Brexit is benefiting the Luxembourg insurance sector, with premiums rising 22% year-on-year in the third quarter, as companies move their UK operations to the Grand Duchy.
A release by Luxembourg's insurance regulator, Commissariat aux Assurances (CAA), shows that overall premiums rose by 52% to €30.1bn over the first nine months of the year. Premiums grew by 23.6% in life insurance, while the non-life sector - which is only half the size of the life sector - jumped by 203% over that period.
The vast 203% business growth in the non-life sector comes after a dozen companies relocated their previously UK-domiciled portfolios to Luxembourg. The inflow from these newly-established companies was 11 times higher than in the same period last year, and now accounts for more than 71% of overall collected non-life premiums, Luxembourg Times reports.
Earlier this year the Netherlands also reported reaping the fruits of the UK's decision to leave the EU. According to the Netherlands Foreign Investment Agency, nearly 2,000 jobs were generated last year by 42 firms - including those in the financial sector - that were brought in by the Invest in Holland network as a result of Brexit.