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

Luxembourg: Financial Sector Assessment Program—Technical Note on Insurance Regulation and Supervision
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Volume/Issue: Volume 2024 Issue 184
Publication date: June 2024
ISBN: 9798400278846
$20.00
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Topics covered in this book

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Finance , Business and Financial , solvency ASSESSMENT , International Monetary Fund Washington , d , c , solvency capital requirement , solvency coverage , G , Macroprudential supervision , Insurance , Insurance companies , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Solvency , Financial Sector Assessment Program , Global

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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.

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