Insurance premiums in Luxembourg decline by 21.31%

Written by Adam Cadle

11/05/2020

Insurance premiums in Luxembourg declined by 21.31%, from €11.861bn to €9.333bn when comparing Q1 2020 to Q1 2019, according to latest statistics published by Luxembourg’s supervisory authority, the CAA.

Inflows in the life sector fell by 37.26% in the same period from around €8.065bn to €5.060bn. The non-life insurance sector recorded an increase in its inflows of 12.55% in the first quarter of 2020, from around €3.796bn to €4.273bn.

Premiums for unit-linked life products remained stable and only decreased by 0.67%.

Total technical provisions for life insurers stood at €191.75bn at the end of March 2020, up 1.43% compared to the end of March 2019, but down 6.90% compared to at the end of December 2019. This significant decrease of around €14.2bn over a quarter is attributable to the drop in stock markets at the end of Q1 2020 as a result of the coronavirus health crisis.

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