Market Size of France Life & Non-Life Insurance Industry
| 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 |
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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.
