Evolution of the Luxembourg insurance market following Brexit

The effect of Brexit on Luxembourg can be felt. In 2017, the turnover of the insurance market reached a record amount of 37.65 billion EUR (45.11 million USD). The non-life class of business increased by 4.14% while life insurance grew by 8.62%. This performance is accounted for by the influx of insurers fleeing London.

The Commissariat aux Assurances luxembourgeois (Luxembourg Insurance Commission) is expecting an exponential growth in premiums, especially for the non-life sector which is expected to triple to almost 10 billion EUR (11.98 billion USD) by the end of 2019.

In 2018, six insurers have been licensed to operate in the local market, while five others are still awaiting approval of the authorities.