"Insurance in Luxembourg began with the arrival and installation of the first foreign insurance companies after the introduction of the law of 20 March 1853 on insurance companies. The activity was principally focused on life and fire insurance. As from 1920, the first Luxembourg insurance companies were incorporated.
The activity of the insurance companies reflected the country's economic growth at this time. Thus, in addition to fire and life branches insurance coverage included the risks of civil liability, accident, transport, hail, glass breakage and theft. Since the 1990s, the insurance sector in the Grand-Duchy of Luxembourg has developed a major international activity oriented towards the cross-border distribution of Luxembourg insurance products.
The implementation of national legislations, particularly in respect of the reinsurance sector in 1984 and the easing of the freedom to provide services through the transposition of European Directives further contributed to the evolution of the Luxembourg insurance sector. The Grand-Duchy of Luxembourg is recognized as a leading insurance place in an international context."
Looking for more information about the Luxembourg Insurance market?
Discover Michel Bulach's full publication by downloading the Luxembourg part of International Insurance Law & Regulation, 2012-2 ed.
(Copyright 2012 Thomson Reuters)