History
Development of the insurance location
The foundations and framework conditions for the insurance location were first created in Liechtenstein with the signing of the EEA Agreement in 1995. Prior to this, only agencies of Swiss insurance companies were active in Liechtenstein.
With the Insurance Supervision Act 1996 and the Insurance Supervision Ordinance 1997, legislation conforming to European standards was created for the first time. From now on, insurance companies could establish themselves in Liechtenstein and distribute their products from here throughout the EU area. The Direct Insurance Agreement with Switzerland of 1997 also opened up the Swiss market for insurance companies domiciled in Liechtenstein.
Development of the insurance industry
The Liechtenstein insurance center is the only one to offer direct market access to the EU area as well as to Switzerland. At the same time, the country attaches great importance to its independence in terms of economic policy and to the preservation of locational advantages for the insurance industry. Thanks to the liberal economic system in Liechtenstein, insurance companies are offered ideal framework conditions to develop innovative products and marketing strategies.
On this basis, insurance companies can market insurance solutions from Liechtenstein and adapt them to the legislation of the respective target markets. Insurers translate these strengths into a broad range of competitive products.
On this basis, insurance companies can market insurance solutions from Liechtenstein and adapt them to the legislation of the respective target markets. Insurers translate these strengths into a broad range of competitive products.
Diversified location
Life insurers market a variety of products from Liechtenstein, ranging from EUR 30 savings insurance to variable annuities and asset-linked life insurance. Internationally active pension funds for company pension plans have also established themselves in Liechtenstein. Property insurers have specialized in particular in the coverage of major events and special risks, such as art insurance. Captives as self-insurance companies also benefit from the location advantages and from being part of two economic areas in Liechtenstein. Captives can insure the subsidiaries and branches of their parent companies from here, both in Switzerland and in the entire EEA area.
All insurance companies domiciled in Liechtenstein are supervised by the Liechtenstein Financial Market Authority (FMA).