Insurances - France | Statista Market Forecast

The Insurances market in France is expected to reach a projected market size (gross written premium) of US$236.20bn by 2024.
Among the different segments in the market, Life insurances dominates with a projected market volume of US$159.10bn in 2024.
On average, each person in France is estimated to spend US$3.64k on insurance in 2024.
In comparison to other countries, the United States is projected to have the highest nominal value in the Insurances market, with a market size of US$3.8tn in 2024.
The gross written premium in the Insurances market is expected to have an annual growth rate (CAGR 2024-2029) of -0.61%, resulting in a market volume of US$229.10bn by 2029.
Once again, the United States is predicted to generate the highest gross written premium in the global market, amounting to US$3.8tn in 2024.
The French insurance market is experiencing a surge in demand for health insurance policies due to the country's universal healthcare system.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Insurances market in France has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in France are shifting towards more personalized and digital solutions. Customers are increasingly looking for insurance products that are tailored to their specific needs and lifestyles. This has led to a rise in demand for usage-based insurance policies and online insurance platforms that offer quick and convenient services. Trends in the market show a growing focus on sustainability and green initiatives within the insurance sector in France. Insurers are introducing eco-friendly insurance products that promote environmental protection and sustainability. This trend is in line with global efforts to combat climate change and reflects the increasing awareness among customers about the importance of environmental responsibility. Local special circumstances in France, such as strict regulatory requirements and a highly competitive market, are shaping the development of the insurance industry. Insurers in France must adhere to stringent regulations set by the government and regulatory bodies, which can impact their product offerings and pricing strategies. Additionally, the presence of both domestic and international insurance companies in the market creates a dynamic and competitive environment for insurers. Underlying macroeconomic factors, such as economic stability and technological advancements, are driving the growth of the insurance market in France. A stable economy provides consumers with the confidence to invest in insurance products, while technological innovations enable insurers to offer more efficient and customer-friendly services. These factors contribute to the overall positive outlook for the insurance market in France.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.