Insurance
The insurance sector constitutes an important area of the Grand Duchy's financial sector.
CommunĂ©ment, l’assurance renvoie Ă un ensemble de produits dont la finalitĂ© est de couvrir financièrement un risque. Concrètement, l’assurĂ© contracte une police d’assurance auprès d’une compagnie d’assurances. Cette police prĂ©cise les risques couverts, dĂ©finit exactement les garanties et pose les conditions de l’engagement de l’assurance. En Ă©change, l’assurĂ© paie rĂ©gulièrement une prime, dont le prix dĂ©pend de la nature du risque, de l’intensitĂ© du risque dans le contexte prĂ©cis de l’assurĂ©, du niveau de la franchise et des garanties souscrites. Les primes perçues par les organismes d’assurance, accrĂ©ditĂ©s par le Commissariat aux Assurances, sont mutualisĂ©es et gĂ©rĂ©es de façon que la sociĂ©tĂ© d’assurance puisse rĂ©aliser les garanties auprès de ses assurĂ©s et verser les indemnisations ou rentes d’assurance vie prĂ©vues. La mutualisation des risques se traduit par la mutualisation des primes, fondement de la solvabilitĂ© de toute compagnie d’assurances.Â
One of the pillars of the financial sector
The activity of insurance companies in the Grand Duchy is divided into three segments: insurance other than life assurance, life assurance, and reinsurance. Each segment has its own characteristics and experiences different stages of development because of the specific nature of the activity and the evolution of the regulatory framework.
The Grand Duchy in a key player in the life assurance sector on a pan-European scale by virtue of implementation of the freedom to provide services. The Luxembourg insurance market is strongly influenced by these products, which require a specific legal and financial architecture. Life assurance policies are extremely flexible, and differ from bank investments.
As for the other financial sectors, legal and regulatory aspects form an important element, particularly with the transposition into Luxembourg law of the European Insurance Distribution Directive (IDD), which aims to protect the client and requires insurers to respond to the client's more demanding need for information.
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