Luxembourg’s Insurance Sector Getting A Leg Up From Brexit
Law360, London (May 7, 2019, 4:44 PM BST) -- Luxembourg’s insurance market has more than trebled since the start of 2018, the country’s regulator said Monday, attributing this in part to the flock of firms setting up shop abroad following the U.K.’s decision to leave Europe.
The Commissariat aux Assurances, which is responsible for the prudential supervision of Luxembourg’s insurers, said that total premiums in the nonlife insurance sector swelled by 218% to €3.8 billion ($4.25 billion) at the end of March 2019, up from €1.2 billion a year earlier.
The authority said that the jump in premiums can be explained by some insurance companies transferring their portfolios out of...
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