Luxembourg: Financial Sector Assessment Program—Technical Note on Insurance Regulation and Supervision

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2024 Issue 184

Publication date: June 2024

ISBN: 9798400278846

$20.00

Add to Cart by clicking price of the language and format you'd like to purchase

Available Languages and Formats


English

Prices in red indicate formats that are not yet available but are forthcoming.

Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Insurance , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Solvency , Insurance companies

Also of interest

Grenada

Nepal

Peru

Republic of Congo : 2001 Article IV

Summary

The insurance sector in Luxembourg is very large and serves as a European hub, specifically in the non-life (re)insurance sector and in unit-linked life insurance. Sector assets equaled EUR 289bn in June 2023, corresponding to 372 percent of GDP, significantly higher than in other European peers, Luxembourg insurance business is conducted mainly cross-border, both in the life and the non-life sector. The sector’s international role has been strengthened further after the Brexit vote when several U.K. insurers resettled to Luxembourg to continue cross-border business in the EEA through the passporting system. Business underwritten for domestic risks represents only 6 percent of the sector’s total technical provisions. Both the life and the non-life sector have undergone some consolidation recently, and most Luxembourgish insurers are subsidiaries of foreign groups.