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Published: Apr, 2016 | Pages:
119 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'Non-Life Insurance in Luxembourg, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Luxembourg non-life insurance segment, and a comparison of the Luxembourg insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of Luxembourg economy and demographics, explains the various types of natural hazard and their impact on the Luxembourg insurance industry, and provides detailed information on the competitive landscape in the country. The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric's 'Non-Life Insurance in Luxembourg, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Luxembourg non-life insurance segment, including: The Luxembourg non-life insurance segment's outlook by product category A comprehensive overview of Luxembourg's economy and demographics A comparison of the Luxembourg insurance industry with its regional counterparts A detailed analysis of natural hazards and their impact on the Luxembourg insurance industry Details of the competitive landscape in the non-life insurance segment in Luxembourg Details of regulatory policies applicable to Luxembourg insurance industry
Scope
This report provides a comprehensive analysis of the non-life insurance segment in Luxembourg: It provides historical values for the Luxembourg non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period. It offers a detailed analysis of the key categories in the Luxembourg non-life insurance segment, and market forecasts to 2019. It analyzes the various distribution channels for non-life insurance products in Luxembourg. It profiles the top non-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 non-life insurance segment, and each category within it. Understand the demand-side dynamics, key market trends and growth opportunities in the Luxembourg non-life insurance segment. Assess the competitive dynamics in the non-life insurance segment. Identify growth opportunities and market dynamics in key product categories. Gain insights into key regulations governing the Luxembourg insurance industry, and their impact on companies and the industry's future.
Key Highlights
Property insurance is expected to remain the largest category over the forecast period. Traffic accidents are a leading cause of death in the country, primarily as a result of unsafe driving practices, poor road conditions, and ineffective traffic rules. The motor hull sub-category accounted for 60.1% of the category's gross written premium in 2014, while motor third-party liability accounted for the remaining 39.9%. Strong air traffic business has encouraged aviation insurance in Luxembourg, supporting growth in aviation insurers. In 2014, professional indemnity insurance for alternative investment fund managers was made compulsory in all EU countries.
Table of Contents
1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Segment Outlook 4.1 Regional Comparison 4.2 Segment Indicators 4.2.1 Gross written premium and penetration 4.2.2 Claims 4.2.3 Profitability 4.2.4 Assets and investments 5 Outlook by Category 5.1 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Claims 5.1.4 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Claims 5.2.4 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Claims 5.3.4 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Claims 5.4.4 Profitability 6 Distribution Channel Outlook 6.1 Analysis by Distribution Channel 6.1.1 Insurance brokers 6.1.2 Agencies 6.1.3 Direct marketing 6.1.4 Bancassurance 6.1.5 Other channels 7 Natural Hazards 7.1 Storms 7.2 Extreme Temperatures 7.3 Floods 7.4 Exposure 8 Competitive Landscape 8.1 Overview 8.2 Leading Companies in the Luxembourg Non-Life Insurance Segment 8.2.1 Swiss Re International - company overview 8.2.2 Foyer Assurances - company overview 8.2.3 La Luxembourgeoise - company overview 8.2.4 The Ship-Owners Mutual Protection and Indemnity Association - company overview 8.2.5 The West of England Ship Owners Mutual Insurance Association - company overview 9 Governance, Risk and Compliance 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulations 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Motor third-party liability insurance (MTPL) 9.4.2 Social insurance system 9.4.3 Air carriers and aircraft operators liability insurance 9.4.4 Marine insurance 9.4.5 Professional indemnity insurance for alternative investment fund managers 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors (IAIS) 9.5.2 European Insurance and Occupational Pensions Authority (EIOPA) 9.5.3 Insurance Commission (Commissariat aux Assurance) 9.5.4 Federation of European Risk Management Associations (FERMA) 9.5.5 Association of Insurance Companies and Reinsurance (ACA) 9.6 Non-Admitted Insurance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Registration and Operations 9.7.1 Types of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margins 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxation 9.8.2 Withholding taxes on premium paid overseas 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution (ADR) 10 Databook 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Direct Marketing and E-Commerce 10.5 Insurance Brokers and Agencies 10.6 Bancassurance and Other Distribution Channels 10.7 Property Insurance 10.8 Property Insurance by Product 10.9 Motor Insurance 10.1 Motor Insurance by Product 10.11 Liability Insurance 10.12 Marine, Aviation and Transit Insurance 11 Definitions and Methodology 11.1 Definitions 11.2 Methodology 12 About Timetric 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables
Table 1: Luxembourg Non-Life Insurance - Key Facts, 2014 Table 2: Luxembourg Non-Life Insurance - Segment Shares of the Top Insurers, 2014 Table 3: Luxembourg Government Credit Ratings Table 4: Luxembourg Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2010-2014 Table 5: Luxembourg Non-Life Insurance - Penetration (%), 2010-2014 Table 6: Luxembourg Non-Life Insurance - Gross Written Premium (EUR Billion and US$ Billion), 2014-2019 Table 7: Luxembourg Non-Life Insurance - Penetration (%), 2014-2019 Table 8: Luxembourg Non-Life Insurance - Premium per Capita (EUR and US$), 2010-2014 Table 9: Luxembourg Non-Life Insurance - Premium per Capita (EUR and US$), 2014-2019 Table 10: Luxembourg Non-Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2010-2014 Table 11: Luxembourg Non-Life Insurance - Paid Claims (EUR Billion and US$ Billion), 2014-2019 Table 12: Luxembourg Non-Life Insurance - Profitability Ratio (%), 2010-2014 Table 13: Luxembourg Non-Life Insurance - Profitability Ratio (%), 2014-2019 Table 14: Luxembourg Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2010-2014 Table 15: Luxembourg Non-Life Insurance - Total Assets (EUR Billion and US$ Billion), 2014-2019 Table 16: Luxembourg Non-Life Insurance - Investment Portfolio (EUR Billion), 2010-2014 Table 17: Luxembourg Non-Life Insurance - Investment Portfolio (EUR Billion), 2014-2019 Table 18: Luxembourg Non-Life Insurance - Gross Written Premium by Category (EUR Billion), 2010-2014 Table 19: Luxembourg Non-Life Insurance - Gross Written Premium by Category (EUR Billion), 2014-2019 Table 20: Luxembourg Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014 Table 21: Luxembourg Property Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019 Table 22: Luxembourg Property Insurance - Paid Claims (EUR Billion and US$ Billion), 2010-2014 Table 23: Luxembourg Property Insurance - Paid Claims (EUR Billion and US$ Billion), 2014-2019 Table 24: Luxembourg Property Insurance - Loss Ratio (%), 2010-2014 Table 25: Luxembourg Property Insurance - Loss Ratio (%), 2014-2019 Table 26: Luxembourg Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2010-2014 Table 27: Luxembourg Motor Insurance - Gross Written Premium by Sub-Category (EUR Million), 2014-2019 Table 28: Luxembourg Motor Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014 Table 29: Luxembourg Motor Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019 Table 30: Luxembourg Motor Insurance - Loss Ratio (%), 2010-2014 Table 31: Luxembourg Motor Insurance - Loss Ratio (%), 2014-2019 Table 32: Luxembourg Liability Insurance - Gross Written Premium (EUR Million), 2010-2014 Table 33: Luxembourg Liability Insurance - Gross Written Premium (EUR Million), 2014-2019 Table 34: Luxembourg Liability Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014 Table 35: Luxembourg Liability Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019 Table 36: Luxembourg Liability Insurance - Loss Ratio (%), 2010-2014 Table 37: Luxembourg Liability Insurance - Loss Ratio (%), 2014-2019 Table 38: Luxembourg Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Billion), 2010-2014 Table 39: Luxembourg Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Billion), 2014-2019 Table 40: Luxembourg Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2010-2014 Table 41: Luxembourg Marine, Aviation and Transit Insurance - Paid Claims (EUR Million and US$ Million), 2014-2019 Table 42: Luxembourg Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014 Table 43: Luxembourg Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019 Table 44: Luxembourg Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Billion), 2010-2014 Table 45: Luxembourg Non-Life Insurance - Direct Written Premium by Distribution Channel (EUR Billion), 2014-2019 Table 46: Luxembourg Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010-2019 Table 47: Luxembourg Average Annual Loss by Hazard Table 48: Luxembourg Non-Life Insurance - Segment Shares (%), 2014 Table 49: Swiss Re International - Key Facts Table 50: Swiss Re International - Key Financials (EUR Million), 2010-2014 Table 51: Foyer Assurances - Key Facts Table 52: Foyer Assurances - Key Financials (EUR Million), 2010-2014 Table 53: La Luxembourgeoise - Key Facts Table 54: La Luxembourgeoise - Key Financials (EUR Million), 2010-2014 Table 55: The Ship-Owners Mutual Protection and Indemnity Association - Key Facts Table 56: The Ship-Owners Mutual Protection and Indemnity Association - Key Financials (EUR Million), 2010-2014 Table 57: The West of England Ship Owners Mutual Insurance Association - Key Facts Table 58: The West of England Ship Owners Mutual Insurance Association - Key Financials (EUR Million), 2010-2014 Table 59: Luxembourg - Insurance Regulatory Framework Key Features Table 60: Luxembourg - Life Insurance Regulatory Framework Table 61: Luxembourg - Property Insurance Regulatory Framework Table 62: Luxembourg - Motor Insurance Regulatory Framework Table 63: Luxembourg - Liability Insurance Regulatory Framework Table 64: Luxembourg - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Table 65: Luxembourg - Insurance Premium Taxation Table 66: Luxembourg - Corporate Tax Rate for the Financial Year 2015 Table 67: Luxembourg Insurance Industry - Policies and Premium, 2010-2014 Table 68: Luxembourg Insurance Industry - Policies and Premium, 2014-2019 Table 69: Luxembourg Non-Life Insurance - Claims and Expenses, 2010-2014 Table 70: Luxembourg Non-Life Insurance - Claims and Expenses, 2014-2019 Table 71: Luxembourg Non-Life Insurance - Assets and Investments, 2010-2014 Table 72: Luxembourg Non-Life Insurance - Assets and Investments, 2014-2019 Table 73: Luxembourg Non-Life Insurance - Direct Marketing, 2010-2014 Table 74: Luxembourg Non-Life Insurance - Direct Marketing, 2014-2019 Table 75: Luxembourg Non-Life Insurance - Insurance Brokers and Agencies, 2010-2014 Table 76: Luxembourg Non-Life Insurance - Insurance Brokers and Agencies, 2014-2019 Table 77: Luxembourg Non-Life Insurance - Bancassurance and Other Distribution Channels, 2010-2014 Table 78: Luxembourg Non-Life Insurance - Bancassurance and Other Distribution Channels, 2014-2019 Table 79: Luxembourg Non-Life Insurance - Property Insurance, 2010-2014 Table 80: Luxembourg Non-Life Insurance - Property Insurance, 2014-2019 Table 81: Luxembourg Non-Life Insurance - Property Insurance by Product, 2010-2014 Table 82: Luxembourg Non-Life Insurance - Property Insurance by Product, 2014-2019 Table 83: Luxembourg Non-Life Insurance - Motor Insurance, 2010-2014 Table 84: Luxembourg Non-Life Insurance - Motor Insurance, 2014-2019 Table 85: Luxembourg Non-Life Insurance - Motor Insurance by Product, 2010-2014 Table 86: Luxembourg Non-Life Insurance - Motor Insurance by Product, 2014-2019 Table 87: Luxembourg Non-Life Insurance - Liability Insurance, 2010-2014 Table 88: Luxembourg Non-Life Insurance - Liability Insurance, 2014-2019 Table 89: Luxembourg Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014 Table 90: Luxembourg Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019 Table 91: Insurance Industry Definitions
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