2024 At a glance€46,4 bn
22,76%
As of December 31, 2024, the insurance sector recorded a total premium income of €46.4 billion, reflecting a 41% increase in life insurance to €26.8 billion and a 4.3% rise in non-life insurance to €19.6 billion. Assets under management grew by 9% to reach €242 billion.
€242,0 bn8,95%
Luxembourg Insurance Premiums
Europe Insurance 2024 Premiums
International Business: Life Insurance€26,6 bn42,24%
International life Insurance 2024 premiums
(ACA Members only)
ACA member companies recorded a significant increase in international premium collections, reaching €26.6 billion in 2024, a 42.3% rise compared to 2023. This strong growth was primarily driven by guaranteed-yield products, with a smaller contribution from unit-linked products.
In 2024, the five main markets for international life insurance accounted for 82.7% of insurance products distributed under the freedom to provide services (FOS).
Key market developments over the past five years:
International Non-life Business€15,89 bn2%
Premiums
(ACA Members only)
In 2024, the non-life insurance sector recorded a 2% increase in premium revenue, reaching €15.89 billion. This growth highlights the sector’s resilience following the 18.9% surge in 2022 and 15.8% in 2023.
The Property and General Liability segments continued to dominate the market, accounting for 79% of total direct premiums. While Property insurance maintained its upward trend with a 5% growth (€7.17 billion), General Liability experienced a slight 4% decline (€5.38 billion).
Reinsurance Business€14bn
Premiums
(Source CAA - July 2024)
The Luxembourg reinsurance market remains highly concentrated, with a few key players shaping its structure and dynamics.
Proportional reinsurance is primarily driven by motor vehicle liability and property insurance, reflecting the market’s focus on high-exposure, widely distributed risks. Non-proportional reinsurance, on the other hand, is heavily reliant on property reinsurance, highlighting the growing importance of protection against catastrophic losses.
In the life and health reinsurance segment, life reinsurance continues to hold a dominant share over health reinsurance, reinforcing Luxembourg’s positioning as a hub for long-term risk management solutions.
This distribution underscores the market’s strategic priorities and risk appetite, balancing stability in core sectors with the need for resilience against large-scale events.
Local Business Life and Non-Life Insurance€1,7 bn26,18%
Premiums
(ACA members only))
In 2024, the total local life insurance market grew by 26.2%, with unit-linked products experiencing a more significant increase of 48.1%, compared to a more moderate 14.4% rise in guaranteed return products. A closer analysis shows that guaranteed return products accounted for 51.8% of the market, while unit-linked and other products made up 48.2%.
€1,3 bn5,00%
Premiums
(ACA members only)
In 2024, the local non-life insurance sector continued its steady expansion, recording a 5% growth and reaching €1.3 billion in direct insurance premiums by year-end. The market was primarily driven by motor and property insurance, which saw increases of 3.5% and 5.8%, respectively. This sustained growth highlights the sector’s resilience and adaptability in an evolving risk landscape, with insurers adjusting their offerings to meet changing consumer needs and regulatory developments.
Key Figures à télécharger
