France Motor Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
France Motor Insurance Market Analysis
The France Motor Insurance Market is expected to register a CAGR of greater than 4% during the forecast period.
The French motor insurance market is one of the most widely demanded insurance as people are keen to be secure and have a protective shield in case of a collision or other mishappenings. France Motor Insurance accounts for over 30% of the non-life insurance segment.
Motor insurance in France additionally offers financial protection against theft of the vehicle and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The rise in the number of accidents due to the increasing population in France, the implementation of stringent government regulation for adopting auto insurance, and the surge in automobile sales across France drive the growth of the France Motor Insurance Market.
Insurtechs, introduced to the market, are impacting the traditional insurance sector but increasing online purchases and easy access to insurance products. The increase in the purchase of electric vehicles is also growing motor insurance.
France Motor Insurance Market Trends
Increasing Number of Passenger Car Sales Witnessing France Motor Insurance Market Growth
New passenger car sales underwent a downward trend before two years in France. There was a continuous year-on-year decline in the number of new passenger cars registered in France. However, the trend has been reversed in the past two years, and the French automotive market has since experienced a recovery. Market analysis of the French new car market showed a continued increase in the popularity of electric cars and plug-in hybrid vehicles, while diesel-engined cars made up only a fifth of the market. The Stellantis Group was the largest carmaker in France, and Peugeot was the best-selling brand. Consequently, passenger car sales are increasing and are expected to increase further during the forecast period.
Increase in Premium of Car Insurance
The motor insurance costs in France increased. The average motor insurance premium has increased by 3% in the current year compared to the previous year. This increase is mainly due to an increase in spare parts costs of more than 10% and repair costs of more than 3%. Motor insurance rates in France vary according to the motorists' age due to their lack of driving experience because the young age group is the most involved in road accidents and also rates fluctuate depending on the region.
France Motor Insurance Industry Overview
The France Motor Insurance Market is very competitive and growing across the nation as it covers the maximum portion of the Non-Life Insurance Segment there. Motor vehicle insurance companies are developing new attractive, customizable coverage and performance or usage-based insurance products. For better competition, the insurance companies in France are adapting new technologies for Motor Insurance, which would provide the potential to create innovative services for consumers and to make road transport safer, cleaner, and more efficient. Indeed, connected and automated vehicles, intelligent transport systems, and telematics are changing how we travel. The key players in France's motor insurance market are Allianz, AXA, Generali, and many more, and they are expected to lead the French motor insurance market.
France Motor Insurance Market Leaders
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ALLIANZ VIE
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GENERALI IARD
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MACIF
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AXA FRANCE IARD
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Predica Prevoyance Dialogue du Credit Agricole S.A.
*Disclaimer: Major Players sorted in no particular order
France Motor Insurance Market News
In February 2023, the French MACIF Group announced that it was acquiring windshield repair company Mondial Pare-brise. Across France, Mondial Pare-Brise is the third largest player in the space and has a network of 806 locations. Macif is the first French insurer that acquire a car glass repair and replacement network.
In February 2022, AXA executed a share repurchase agreement with an investment services provider. AXA will buy back its shares for a maximum of USD 0.55 billion (EUR 0.5 billion) to neutralize earnings dilution from disposals.
France Motor Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definitions
- 1.2 Scope of Study
2. RESEARCH METHODOLOGY
3. EXCEUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Number of Accidents/ Collions in France
- 4.2.2 Rising Awareness of Insurance protection
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4.3 Market Restraints/ Challenges
- 4.3.1 Lack of Knowledge on Insurance Products
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4.4 Porters Five Forces Analysis
- 4.4.1 Threat of New Entrant
- 4.4.2 Bargaining Power of Buyer/ Consumer
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Product
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Policy
- 5.1.1 Third Party Liability
- 5.1.2 Third Party Fire and Theft
- 5.1.3 Comprehensive
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5.2 By Component
- 5.2.1 Compulsory
- 5.2.2 Voluntary
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5.3 By Distribution Channel
- 5.3.1 Direct
- 5.3.2 Banks
- 5.3.3 Agents
- 5.3.4 Others
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Predica Prevoyance Dialogue du Credit Agricole S.A.
- 6.1.2 Allianz
- 6.1.3 AXA Insurances
- 6.1.4 Generali Group
- 6.1.5 MAAF VIE
- 6.1.6 MACIF
- 6.1.7 Covéa
- 6.1.8 Groupe Matmut
- 6.1.9 GMF ASSURANCES
- 6.1.10 INTER MUTUELLES ASSISTANCE GIE
- 6.1.11 ADREA MUTUELLE*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER & ABOUT US
** Subject To AvailablityFrance Motor Insurance Industry Segmentation
Motor insurance is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. A complete background analysis of the France Motor Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles, are covered in the report. The French motor insurance market is segmented by policy type, component, and distribution channel. By policy type, the market is sub-segmented into third-party liability, third-party fire and theft, and comprehensive. By component, the market is sub-segmented into compulsory and voluntary, and by distribution channel, the market is sub-segmented into direct, banks, agents, and others. The report offers market size forecasts for France's motor insurance market in terms of revenue value (USD) for all the above segments.
France Motor Insurance Market Research FAQs
What is the current France Motor Insurance Market size?
The France Motor Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in France Motor Insurance Market?
ALLIANZ VIE, GENERALI IARD, MACIF, AXA FRANCE IARD and Predica Prevoyance Dialogue du Credit Agricole S.A. are the major companies operating in the France Motor Insurance Market.
What years does this France Motor Insurance Market cover?
The report covers the France Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the France Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
France Motor Insurance Industry Report
Statistics for the 2024 France Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. France Motor Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
