According to Luxembourg insurance regulator Commissariat aux Assurances (CAA), total market premiums grew by 52% to €30.1 billion in the first nine months of this year. Life insurance premiums increased by 23.6%.
Business growth was observed after a number of companies had moved their assets from the UK to Luxembourg. The Luxembourg Times reports that the inflow of such investments is 11 times higher than the same period last year, and currently accounts for more than 71% of all market premiums collected.
There has been a similar situation in the Netherlands earlier. According to the National Agency on Foreign Investments, about 2,000 jobs were created by 42 firms last year, including the financial sector. Companies left Britain after Brexit.
Source: https://www.internationalinvestment.net/news/4006665/luxembourg-insurance-sector-enjoys-boost-brexit
Photos are from open sources.
