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Rapid changes in both the wealth management industry and regulatory environment present numerous challenges to the private banking and life assurance sectors in the year ahead. At the same time, market experts anticipate the continued evolution in the use of life assurance for wealth planning purposes.
Within Europe, the cross-border life insurance business is growing rapidly with some startling figures:
- European cross-border life market in 2009 (new business) worth EUR38.13 billion ;
- If cross-border life assurance were a country, it would rank 5th in the EEA
- Total Luxembourg life premiums were up almost 27% in 2010 to EUR22.3 billion ;
- Assets under management in excess of EUR153 billion (2009 data)...
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