France Motor Insurance Market - Growth, Trends, COVID-19 Impact and Forecasts (2021 - 2026)

The France Motor Insurance Market is Segmented by Policy Type (Third Party Liability, Third Party Fire and Theft, Comprehensive), by Component (Compulsory and Voluntary), by Distribution Channel (Direct, Banks, Agents, and Others). The report offers Market size and forecasts for France Motor Insurance Market in volume (n) and revenue value (USD Million) for all the above segments.

Market Snapshot

France Motor Insurance Market Size
Study Period: 2017- 2026
Base Year: 2020
CAGR: >4 %
France Motor Insurance Market Major Players

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Market Overview

The Europe Pet Insurance Market was valued at USD XX in 2020 and the market is projected to register a CAGR of 4.3 % during the forecast period (2021-2026) expected to witness strong growth in the forecast period.

Motor insurance (also known as car insurance, vehicle insurance or auto 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. Also, France Motor Insurance is taking up more than 30% of Non-Life insurance segment. 

Motor insurance in France may additionally offer 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. Rise in number of accidents as increasing population in France, implementation of stringent government regulation for adoption of auto insurance, and surge in automobile sales across the France drive the growth of the France Motor Insurance Market.

There has been negative impact of COVID-19 on Motor Insurance Industry. After several years of declining premiums for Motor Insurance products, France recorded a rebound in 2018 that continued into 2019, as customers have shown a renewed interest in Motor Insurance contracts with guaranteed rates of return. But the coronavirus pandemic hit the France Motor Insurance market, Motor Insurance Market, Insurance Market badly as because of lockdown, the number of transporataion, business vehicles, road-accidents fall down thus, decreased the claims and motor insurance total earnings drastically. A preference for low-risk products and a shortage of alternatives has played a role in this increased demand for Motor Insurance products. However, the sector is facing headwinds from underlying inflation and the impact of the pricing review which are expected to squeeze profitability and push it back into the red in 2021.

Scope of the Report

The France Motor Insurance Market is one of the most widely demanded Motor Insurance Market as the people are keen to get secured and have the protective shield occured because of collision or other mishappening. 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, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The France Motor Insurance Market is Segmented by Policy Type (Third Party Liability, Third Party Fire and Theft, Comprehensive), by Component (Compulsory and Voluntary), by Distribution Channel (Direct, Banks, Agents, and Others). The market sizing and forecasts have been done on the basis of value (USD million).

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Key Market Trends

Increasing Number of Passenger Car Sales Witnessing France Motor Insurance Market Growth

New passenger car sales underwent a downward trend during five years in France. There was indeed a continuous year-on-year decline in the number of new passenger cars registered in France. However, the trend has been reversed since last 5 years, and the French automotive market has since been experienced a recovery. Consequently, passenger car sales are increasing and expected to increase further during the forecast period.
In June 2021 the French market started falling after reporting an increase in sales the previous month, leading First Half sales with an increase in sales compared to FY 2020.  And compared to pre-pandemic levels, the market is still not growing effectively, in fact, with respect to sales in June 2019 sales are effectively low. 

France Motor Insurance Market Trends

Number of motor insurance Damage Claims in France Witnessing Upward Trend in France Motor Insurance Market

In 2020, the number of damaged fall down because of the lockdown and the halts in the businesses and thus less accidents and collisions happenend. The number of claims has been increasing from past 5 years and reached the highest in 2018. While 84.3% of French households were equipped with a car in 2017, motor insurance represents a major segment of the insurance industry in France. Motor insurance was indeed the second most purchased type of insurance coverage in France in 2019, just after home insurance and now being the topmost non-life insurance across the nation. France was also among the leaders on the European motor insurance market in terms of gross written premiums in 2018. 

France Motor Insurance Market Growth

Competitive Landscape

The France Motor Insurance Market is very competitive and growing across the nation as it's covering the maximum portion of Non-Life Insurance Segment there. All motor insurance companies are expected to change their systems and processes so that they can develop and accurately price new products and insurance packages. For this, motor vehicle insurance companies are coming up with new attractive, customizable coverage and performance or usage-based insurance products. Also, vendors are also required to test large volumes of user data to offer competitive pricing to their end-users. for better competition, the insurance companies in France are adapting the new technologies for Motor Insurances which would offer 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 already changing the way we travel. The key players in France Motor Insurance Market are Allianz, AXA, generali and many more which are expoected to lead the France Motor Insurance Market throughout the Forecast period. 

Recent Developments

In 2021, Axa IM prepares to spend EUR 2 billion on life sciences property. Axa IM Alts, a division of French fund group Axa Investment Managers, has raised EUR 1.9 billion of equity to accelerate investments into the Life Sciences sector., which will be invested through Kadans Science Partner, a science park developer that Axa bought last year. AXA IM Alts’ investments into the life science sector on behalf of clients are managed by its Real Assets platform, the leading real estate portfolio and asset manager in Europe.

In 2021, Generali France and Akur8 are thrilled to announce their multi-year partnership to boost Generali’s pricing capabilities in France. Both companies are happy about this collaboration, as their teams have been working together since last summer, applying Akur8’s Transparent AI-powered solution to boost Generali France’s rate-making capabilities. By using Akur8, Generali France will be able to significantly reduce time-to-market and to offer even more targeted and personalized prices to their customers, further reinforcing their pledge to bring innovative and personalized solutions to their customer base.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXCEUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing number of Accidents/ Collions in France

      2. 4.2.2 Rising Awareness of Insurance protection

    3. 4.3 Market Restraints/ Challenges

      1. 4.3.1 Lack of Regular Premium Payment

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Threat of New Entrant

      2. 4.4.2 Bargaining Power of Buyer/ Consumer

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Product

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Policy

      1. 5.1.1 Third Party Liability

      2. 5.1.2 Third party Fire and Theft

      3. 5.1.3 Comprehensive

    2. 5.2 By Component

      1. 5.2.1 Compulsory

      2. 5.2.2 Voluntary

    3. 5.3 By Distribution Channel

      1. 5.3.1 Direct

      2. 5.3.2 Banks

      3. 5.3.3 Agents

      4. 5.3.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 PREDICA-PREVOYANCE DIALOGUE DU CREDIT AGRICOLE

      2. 6.1.2 Allianz

      3. 6.1.3 AXA Insurances

      4. 6.1.4 Generali Group

      5. 6.1.5 MAAF VIE

      6. 6.1.6 MACIF

      7. 6.1.7 GMF ASSURANCES

      8. 6.1.8 INTER MUTUELLES ASSISTANCE GIE

      9. 6.1.9 ADREA MUTUELLE

      10. 6.1.10 *List Not Exhaustive

    2. *List Not Exhaustive
  7. 7. FUTURE OF THE MARKET

  8. 8. DISCLAIMER & ABOUT US

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Frequently Asked Questions

The France Motor Insurance Market market is studied from 2017 - 2026.

The France Motor Insurance Market is growing at a CAGR of >4% over the next 5 years.

PREDICA-PREVOYANCE DIALOGUE DU CREDIT AGRICOLE, ALLIANZ VIE, GENERALI IARD, MACIF, AXA FRANCE IARD are the major companies operating in France Motor Insurance Market .

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