Insurance Key Figures

2023 At a glance

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€222,2 bn2,21%

Assets under administration Life Insurance

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Luxembourg VS Europe

Luxembourg split by sector 2023

International Business: Life Insurance

€18,7 bn19%

International life Insurance 2023 premiums
(ACA Members only)

ACA member companies experienced a downturn in international premium collections, totaling €18.7 billion, a 19% decrease from 2022. The share of products with guaranteed returns is increasing, representing 22,9% of invested assets in 2023, compared to 16% in 2022. Meanwhile, the proportion of unit-linked contracts in the investment mix has reduced, accounting for 70.7% of the invested assets as the year closed.

In 2023, the 5 main markets of international life insurance represent 83% of the insurance products distributed under FOS provisions.

Over the last 5 years, the following main developments were observed:

• France, as the leading market, mirrors this trend with significant growth in 2021 at 34.1%, but subsequent years show a decline in premiums and growth rates. Despite a decrease of 20,4% in 2023, the French market remains the dominant market representing 47% of the total market.
• Following a decrease of -35% in 2022, the Italian market is outperforming the market, with a decline of -5,4%.
• Germany presents an unusual pattern, with a moderate growth of 5.5% in 2021, a spike to 26.4% in 2022, followed by a sharp decline to -37.7% in 2023.
• Belgium showed robust growth in premiums in 2021 at 24.4%, but there was a shift to negative growth in the following years, with -24.1% in 2022 and -13.8% in 2023.
• Portugal, on the other hand, maintained a positive growth trajectory + 22.4% in 2021 and + 20.4% in 2022, but then faced a significant drop to -32.8% in 2023.

International Life Business Premiums

International Non-life Business

€15,6 bn15,77%

Premiums
(ACA Members only)

In 2023, the non-life insurance sector saw a 15.8 % increase in premium revenue, showcasing its persistence after the significant gains of 23% in 2021 and 18.9% in 2022. The General Liability and Property segments account for 80% of the direct premiums collected by year-end. Especially, the "Property" insurance category showed a strong increase, culminating in a 33.6% rise in 2023, primarily due to the integration of a new ACA member in 2023, which is a major player in this segment. The growth over the year for 'Property' undeniably reflects a sustained demand in the market.

International Non-life Business Premiums

Reinsurance Business

€13 bn

Premiums

TOP 10 2023 Reinsurance premiums by country

Local Business Life and Non-Life Insurance

Local Life Business

€1,3 bn14,38%

Premiums
(ACA members only))

In 2023, the total local life insurance market saw a 14.4% decline. The drop was more pronounced for unit-linked products, which decreased by 28.3%, compared to a more modest 2.1% decrease in guaranteed return products. A closer look reveals a 7.1% uptick in the proportion of guaranteed rate products from the previous year, accounting for 57.1% of the year's total premiums.

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Local Non-Life Business

€1,3 bn5,45%

Premiums
(ACA members only)

The growth in the local non-life insurance sector was robust, achieving a 5.5% increase and accumulating €1.3 billion in direct insurance premiums by December 31, 2023. The sector was led by “Motor” and “Property” insurance products, which saw rises of 4.4% and 6.4%, respectively. The trends in these key areas may be attributed to the broader macro-economic climate, with inflation playing a significant role in driving these changes.

Non-Life Business Premium

Key Figures à télécharger

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