Luxembourg is a hereditary Gran Duchy with a unicameral parliamentary system. It has a population of 0.5 million. It is a member of the European Union and of the Eurozone.

It is one of the most developed nations in the world, with a service sector that accounts for most of its economic output. It has a strong financial sector, low unemployment rate and the second highest per capita income in the world on PPP basis. Widely considered the most important private banking center, it is a hub for Europe’s leading reinsurance companies and therefore the growth of the insurance industry is heavily supported.

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