Revenue of insurance companies on domestic market Luxembourg 2022, by segment

Unlike neighboring countries in Europe and much like Switzerland, Luxembourg has a strong international orientation when it comes to insurance. The Grand Duchy therefore has two insurance markets: one domestic and one international. In 2022, life insurance companies in Luxembourg had a revenue of around 3.7 billion euros on the domestic market. 

Luxembourg is an international financial center in the European Union. In the most recent Global Financial Centers Index, Luxembourg was ranked as having the fourth-most competitive financial center in Europe. In recent years, the Grand Duchy made efforts to diversify its financial activities in certain niches such as Chinese and Islamic finance, together with FinTech. Luxembourg's three traditional strengths, however, involve its activities in investment funds, banking and insurance. Furthermore, the number of domestic companies operating on the insurance market was 98 in 2019.