France Life & Non-life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
France Life & Non-life Insurance Market Analysis
The life & non-life insurance market in France is estimated at approximately USD 284.5 billion in the current year and is poised to grow at a CAGR of 2.5% during the forecast period. The French insurance market is well-diversified. In 2020, the life and non-life businesses represented around 58% and 42% of premiums. It is also highly regulated, with well-developed regulatory practices and supervisory processes. The French insurance regulator is focused on ensuring that insurance organizations are viable and that their business conduct is appropriate.
COVID-19 impacted the French life insurance market; its gross inflows witnessed a slight fall during the first lockdown. However, it recovered at the end of 2020. Net inflows recovered in 2021, with strong momentum in unitlinked contracts. Redeemable products had net outflows of USD 7.69 billion in 2020, while premiums earned from redeemable products saw a USD 107.3 billion fall of 20% from 2019.
In 2021, the strong momentum of unit-linked policy inflows, largely encouraged by insurance undertakings due to the limited profitability of Euro-denominated funds (whose net inflows are relatively stable), has contributed to a substantial increase in total cumulated net inflows of around USD 9.76 billion at mid-2021. Investments in unit-linked products remained dynamic despite the hit to the stock market from the correction caused by the health crisis.
Life insurance is an attractive savings investment with less risk in France. It allows diverse and flexible options. It also grants some fiscal advantages to its holders. Almost 50% of French life insurance holders still perceived life insurance as a very attractive investment option in 2021.
France Life & Non-life Insurance Market Trends
This section covers the major market trends shaping the France Life & Non-life Insurance Market according to our research experts:
Significant Growth Contributed by the Non-Life Insurance Sector
According to the statistics published by La Banque de France, the gross earned premiums of the non-life insurance sector witnessed a growth of 6.9% in 2021 compared to that in 2020. This surge was observed in nearly all lines of non-life insurance. Motor insurance, property & casualty insurance, and building insurance contributed to the highest growth in terms of direct written premiums.
Moreover, although the level of claims in direct business was relatively steady, the accepted reinsurance claims displayed a notable growth of 26% from 2020 to 2021.
A Surge in Unit-linked Business Benefitting the French Life Insurance Sector
In 2021, unit-linked net inflows recorded a high of USD 26.47 billion in the first eight months, and unit-linked premium revenue is expanding. The growth is credit-positive in absolute terms since the profitability of the unit-linked business is driven by management fees, which are generally based on fund size. It also requires less capital than typical life insurance savings businesses with built-in investment guarantees, and their profitability is less vulnerable to interest rates.
The growing significance of unit-linked business, which accounted for 38% of the sector's premiums in 2021, reflects French insurers' strategic initiatives in recent years in response to ultra-low interest rates. The insurers looked to reduce their reliance on traditional, capital-intensive savings products by promoting unit-linked and pension products where customers bear the investment risk.
France Life & Non-life Insurance Industry Overview
The report covers major international players operating in the France life and non-life insurance market. A few major players currently dominate the market in terms of market share. However, with technological advancement and product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Societe Generale, Credit Agricole, Covea, AXA, Allianz, etc.
France Life & Non-life Insurance Market Leaders
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Societe Generale
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Credit Agricole
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Covea
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Axa
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Allianz
*Disclaimer: Major Players sorted in no particular order
France Life & Non-life Insurance Market News
- On June 15, 2022, Berkshire Hathaway Specialty Insurance launched a Directors and Officers Liability policy insurance in France to serve local and multinational companies. This new coverage enhances BHSI's ability to provide multinational programs and services to companies with exposure in France and throughout the company's global network, which spans 170 countries.
- On December 6, 2021, Allianz Partners and Uber partnered to provide benefits and protection insurance for independent drivers and couriers in France and other European countries. The coverage includes on-trip benefits in cases of accidents, injury, or hospitalizations and off-trip benefits such as sick pay and maternity/paternity payments.
France Life & Non-life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Technological Advancements Shaping The Market
- 4.6 Insights on Government Regulations and Industry Policies
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance type
- 5.1.1 Life Insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-Life Insurance
- 5.1.2.1 Home
- 5.1.2.2 Motor
- 5.1.2.3 Health
- 5.1.2.4 Rest of Non-Life Insurance
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5.2 By Channel of Distribution
- 5.2.1 Direct
- 5.2.2 Agency
- 5.2.3 Banks
- 5.2.4 Online
- 5.2.5 Other distribution channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Societe Generale
- 6.2.2 Credit Agricole
- 6.2.3 Covea
- 6.2.4 Axa
- 6.2.5 Allianz
- 6.2.6 La banque postale
- 6.2.7 MACIF
- 6.2.8 Credit mutuel
- 6.2.9 MAIF
- 6.2.10 ACM
- 6.2.11 Caisse D'Epargne
- 6.2.12 Groupama*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityFrance Life & Non-life Insurance Industry Segmentation
Life insurance provides a lump sum amount of the sum assured at the time of maturity or in case of the death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset. The France life & non-life insurance market is segmented by insurance type (life insurance (individual and group), non-life insurance (motor, home, health, and other non-life insurance)), and by distribution channel (direct, agency, banks, online, and other distribution channels). The report offers market size and forecasts for France life & non-life insurance market in value (USD billion) for all the above segments.
| By Insurance type | Life Insurance | Individual |
| Group | ||
| By Insurance type | Non-Life Insurance | Home |
| Motor | ||
| Health | ||
| Rest of Non-Life Insurance | ||
| By Channel of Distribution | Direct | |
| Agency | ||
| Banks | ||
| Online | ||
| Other distribution channels |
France Life & Non-life Insurance Market Research FAQs
What is the current France Life & Non-Life Insurance Market size?
The France Life & Non-Life Insurance Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)
Who are the key players in France Life & Non-Life Insurance Market?
Societe Generale, Credit Agricole, Covea, Axa and Allianz are the major companies operating in the France Life & Non-Life Insurance Market.
What years does this France Life & Non-Life Insurance Market cover?
The report covers the France Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the France Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
France Life & Non-life Insurance Industry Report
Statistics for the 2024 France Life & Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. France Life & Non-life 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.
