Luxembourg’s Insurance Commission has announced that, for the first time in nearly two years, the insurance market has witnessed a revenue increase in the third quarter of 2016.

In the third quarter of this year, all insurance sectors have experienced an increase of 3.22% of premiums in relation to the same period the previous year. In the first nine months of 2016, the global revenue has remained stable with a light increase of 0.36% and few differences between sectors, for instance life insurance premiums have risen by 0.41% and non-life insurance premiums by 0.10%.

The increase of 0.41% in life insurance revenue in the first three quarters of 2016 conceal different changes according to the type of product, for instance whilst there was a rise of 8.50% in the guaranteed return for products, there was a decrease of 3.63% in life products in units of account.

The total number of life insurance provisions was €154.59 million at the end of September 2016, which is an increase of 8.18% in comparison to the end of September 2015 and of 2.70% in relation to the end of June 2016. The increase of €4.07 million in the third quarter of 2016 owes to the €2.08 million increase in the revalorisation of contracts, notably those of units of account, and a €1.99 million increased positive net total.

Non-life insurance has risen by 0.10% in the first nine months of 2016. Insurers who are essentially working, even if not exclusively on the Luxembourgish market, have witnessed an increased revenue of 6.43%. However, businesses working abroad in non-life insurance sectors, except for maritime insurance, have experienced a decrease of 2.08% in premiums.