GlobaData Report Highlights Importance of Life Sector in France

France’s top ten insurers overwhelmingly depend on the life insurance sector for their premiums, generating 84% of their business from this area. This leaves them exposed to high claims as a result of the COVID-19 pandemic, according to GlobalData, a leading data and analytics company.

GlobalData analyst, Ben Carey-Evans, commented: “Of the top ten insurers in France, four generate premiums exclusively through life insurance, while only one, AXA France lard, is exclusively non-life. Allianz lard is also majority non-life, with 70.6%, and the other eight are very much concentrated on the life market.

“Furthermore, four of the top ten have a 100% dependence on life insurance. These four appear the most susceptible. AXA France Vie has the largest non-life share of the leading eight insurers, by a considerable amount, which gives it a strong platform to challenge the countries’ leading insurer, Predica.”

GlobalData shows that the top ten life insurers in France have a strong hold of the market, as they account for 74%. The leading life provider in the country, Predica, holds 15.6% of the life market.

Carey-Evans continues: “The leading players in the life market, and almost all of the top ten insurers in the country, appear susceptible to a potential rise in claims, as well as volatility in investment returns in the life insurance business. Leading players in the non-life sector such as AXA France Vie are still vulnerable to a rise in claims. Especially in business interruption and financial lines, though personal home and motor insurers should see claims decline during lockdown.”

 

 

About alastair walker 6889 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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