In 2016 the national insurance sector had a record year, increasing its net profit after tax to €1,808 billion, a considerable rise of 45.7% compared to the previous financial year. This result far exceeds the previous record set in 2012. This strong performance can be attributed to non-life insurance and reinsurance which are both progressing at very fast rates of +53.78% and +55.91%.
The positive consequences of Brexit
According to the Luxembourg Insurance Commission, the British decision to leave the European Union will lead to the relocation to Luxembourg of part of the operations of the large insurance groups affected by Brexit. At the time the annual report was published, one group was issued with a licence, two others had applied for licences in Luxembourg and three had announced their intention to do so. The Insurance Commission expects activity in the non-life insurance sector to double.
- Article written by the editorial staff of the luxembourg.lu portal -