Personal Accident and Health Insurance in Luxembourg, Key Trends and Opportunities to 2017

Published: Feb, 2014 | Pages: 208 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth market analysis, information and insights into the Luxembourg personal accident and health insurance segment, including:
The Luxembourg personal accident and health insurance segment's growth prospects by insurance categories
Key trends and drivers for the personal accident and health insurance segment
The various distribution channels in the Luxembourg personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Luxembourg
Detailed regulatory policies of the Luxembourg insurance industry
A description of the personal accident and health reinsurance segment in Luxembourg
Porter's Five Forces analysis of the personal accident and health insurance segment

Summary
Luxembourg has one of the most comprehensive healthcare systems in the world. It offers virtually unrestricted access to its population. Luxembourg is also ranked amongst the leading ten countries in the world, in terms of per capita healthcare expenditure. Government-funded free basic healthcare is provided to every citizen. The total health spending, as a percentage of GDP (gross domestic product), was about 7.8% in 2012. The Caisse Nationale de Sante (National Health Fund) collects funds for the 97.0% of the population that, as of 2012, was covered by public health insurance in 2012. However, private health insurance services act as a supplement to state health insurance. Private insurance is mainly for medical expenses outside Luxembourg, as well as dental and optical care, which are not covered by the state health insurance. Pressure on government finances and increasing awareness of health insurance due to rising life expectancy will continue to support the demand for personal accident and health insurance products over the forecast period (2012-2017).
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Luxembourg:
It provides historical values for the Luxembourg personal accident and health insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key sub-segments in Luxembourg personal accident and health insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for personal accident and health insurance products in Luxembourg.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Luxembourg for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Luxembourg and its growth prospects.
It profiles the top personal accident and health insurance companies in Luxembourg and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in depth historic and forecast market data related to the Luxembourg personal accident and health insurance segment and each category within it.
Understand the demand-side dynamics, key market trends and growth opportunities within the Luxembourg personal accident and health insurance segment.
Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment.
Identify the growth opportunities and market dynamics within key product categories.
Gain insights into key regulations governing the Luxembourg insurance segment and its impact on companies and the market's future.
Key Highlights
The healthcare system in Luxembourg is one of the most developed in Europe. Compulsory government-funded free basic healthcare is provided to citizens.
Around 97.0% of the population was covered by the public health insurance in 2012.
Health insurance was the dominant category in the personal accident and health segment during the review period, accounting for 61.9% of the total written premium value in 2012
The share of the commission earned by brokers increased steadily from 66.6% in 2008 to 67.5% in 2012.
In Luxembourg, the personal accident and health segment is highly concentrated, with the 10 leading companies representing 98.1% of the segment's gross written premium in 2012.

 1 Executive Summary
2 Introduction
2.1 What is This Report About?
2.2 Definitions
2.3 Methodology
3 Luxembourg Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Industry Trends and Drivers
4 Persol Accident and Health Insurance Segment Outlook
4.1 Persol Accident and Health Insurance Growth Prospects by Category
4.1.1 Persol accident insurance
4.1.2 Travel insurance
4.1.3 Health insurance
5 Alysis by Distribution Channels
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Alysis - Luxembourg Persol Accident and Health Insurance
6.1 Bargaining Power of Suppliers: Medium
6.2 Bargaining Power of Buyers: Medium to High
6.3 Barriers to Entry: Low to Medium
6.4 Intensity of Rivalry: Medium to High
6.5 Threat of Substitutes: Low
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size, 2008-2017
7.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation and Market Practice by Type of Insurance
8.2.1 Life insurance
8.2.2 Property insurance
8.2.3 Motor insurance
8.2.4 Marine, aviation and transit insurance
8.2.5 Persol accident and health insurance
8.3 Compulsory Insurance
8.3.1 Motor third-party liability insurance (MTPL)
8.3.2 Social insurance system
8.3.3 Air carriers and aircraft operators liability insurance
8.3.4 Marine insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors (IAIS)
8.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
8.4.3 Insurance Commission (Commissariat aux Assurance)
8.5 Non-Admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and pelties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.6.10 Fee structure
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Withholding taxes on premium paid overseas
8.7.3 Corporate tax
8.7.4 VAT
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Altertive dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Luxembourg Persol Accident and Health Segment
9.3 Comparison of Top Five Insurers
9.3.1 Gross written premium
9.4 Globality - Company Overview
9.4.1 Globality - key facts
9.5 DKV Luxembourg - Company Overview
9.5.1 DKV Luxembourg - key facts
9.6 Foyer Sante - Company Overview
9.6.1 Foyer Sante - key facts
9.7 La Luxembourgeoise - Company Overview
9.7.1 La Luxembourgeoise - key facts
9.8 Foyer Assurances - Company Overview
9.8.1 Foyer Assurances - key facts
9.9 Axa Assurances Luxembourg - Company Overview
9.9.1 Axa Assurances Luxembourg - key facts
9.1 Swiss Re Intertiol - Company Overview
9.10.1 Swiss Re Intertiol - key facts
9.11 AIG Europe Ltd - Company Overview
9.11.1 AIG Europe Ltd - key facts
9.12 Arisa Assurances - Company Overview
9.12.1 Arisa Assurances - key facts
9.13 P&V Assurances - Company Overview
9.13.1 P&V Assurances - key facts
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Luxembourg Stock Exchange (LSE)
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 Agriculture, hunting, forestry and fishing net output at current prices (US$)
10.2.6 Agriculture, hunting, forestry and fishing net output at current prices, as a percentage of GDP
10.2.7 Manufacturing net output at current prices (US$)
10.2.8 Manufacturing net output at current prices, as a percentage of GDP
10.2.9 Mining, manufacturing and utilities at current prices (US$)
10.2.10 Mining, manufacturing and utilities at current prices, as a percentage of GDP
10.2.11 Construction net output at current prices (US$)
10.2.12 Construction net output at current prices, as a percentage of GDP
10.2.13 Inflation rate
10.2.14 Merchandise exports as a percentage of GDP
10.2.15 Merchandise imports as a percentage of GDP
10.2.16 Annual average exchange rate EUR-US$
10.3 Infrastructure
10.3.1 Commercial vehicle exports - total value
10.3.2 Commercial vehicle imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Household consumption expenditure (US$)
10.5.2 Total population
10.5.3 Urban and rural population
10.5.4 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Luxembourg Insurance - Overall Written Premium by Segment (EUR Billion), 2008-2012
Table 3: Luxembourg Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Luxembourg Insurance - Overall Written Premium by Segment (EUR Billion), 2012-2017
Table 5: Luxembourg Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Luxembourg Insurance - Segmentation (% Share), 2008-2017
Table 7: Luxembourg Persol Accident and Health Insurance - Written Premium by Category (EUR Million), 2008-2012
Table 8: Luxembourg Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Luxembourg Persol Accident and Health Insurance - Written Premium by Category (EUR Million), 2012-2017
Table 10: Luxembourg Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Luxembourg Persol Accident and Health Insurance - Earned Premium (EUR Million), 2008-2012
Table 12: Luxembourg Persol Accident and Health Insurance - Earned Premium (EUR Million), 2012-2017
Table 13: Luxembourg Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2008-2012
Table 14: Luxembourg Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 15: Luxembourg Persol Accident and Health Insurance - Paid Claims by Category (EUR Million), 2012-2017
Table 16: Luxembourg Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 17: Luxembourg Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2008-2012
Table 18: Luxembourg Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 19: Luxembourg Persol Accident and Health Insurance - Incurred Loss by Category (EUR Million), 2012-2017
Table 20: Luxembourg Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 21: Luxembourg Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Luxembourg Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Luxembourg Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2008-2012
Table 24: Luxembourg Persol Accident and Health Insurance - Commission and Expenses (EUR Million), 2012-2017
Table 25: Luxembourg Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Luxembourg Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Luxembourg Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 28: Luxembourg Persol Accident and Health Insurance - Frauds and Crimes (EUR Million), 2012-2017
Table 29: Luxembourg Persol Accident and Health Insurance - Total Assets (EUR Million), 2008-2012
Table 30: Luxembourg Persol Accident and Health Insurance - Total Assets (EUR Million), 2012-2017
Table 31: Luxembourg Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2008-2012
Table 32: Luxembourg Persol Accident and Health Insurance - Total Investment Income (EUR Million), 2012-2017
Table 33: Luxembourg Persol Accident and Health Insurance - Retentions (EUR Million), 2008-2012
Table 34: Luxembourg Persol Accident and Health Insurance - Retentions (EUR Million), 2012-2017
Table 35: Luxembourg Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Luxembourg Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Luxembourg Persol Accident Insurance - Written Premium (EUR Million), 2008-2012
Table 38: Luxembourg Persol Accident Insurance - Written Premium (EUR Million), 2012-2017
Table 39: Luxembourg Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Luxembourg Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Luxembourg Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Luxembourg Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Luxembourg Travel Insurance - Written Premium (EUR Million), 2008-2012
Table 44: Luxembourg Travel Insurance - Written Premium (EUR Million), 2012-2017
Table 45: Luxembourg Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Luxembourg Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Luxembourg Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 48: Luxembourg Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 49: Luxembourg Health Insurance - Written Premium (EUR Million), 2008-2012
Table 50: Luxembourg Health Insurance - Written Premium (EUR Million), 2012-2017
Table 51: Luxembourg Health Insurance - Loss Ratio (%), 2008-2012
Table 52: Luxembourg Health Insurance - Loss Ratio (%), 2012-2017
Table 53: Luxembourg Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2008-2012
Table 54: Luxembourg Persol Accident and Health Insurance - Direct Marketing Commission Paid (EUR Million), 2012-2017
Table 55: Luxembourg Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Million), 2008-2012
Table 56: Luxembourg Persol Accident and Health Insurance - Written Premium Through Direct Marketing (EUR Million), 2012-2017
Table 57: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 58: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 59: Luxembourg Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 60: Luxembourg Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 61: Luxembourg Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2008-2012
Table 62: Luxembourg Persol Accident and Health Insurance - Bancassurance Commission Paid (EUR Million), 2012-2017
Table 63: Luxembourg Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Million), 2008-2012
Table 64: Luxembourg Persol Accident and Health Insurance - Written Premium Through Bancassurance (EUR Million), 2012-2017
Table 65: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 66: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 67: Luxembourg Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 68: Luxembourg Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 69: Luxembourg Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2008-2012
Table 70: Luxembourg Persol Accident and Health Insurance - Commission Paid to Agencies (EUR Million), 2012-2017
Table 71: Luxembourg Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Million), 2008-2012
Table 72: Luxembourg Persol Accident and Health Insurance - Written Premium Through Agencies (EUR Million), 2012-2017
Table 73: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 74: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 75: Luxembourg Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 76: Luxembourg Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 77: Luxembourg Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 78: Luxembourg Persol Accident and Health Insurance - E-Commerce Commission Paid (EUR Million), 2012-2017
Table 79: Luxembourg Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2008-2012
Table 80: Luxembourg Persol Accident and Health Insurance - Written Premium Through E-Commerce (EUR Million), 2012-2017
Table 81: Luxembourg Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 82: Luxembourg Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 83: Luxembourg Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 84: Luxembourg Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 85: Luxembourg Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2008-2012
Table 86: Luxembourg Persol Accident and Health Insurance - Commission Paid to Brokers (EUR Million), 2012-2017
Table 87: Luxembourg Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Million), 2008-2012
Table 88: Luxembourg Persol Accident and Health Insurance - Written Premium Through Brokers (EUR Million), 2012-2017
Table 89: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 90: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 91: Luxembourg Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 92: Luxembourg Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 93: Luxembourg Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2008-2012
Table 94: Luxembourg Persol Accident and Health Insurance - Commission Paid to Other Channels (EUR Million), 2012-2017
Table 95: Luxembourg Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Million), 2008-2012
Table 96: Luxembourg Persol Accident and Health Insurance - Written Premium Through Other Channels (EUR Million), 2012-2017
Table 97: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 98: Luxembourg Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 99: Luxembourg Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 100: Luxembourg Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 101: Reinsurance in Luxembourg by Category (EUR Billion), 2008-2012
Table 102: Reinsurance in Luxembourg by Category (US$ Billion), 2008-2012
Table 103: Reinsurance in Luxembourg by Category (EUR Billion), 2012-2017
Table 104: Reinsurance in Luxembourg by Category (US$ Billion), 2012-2017
Table 105: Luxembourg Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2008-2012
Table 106: Luxembourg Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 107: Luxembourg Premium Ceded to Reinsurance by Type of Insurance (EUR Billion), 2012-2017
Table 108: Luxembourg Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 109: Luxembourg Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 110: Luxembourg Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 111: Luxembourg - Life Insurance Regulatory Framework
Table 112: Luxembourg - Property Insurance Regulatory Framework
Table 113: Luxembourg - Motor Insurance Regulatory Framework
Table 114: Luxembourg - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 115: Luxembourg - Insurance Premium Taxation
Table 116: Luxembourg - Corporate Tax Rate for the Fincial Year 2013
Table 117: Luxembourg Persol Accident and Health Insurance - Segment Shares, 2012
Table 118: Globality, Key Facts
Table 119: DKV Luxembourg, Key Facts
Table 120: Foyer Sant�, Key Facts
Table 121: La Luxembourgeoise, Key Facts
Table 122: Foyer Assurances, Key Facts
Table 123: Axa Assurances Luxembourg, Key Facts
Table 124: Swiss Re Intertiol, Key Facts
Table 125: AIG Europe Ltd, Key Facts
Table 126: Arisa Assurances, Key Facts
Table 127: P&V Assurances, Key Facts