The Luxembourg insurance sector was buoyed by Brexit effect in the first quarter...
FILE PHOTO: A Luxembourg road sign at the border between Belgium and Luxembourg, September 11, 2013. REUTERS/Yves Herman/File Photo
Premiums in the non-life sector, including domestic business, jumped by 218 percent year on year thanks largely to the licensing of firms establishing bases in Luxembourg after the United Kingdom’s decision to leave the European Union, Luxembourg’s CAA said. Non-life, non-marine premiums taken in by licensed companies operating outside Luxembourg rose 323 percent to 3.39 billion euros, the CAA said, adding that it expects the trend to continue, or even increase, over the next two years.
The loss of easy access to the EU single market for business based in Britain has prompted some companies to move their registered offices to other EU states, with Luxembourg registering an influx of British insurers.
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