible and deferrable tax regimes, and a
standardized regulatory regime has made it one of the leading centers of insurance and reinsurance business in Europe. It is also an attractive destination for
cross-border life insurance business, where it acts as a center for global insurers to launch new policies under the EU’s freedom of services provision. The
life insurance segment is highly competitive and concentrated, with the 10 leading companies accounting for 79.1% of the gross written premiums in 2012.
Overall, 48 life insurers, of which 43 are domestic, one is foreign, and four are pension companies, operated in the country in 2012. Commissariat aux Assurances
(CA) is the insurance regulator.
Scope
This report provides a comprehensive analysis of the life insurance segment in Luxembourg:
It provides historical values for the Luxembourg life insurance segment for the report’s 2008–2012 review period and projected figures for the
2012–2017 forecast period. It offers a detailed analysis of the key categories in the Luxembourg life insurance segment, along with market forecasts until
2017. It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and
crimes, total assets, total investment income and retentions. It analyses the various distribution channels for life insurance products in Luxembourg. Using
Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Luxembourg for the life insurance business. It
provides a detailed analysis of the reinsurance segment in Luxembourg and its growth prospects. It profiles the top life insurance companies in Luxembourg and
outlines the key regulations affecting them.
Reasons to buy
Make strategic business decisions using in-depth historic and forecast market data related to the Luxembourg life insurance segment and each category within
it. Understand the demand-side dynamics, key market trends and growth opportunities within the Luxembourg life insurance segment. Assess the competitive
dynamics in the life insurance segment, along with the reinsurance segment. Identify the growth opportunities and market dynamics within key product
categories. Gain insights into key regulations governing the Luxembourg insurance industry and its impact on companies and the market's future.
Key highlights
Life insurance was the largest segment in the insurance industry in 2012, accounting for 89.0% of the industry’s total written premiums in 2012
Individual life insurance dominated the segment in 2012, accounting for 78.7% of the segment’s gross written premiums Reforms in the pension system,
which came into force from January 2013, increased the contribution rate from 24.0% of wages to 30.0% Bancassurance’s popularity is primarily due to
the presence of large financial institutions in the country, and insurers entering into agreements with leading banks to market their products The segment is highly
concentrated, with the 10 leading insurers collectively representing a 79.1% share of written premiums in 2012
table Of Contents

1 Executive Summary

2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology

3 Luxembourg Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008–2017
3.2 Key Industry Trends And Drivers

4 Life Insurance Outlook
4.1 Life Insurance Growth Prospects By Category
4.1.1 Individual Life Insurance
4.1.2 Individual Pension
4.1.3 Individual Unit-linked Insurance
4.1.4 Individual Others
4.2 Life Insurance Growth Prospects By Product Type
4.2.1 Individual Single-premium Policies
4.2.2 Individual Non-single-premium Policies


5 Analysis By Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels

6 Porter’s Five Forces Analysis – Luxembourg Life Insurance
6.1 Bargaining Power Of Supplier: Medium
6.2 Bargaining Power Of Buyer: Low-to-medium
6.3 Barriers To Entry: Medium
6.4 Intensity Of Rivalry: High
6.5 Threat Of Substitutes: Medium

7 Reinsurance Growth Dynamics And Challenges
7.1 Reinsurance Segment Size, 2008–2017
7.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017

8 Governance, Risk And Compliance
8.1 Legislation Overview And Historical Evolution
8.2 Legislation And Market Practice By Type Of Insurance
8.2.1 Life Insurance
8.2.2 Property Insurance
8.2.3 Motor Insurance
8.2.4 Marine, Aviation And Transit Insurance
8.2.5 Personal Accident And Health Insurance
8.3 Compulsory Insurance
8.3.1 Motor Third-party Liability Insurance (mtpl)
8.3.2 Social Insurance System
8.3.3 Air Carriers And Aircraft Operators Liability Insurance
8.3.4 Marine Insurance
8.4 Supervision And Control
8.4.1 International Association Of Insurance Supervisors (iais)
8.4.2 European Insurance And Occupational Pensions Authority (eiopa)
8.4.3 Insurance Commission (commissariat Aux Assurance)
8.5 Non-admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market Practices
8.5.4 Fines And Penalties
8.6 Company Registration And Operations
8.6.1 Types Of Insurance Organization
8.6.2 Establishing A Local Company
8.6.3 Foreign Ownership
8.6.4 Types Of License
8.6.5 Capital Requirements
8.6.6 Solvency Margins
8.6.7 Reserve Requirements
8.6.8 Investment Regulations
8.6.9 Statutory Return Requirements
8.6.10 Fee Structure
8.7 Taxation
8.7.1 Insurance Premium Or Policy Taxation
8.7.2 Withholding Taxes On Premium Paid Overseas
8.7.3 Corporate Tax
8.7.4 Vat
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access To Court
8.8.3 Alternative Dispute Resolution (adr)

9 Competitive Landscape And Strategic Insights

9.1 Overview
9.2 Leading Companies In The Luxembourg Life Insurance Segment
9.3 Comparison Of Top-five Insurers
9.3.1 Gross Written Premium
9.4 Lombard International Assurance – Company Overview
9.4.1 Lombard International Assurance – Key Facts
9.4.2 Lombard International Assurance – Key Financials
9.5 Cardif Lux Vie – Company Overview
9.5.1 Cardif Lux Vie – Key Facts
9.5.2 Cardif Lux Vie – Key Financials
9.6 Swiss Life (luxembourg) – Company Overview
9.6.1 Swiss Life (luxembourg) – Key Facts
9.6.2 Swiss Life (luxembourg) – Key Financials
9.7 La Mondiale Europartner – Company Overview
9.7.1 La Mondiale Europartner – Key Facts
9.7.2 La Mondiale Europartner – Key Financials
9.8 Cali Europe – Company Overview
9.8.1 Cali Europe – Key Facts
9.8.2 Cali Europe – Key Financials
9.9 Sogelife – Company Overview
9.9.1 Sogelife – Key Facts
9.9.2 Sogelife – Key Financials
9.10 Allianz Life Luxembourg – Company Overview
9.10.1 Allianz Life Luxembourg – Key Facts
9.10.1 Allianz Life Luxembourg – Key Financials
9.11 Foyer International – Company Overview
9.11.1 Foyer International – Key Facts
9.11.2 Foyer International – Key Financials
9.12 Baloise Vie Luxembourg – Company Overview
9.12.1 Baloise Vie Luxembourg – Key Facts
9.12.2 Baloise Vie Luxembourg – Key Financials
9.13 R+v Luxembourg – Company Overview
9.13.1 R+v Luxembourg – Key Facts
9.13.2 R+v Luxembourg – Key Financials

10 Business Environment And Country Risk
10.1 Business Confidence
10.1.1 Market Capitalization Trend – Luxembourg Stock Exchange (lse)
10.2 Economic Performance
10.2.1 Gdp At Constant Prices (us$)
10.2.2 Gdp Per Capita At Constant Prices (us$)
10.2.3 Gdp At Current Prices (us$)
10.2.4 Gdp Per Capita At Current Prices (us$)
10.2.5 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$)
10.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices, As A Percentage Of Gdp
10.2.7 Manufacturing Net Output At Current Prices (us$)
10.2.8 Manufacturing Net Output At Current Prices, As A Percentage Of Gdp
10.2.9 Mining, Manufacturing And Utilities At Current Prices (us$)
10.2.10 Mining, Manufacturing And Utilities At Current Prices, As A Percentage Of Gdp
10.2.11 Construction Net Output At Current Prices (us$)
10.2.12 Construction Net Output At Current Prices, As A Percentage Of Gdp
10.2.13 Inflation Rate
10.2.14 Merchandise Exports As A Percentage Of Gdp
10.2.15 Merchandise Imports As A Percentage Of Gdp
10.2.16 Annual Average Exchange Rate Eur–us$
10.3 Infrastructure
10.3.1 Commercial Vehicle Exports – Total Value
10.3.2 Commercial Vehicle Imports – Total Value
10.3.3 Automotive Exports – Total Value
10.3.4 Automotive Imports – Total Value
10.3.5 Total Internet Subscribers
10.4 Labor Force
10.4.1 Labor Force
10.4.2 Unemployment Rate
10.5 Demographics
10.5.1 Household Consumption Expenditure (us$)
10.5.2 Total Population

10.5.3 Urban And Rural Population
10.5.4 Age Distribution Of The Total Population

11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric’s Services
11.5 Disclaimer
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Life Insurance in Luxembourg to 2017:Industry Forecast Report

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Life Insurance in Luxembourg to 2017:Industry Forecast Report