Luxembourg’s captive sector sees steady growth in 2024

Luxembourg-based reinsurance carriers, a high percentage of which are estimated to be captive reinsurers owned by large industrial groups, enjoyed steady growth last year.

The reinsurers wrote some as €15 billion of gross written premiums last year, an increase of 1.7% according to latest statistics released by the country’s Commissariat Aux Assurances (CAA).

Luxembourg reinsurance premium was stated to have risen by 9.6% in 2023, when the rounded total figure was given as €14 billion.

Reinsurance total balance sheet value also increased in 2024 by 6% to €58 billion.

Around 72% of Luxembourg reinsurers are estimated to be captive reinsurers. There were seven new reinsurers formed in 2024, while five surrendered their licence. In the first six months of 2025 there were another five reinsurers formed in Luxembourg.

The total number of reinsurers rose to 197 at year-end 2024.

In the annual report accompanying the statistics, the CAA explained what had driven growth in Luxembourg’s captive sector during 2024.

“The captive insurance sector continues to grow, driven by the interest of large industrial groups in having their own reinsurance structure in order to maintain greater flexibility when renewing their insurance programmes,” it stated. “Despite a rather downward trend in insurance prices, this interest in captive insurance is far from diminishing.”

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