Luxembourg’s insurance market sees premiums fall by 19.54% during Q2

Written by Adam Cadle

05/08/2020

Luxembourg’s insurance market saw premiums fall by 19.54% during Q2 2020 compared to the same period of the previous fiscal year.

Figures published by the Commissariat aux Assurances (CAA) show that over the first six months of 2020, overall inflows recorded a decrease of 20.04% with premiums falling by 33.78% in the life insurance branches, but increasing by 8.81% in non-life insurance.

The total technical provisions of life insurers stood at €199.84bn at the end of June 2020, an increase of 2.89% compared to the end of June 2019 and of 4.23% compared to the end of March 2020.

Non-life insurance grew by 8.81% over the first six months of 2020. “This increase is no longer almost exclusively attributable to the fallout from the approval of companies which have chosen Luxembourg as their place of installation following the decision of the United Kingdom to leave the European Union,” the CAA said.

However, their inflows increased by 9.33%, while other companies operating outside Luxembourg in non-life insurance branches other than marine insurance saw an increase in their inflows of 9.58%.

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