The Insurance Industry in Liechtenstein, Key Trends and Opportunities to 2022
September 2018
80
About the Report
About the Report
The Insurance Industry in Liechtenstein, Key Trends and Opportunities to 2022
Summary
GlobalData's 'The Insurance Industry in Liechtenstein, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Liechtensteiner insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Liechtensteiner economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
The report provides in-depth market analysis, information and insights into the Liechtensteiner insurance industry, including-
- The Liechtensteiner insurance industry's growth prospects by segment and category
- A comprehensive overview of the Liechtensteiner economy and demographics
- Details of the competitive landscape in the Liechtensteiner insurance industry
- The various distribution channels in the Liechtensteiner insurance industry
- Details of regulatory policy applicable to the Liechtensteiner insurance industry
- Analysis of natural hazards in the Liechtensteiner insurance industry
Key Highlights
- In 2017, the Liechtenstein Health Insurance Association announced an increase in compulsory health insurance premiums by an average of 0.6% in 2018.
- In 2017, the FMA managed and guided 64 insurance intermediaries, comprising 53 insurance brokers and 11 agents operating in the country.
- In 2017, 35 insurers were operating in Liechtenstein's insurance industry, which includes 20 life insurance, 15 general insurers and three reinsurers.
Scope
- This report provides a comprehensive analysis of the insurance industry in Liechtenstein.
- It provides historical values for the Liechtensteiner insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Liechtensteiner insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Liechtenstein.
- It profiles the top insurance companies in Liechtenstein, and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Liechtensteiner insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Liechtensteiner insurance industry.
- Assess the competitive dynamics in the Liechtensteiner insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Liechtensteiner insurance industry and their impact on companies and the industry's future.
Products
Products
Liechtensteiner insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Valorlife Life Insurance Ltd
ElipsLife AG
Nucleus Life AG
Quantum Leben AG
Baloise Life (Liechtenstein) AG
Table of Contents
Table of Contents
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 9
4 INDUSTRY OUTLOOK 11
4.1 Industry Indicators 13
4.1.1 Gross written premium 13
4.1.2 Insurance density 14
5 LIFE INSURANCE OUTLOOK 15
5.1 Segment Indicators 15
5.1.1 Gross written premium 15
5.1.2 Penetration 16
6 GENERAL INSURANCE OUTLOOK 17
6.1 Segment Indicators 17
6.1.1 Gross written premium 17
6.1.2 Penetration 18
7 REINSURANCE OUTLOOK 19
7.1 Reinsurance Accepted 20
8 DISTRIBUTION CHANNEL OUTLOOK 21
9 NATURAL AND MAN-MADE HAZARDS 22
9.1 Earthquakes 22
9.2 Exposure 22
10 COMPETITIVE LANDSCAPE 23
10.1 Company Profiles 24
10.1.1 Allianz Risk Transfer AG-company overview 24
10.1.2 ElipsLife AG-company overview 24
10.1.3 Nucleus Life AG-company overview 25
10.1.4 Quantum Leben AG-company overview 25
10.1.5 Baloise Life (Liechtenstein) AG-company overview 26
11 GOVERNANCE, RISK AND COMPLIANCE 27
11.1 Legislation Overview and Historical Evolution 28
11.2 Latest Changes in Regulation 29
11.3 Legislation and Market Practice by Type of Insurance 44
11.3.1 Life insurance 44
11.3.2 Property insurance 45
11.3.3 Motor insurance 46
11.3.4 Liability insurance 48
11.3.5 Marine, aviation and transit insurance 49
11.3.6 Personal accident and health insurance 49
11.4 Compulsory Insurance 51
11.4.1 Social security system 51
11.4.2 Motor third-party liability insurance 52
11.4.3 Professional indemnity insurance for intermediaries 53
11.4.4 Buildings insurance against risks of occurrence of fire and natural disasters 53
11.4.5 Professional indemnity insurance for alternative investment fund managers 53
11.5 Supervision and Control 54
11.5.1 International Association of Insurance Supervisors 54
11.5.2 European Insurance and Occupational Pensions Authority 55
11.5.3 Financial Market Authority 55
11.6 Non-Admitted Insurance Regulations 56
11.6.1 Overview 56
11.6.2 Intermediaries 56
11.6.3 Market practices 57
11.6.4 Fines and Penalties 57
11.7 Company Registration and Operations 58
11.7.1 Type of insurance organization 59
11.7.2 Establishing a local company 59
11.7.3 Foreign ownership 60
11.7.4 Types of license 61
11.7.5 Capital requirements 62
11.7.6 Solvency margin 63
11.7.7 Reserve requirements 65
11.7.8 Investment regulations 65
11.7.9 Statutory return requirements 66
11.7.10 Fee structure 67
11.8 Taxation 68
11.8.1 Insurance premium or policy taxation 68
11.8.2 Withholding taxes on premium paid overseas 68
11.8.3 Corporate tax 68
11.8.4 VAT 69
11.8.5 Captives 69
11.9 Legal System 70
11.9.1 Introduction 70
11.9.2 Access to court 70
11.9.3 Alternative dispute resolution 71
12 DATABOOK 72
12.1 Life Insurance 72
12.1.1 Policies and premium 72
12.2 General Insurance 73
12.2.1 Policies and premium 73
13 DEFINITIONS AND METHODOLOGY 74
13.1 Definitions 74
13.2 Methodology 76
14 ABOUT GLOBALDATA 78
14.1 Contact GlobalData 78
14.2 About GlobalData 78
14.3 GlobalData's Services 79
14.4 Disclaimer 80
List of Figure
List of Figures
Figure 1: Liechtensteiner Exchange Rate (CHF per USD ), 2013-2022 10
Figure 2: Liechtensteiner Insurance Industry-Gross Written Premium (CHF Billion), 2013-2022 13
Figure 3: Liechtensteiner Insurance Industry-Density (CHF), 2013-2022 14
Figure 4: Liechtensteiner Life Insurance-Gross Written Premium (CHF Billion), 2013-2022 15
Figure 5: Liechtensteiner Life Insurance-Penetration (%), 2013-2017 16
Figure 6: Liechtensteiner Life Insurance-Penetration (%), 2017-2022 16
Figure 7: Liechtensteiner General Insurance-Gross Written Premium (CHF Billion), 2013-2022 17
Figure 8: Liechtensteiner General Insurance-Penetration (%), 2013-2017 18
Figure 9: Liechtensteiner General Insurance-Penetration (%), 2017-2022 18
Figure 10: Liechtensteiner Reinsurance-Premium Accepted (CHF Million), 2013-2022 20
Figure 11: Liechtenstein-The Three Pillars of Solvency II 36
Figure 12: Liechtenstein-Insurance Supervision and Control at Various Levels 54
Figure 13: Liechtenstein-Insurance Regulatory Frameworks for Company Registration and Operation 58
List of Table
List of Tables
Table 1: Liechtensteiner Insurance Industry-Key Facts, 2017 2
Table 2: Liechtensteiner Insurance Industry-Leading Insurers, 2017 2
Table 3: Liechtensteiner Government Credit Ratings 10
Table 4: Liechtensteiner Insurance Industry-Gross Written Premium (CHF Billion and USD Billion), 2013-2017 13
Table 5: Liechtensteiner Insurance Industry-Gross Written Premium (CHF Billion and USD Billion), 2017-2022 13
Table 6: Liechtensteiner Insurance Industry-Density (CHF), 2013-2017 14
Table 7: Liechtensteiner Insurance Industry-Density (CHF), 2017-2022 14
Table 8: Liechtensteiner Life Insurance-Gross Written Premium (CHF Billion and USD Billion), 2013-2017 15
Table 9: Liechtensteiner Life Insurance-Gross Written Premium (CHF Billion and USD Billion), 2017-2022 15
Table 10: Liechtensteiner General Insurance-Gross Written Premium (CHF Billion and USD Billion), 2013-2017 17
Table 11: Liechtensteiner General Insurance-Gross Written Premium (CHF Billion and USD Billion), 2017-2022 17
Table 12: Liechtensteiner Reinsurance-Premium Accepted (CHF Million and USD Million), 2013-2017 20
Table 13: Liechtensteiner Reinsurance-Premium Accepted (CHF Million and USD Million), 2017-2022 20
Table 14: Liechtensteiner registered insurance intermediaries, 2013-2017 21
Table 15: Allianz Risk Transfer AG-Key Facts 24
Table 16: ElipsLife AG-Key Facts 24
Table 17: Nucleus Life AG-Key Facts 25
Table 18: Quantum Leben AG-Key Facts 25
Table 19: Baloise Life (Liechtenstein) AG-Key Facts 26
Table 20: Liechtenstein-Insurance Regulatory Framework Key Features 27
Table 21: Liechtenstein-Life Insurance Regulatory Framework 44
Table 22: Liechtenstein-Property Insurance Regulatory Framework 45
Table 23: Liechtenstein-Motor Insurance Regulatory Framework 46
Table 24: Liechtenstein-Liability Insurance Regulatory Framework 48
Table 25: Liechtenstein-Corporate Tax Rates for the Financial Year 2018 69
Table 26: Liechtensteiner Life Insurance-Policies and Premium, 2013-2017 72
Table 27: Liechtensteiner Life Insurance-Policies and Premium, 2017-2022 72
Table 28: Liechtensteiner General Insurance-Policies and Premium, 2013-2017 73
Table 29: Liechtensteiner General Insurance-Policies and Premium, 2017-2022 73
Table 30: Insurance Industry Definitions 74
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