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Life Insurance in Luxembourg to 2017:Industry Forecast Report

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Life Insurance in Luxembourg to 2017:Industry Forecast Report

  1. 1. Life Insurance in Luxembourg, Key Trends and Opportunities to 2017 Synopsis The report provides in-depth market analysis, information and insights into the Luxembourg life insurance segment, including: The Luxembourg life insurance segment’s growth prospects by life insurance categories Key trends and drivers for the life insurance segment The various distribution channels in the Luxembourg life insurance segment The detailed competitive landscape in the life insurance segment in Luxembourg Detailed regulatory policies of the Luxembourg insurance industry A description of the life reinsurance segment in Luxembourg Porter's Five Forces analysis of the life insurance segment Executive summary Luxembourg is a leading financial center and hub for private banking, insurance and investment funds in the EU. The country’s economy is highly developed, with the highest GDP per capita in the world. The availability of multilingual and multicultural experts, flexible and deferrable tax regimes, and a standardized regulatory regime has made it one of the leading centers of insurance and reinsurance business in Europe. It is also an attractive destination for cross-border life insurance business, where it acts as a center for global insurers to launch new policies under the EU’s freedom of services provision. The life insurance segment is highly competitive and concentrated, with the 10 leading companies accounting for 79.1% of the gross written premiums in 2012. Overall, 48 life insurers, of which 43 are domestic, one is foreign, and four are pension companies, operated in the country in 2012. Commissariat aux Assurances (CA) is the insurance regulator. Scope This report provides a comprehensive analysis of the life insurance segment in Luxembourg: It provides historical values for the Luxembourg life insurance segment for the report’s 2008–2012 review period and projected figures for the 2012–2017 forecast period. It offers a detailed analysis of the key categories in the Luxembourg life insurance segment, along with market forecasts until 2017. It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions. It analyses the various distribution channels for life insurance products in Luxembourg. Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Luxembourg for the life insurance business. It provides a detailed analysis of the reinsurance segment in Luxembourg and its growth prospects. It profiles the top 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 life insurance segment and each category within it. Understand the demand-side dynamics, key market trends and growth opportunities within the Luxembourg life insurance segment. Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment. Identify the growth opportunities and market dynamics within key product categories. Gain insights into key regulations governing the Luxembourg insurance industry and its impact on companies and the market's future. Key highlights Life insurance was the largest segment in the insurance industry in 2012, accounting for 89.0% of the industry’s total written premiums in 2012 Individual life insurance dominated the segment in 2012, accounting for 78.7% of the segment’s gross written premiums Reforms in the pension system, which came into force from January 2013, increased the contribution rate from 24.0% of wages to 30.0% Bancassurance’s popularity is primarily due to the presence of large financial institutions in the country, and insurers entering into agreements with leading banks to market their products The segment is highly concentrated, with the 10 leading insurers collectively representing a 79.1% share of written premiums in 2012 table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Luxembourg Insurance Industry Attractiveness 3.1 Insurance Industry Size, 2008–2017 3.2 Key Industry Trends And Drivers 4 Life Insurance Outlook 4.1 Life Insurance Growth Prospects By Category 4.1.1 Individual Life Insurance 4.1.2 Individual Pension 4.1.3 Individual Unit-linked Insurance 4.1.4 Individual Others 4.2 Life Insurance Growth Prospects By Product Type 4.2.1 Individual Single-premium Policies 4.2.2 Individual Non-single-premium Policies Life Insurance in Luxembourg, Key Trends and Opportunities to 2017
  2. 2. 5 Analysis By Distribution Channel 5.1 Direct Marketing 5.2 Bancassurance 5.3 Agencies 5.4 E-commerce 5.5 Brokers 5.6 Other Channels 6 Porter’s Five Forces Analysis – Luxembourg Life Insurance 6.1 Bargaining Power Of Supplier: Medium 6.2 Bargaining Power Of Buyer: Low-to-medium 6.3 Barriers To Entry: Medium 6.4 Intensity Of Rivalry: High 6.5 Threat Of Substitutes: Medium 7 Reinsurance Growth Dynamics And Challenges 7.1 Reinsurance Segment Size, 2008–2017 7.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017 8 Governance, Risk And Compliance 8.1 Legislation Overview And Historical Evolution 8.2 Legislation And Market Practice By Type Of Insurance 8.2.1 Life Insurance 8.2.2 Property Insurance 8.2.3 Motor Insurance 8.2.4 Marine, Aviation And Transit Insurance 8.2.5 Personal Accident And Health Insurance 8.3 Compulsory Insurance 8.3.1 Motor Third-party Liability Insurance (mtpl) 8.3.2 Social Insurance System 8.3.3 Air Carriers And Aircraft Operators Liability Insurance 8.3.4 Marine Insurance 8.4 Supervision And Control 8.4.1 International Association Of Insurance Supervisors (iais) 8.4.2 European Insurance And Occupational Pensions Authority (eiopa) 8.4.3 Insurance Commission (commissariat Aux Assurance) 8.5 Non-admitted Insurance Regulations 8.5.1 Overview 8.5.2 Intermediaries 8.5.3 Market Practices 8.5.4 Fines And Penalties 8.6 Company Registration And Operations 8.6.1 Types Of Insurance Organization 8.6.2 Establishing A Local Company 8.6.3 Foreign Ownership 8.6.4 Types Of License 8.6.5 Capital Requirements 8.6.6 Solvency Margins 8.6.7 Reserve Requirements 8.6.8 Investment Regulations 8.6.9 Statutory Return Requirements 8.6.10 Fee Structure 8.7 Taxation 8.7.1 Insurance Premium Or Policy Taxation 8.7.2 Withholding Taxes On Premium Paid Overseas 8.7.3 Corporate Tax 8.7.4 Vat 8.7.5 Captives 8.8 Legal System 8.8.1 Introduction 8.8.2 Access To Court 8.8.3 Alternative Dispute Resolution (adr) 9 Competitive Landscape And Strategic Insights Life Insurance in Luxembourg, Key Trends and Opportunities to 2017
  3. 3. 9.1 Overview 9.2 Leading Companies In The Luxembourg Life Insurance Segment 9.3 Comparison Of Top-five Insurers 9.3.1 Gross Written Premium 9.4 Lombard International Assurance – Company Overview 9.4.1 Lombard International Assurance – Key Facts 9.4.2 Lombard International Assurance – Key Financials 9.5 Cardif Lux Vie – Company Overview 9.5.1 Cardif Lux Vie – Key Facts 9.5.2 Cardif Lux Vie – Key Financials 9.6 Swiss Life (luxembourg) – Company Overview 9.6.1 Swiss Life (luxembourg) – Key Facts 9.6.2 Swiss Life (luxembourg) – Key Financials 9.7 La Mondiale Europartner – Company Overview 9.7.1 La Mondiale Europartner – Key Facts 9.7.2 La Mondiale Europartner – Key Financials 9.8 Cali Europe – Company Overview 9.8.1 Cali Europe – Key Facts 9.8.2 Cali Europe – Key Financials 9.9 Sogelife – Company Overview 9.9.1 Sogelife – Key Facts 9.9.2 Sogelife – Key Financials 9.10 Allianz Life Luxembourg – Company Overview 9.10.1 Allianz Life Luxembourg – Key Facts 9.10.1 Allianz Life Luxembourg – Key Financials 9.11 Foyer International – Company Overview 9.11.1 Foyer International – Key Facts 9.11.2 Foyer International – Key Financials 9.12 Baloise Vie Luxembourg – Company Overview 9.12.1 Baloise Vie Luxembourg – Key Facts 9.12.2 Baloise Vie Luxembourg – Key Financials 9.13 R+v Luxembourg – Company Overview 9.13.1 R+v Luxembourg – Key Facts 9.13.2 R+v Luxembourg – Key Financials 10 Business Environment And Country Risk 10.1 Business Confidence 10.1.1 Market Capitalization Trend – Luxembourg Stock Exchange (lse) 10.2 Economic Performance 10.2.1 Gdp At Constant Prices (us$) 10.2.2 Gdp Per Capita At Constant Prices (us$) 10.2.3 Gdp At Current Prices (us$) 10.2.4 Gdp Per Capita At Current Prices (us$) 10.2.5 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$) 10.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices, As A Percentage Of Gdp 10.2.7 Manufacturing Net Output At Current Prices (us$) 10.2.8 Manufacturing Net Output At Current Prices, As A Percentage Of Gdp 10.2.9 Mining, Manufacturing And Utilities At Current Prices (us$) 10.2.10 Mining, Manufacturing And Utilities At Current Prices, As A Percentage Of Gdp 10.2.11 Construction Net Output At Current Prices (us$) 10.2.12 Construction Net Output At Current Prices, As A Percentage Of Gdp 10.2.13 Inflation Rate 10.2.14 Merchandise Exports As A Percentage Of Gdp 10.2.15 Merchandise Imports As A Percentage Of Gdp 10.2.16 Annual Average Exchange Rate Eur–us$ 10.3 Infrastructure 10.3.1 Commercial Vehicle Exports – Total Value 10.3.2 Commercial Vehicle Imports – Total Value 10.3.3 Automotive Exports – Total Value 10.3.4 Automotive Imports – Total Value 10.3.5 Total Internet Subscribers 10.4 Labor Force 10.4.1 Labor Force 10.4.2 Unemployment Rate 10.5 Demographics 10.5.1 Household Consumption Expenditure (us$) 10.5.2 Total Population Life Insurance in Luxembourg, Key Trends and Opportunities to 2017
  4. 4. 10.5.3 Urban And Rural Population 10.5.4 Age Distribution Of The Total Population 11 Appendix 11.1 Methodology 11.2 Contact Timetric 11.3 About Timetric 11.4 Timetric’s Services 11.5 Disclaimer ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Life Insurance in Luxembourg, Key Trends and Opportunities to 2017

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