Need a report that reflects how COVID-19 has impacted this market and its growth?
COVID-19 is an unprecedented event for the Motor insurance sector. With a lengthy lockdown in place, many drivers are no longer on the road using their vehicles. The knock-on effect of this is that there has been a significant reduction in the number of motor insurance claims in France.
The combined ratio for motor insurers in France fell below 100 for the first time in 2020, meaning that they received more in premiums than they paid in the claim. In 2020, the combined ratio for motor insurance amounted to 94.7, down from 102 in 2019. In 2019, the combined ratio of car insurances before reinsurance amounted to 102 percent, and it was the same for the combined ratio after reinsurance in France. One year later, the combined ratio before reinsurance was marginally lower than the ratio after reinsurance: 94 percent and 95 percent, respectively.
Insurtechs, recently introduced to the market, are impacting the traditional insurance sector. Although the growth of the global market of Insurtechs is moderate, the number of insurance start-ups rose from 203 to 224 in France between January 2020 and January 2021.
Scope of the Report
The French motor insurance market is segmented by type (third-party, third-party fire and theft, Comprehensive) and distribution channel (direct, banks, agents, and others). This report aims to provide a detailed analysis of the French Motor Insurance Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyzes the key players and the competitive landscape in the France motor insurance market.
|Third-Party Fire and Theft|
|By Distribution Channel|
Key Market Trends
Increase in Number of Passenger Car Sales
In 2021, the new car market in France was flat. A market analysis showed an increase in electric vehicle sales while diesel’s share is down to 21%. In full-year 2021, new passenger vehicle registrations in France increased by 0.54% to only 1,659,008 cars, a second crisis year after a very weak 2020. 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 in 2021. The Peugeot 208 and the Renault Clio were the top-selling car models in France in 2021.
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Increase in Premium of Car Insurance
In 2020, property insurance and liability contributions amounted to EUR 60.1 billion in direct business in France, which rose by 2.3% Y-o-Y. This evolution masks contrasting growth. If for the main branches (auto insurance, personal property insurance, and damage to professional and agricultural goods), the growth of contributions remains close to that of all the branches. The automobile went up by 2.9% in 2020 and held the largest share in the non-life segment.
The report covers the major players operating in the French motor insurance market. The market is fragmented and expected to grow during the forecast period due to increased automobile sales.
· On February 24, 2022, AXA executed a share repurchase agreement with an investment services provider, whereby AXA will buy back its own shares for a maximum amount of EUR 0.5 billion to neutralize earnings dilution from disposals.
· In September 2021, the L’olivier Assurance French branch of Admiral Group, a leading insurance firm headquartered in the UK, announced the plans of partnership with Swiss Re and community-based travel platform BlaBlaCar. The partnership aims to launch a digital motor product in France called BlaBlaCar Coach. The BlaBlaCar Coach is a smartphone application that offers personalized driving tips and will be available with annual car insurance policies sold by L’olivier Assurance.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.2 Third-Party Fire and Theft
5.2 By Distribution Channel
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 PREDICA-PREVOYANCE DIALOGUE DU CREDIT AGRICOLE
6.2.2 ALLIANZ VIE
6.2.3 GENERALI IARD
6.2.5 AXA FRANCE IARD
6.2.6 MAAF VIE
6.2.7 GMF ASSURANCES
6.2.8 INTER MUTUELLES ASSISTANCE GIE
6.2.9 ADREA MUTUELLE*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The France Motor Insurance Market market is studied from 2018 - 2027.
What is the growth rate of France Motor Insurance Market?
The France Motor Insurance Market is growing at a CAGR of <4% over the next 5 years.
Who are the key players in France Motor Insurance Market?
PREDICA-PREVOYANCE DIALOGUE DU CREDIT AGRICOLE, ALLIANZ VIE, GENERALI IARD, MACIF, AXA FRANCE IARD are the major companies operating in France Motor Insurance Market.