Non-life insurances - France

France

The Non-life insurance market in France is expected to reach a projected market size of US$78.29bn in 2024.
The average spending per capita in the Non-life insurance market in France is estimated to be US$1,207.00 in 2024.
The gross written premium is forecasted to have an annual growth rate (CAGR 2024-2028) of 1.51%, resulting in a market volume of US$83.12bn by 2028.
In comparison to other countries, the United States is anticipated to generate the highest gross written premium in the Non-life insurance market, amounting to US$3,371.0bn in 2024.
In France, there is a growing trend of consumers opting for comprehensive non-life insurance policies to protect their assets and mitigate risks.

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Analyst Opinion

In France, the Non-life insurances market is witnessing interesting developments and trends.

Customer preferences: Customers in France are showing a growing inclination towards comprehensive non-life insurance policies that offer a wide range of coverage, including property, health, and liability insurance. This trend is in line with the global shift towards seeking more extensive protection against various risks.

Trends in the market: One notable trend in the French non-life insurance market is the increasing demand for digital insurance solutions. Insurers are leveraging technology to offer more personalized policies, streamline the claims process, and enhance customer experience. This digital transformation is not only improving operational efficiency but also attracting tech-savvy customers.

Local special circumstances: France has a well-established regulatory framework for non-life insurance, which ensures consumer protection and market stability. The presence of strong regulatory bodies and industry associations fosters trust among customers and contributes to the overall growth of the market. Additionally, the cultural emphasis on risk management and financial security drives the demand for non-life insurance products in the country.

Underlying macroeconomic factors: The economic stability and steady GDP growth in France are playing a crucial role in the expansion of the non-life insurance market. As the economy continues to recover from the impact of global events, such as the pandemic, consumers are gaining confidence and investing in insurance products to safeguard their assets and mitigate risks. Moreover, the low-interest-rate environment is prompting individuals and businesses to seek alternative ways to protect their wealth, further boosting the demand for non-life insurance.

Methodology

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.