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Summary of our market study
The French insurance market is estimated at between 215 and 225 billion euros.
The market is facing intensifying competition, a shift towards niche segments and the need to adapt to digital platforms.
Regulatory changes, in particular the Insurance Distribution Directive (IDD), are increasing the transparency of remuneration and imposing more stringent requirements on advice.
Digitalization is on the rise, with new entities revolutionizing the offer by providing fully dematerialized insurance products.
Against this backdrop, brokers are adapting and creating online platforms.
Sectors showing dynamic growth are mainly health and personal accident insurance, with an average annual growth rate of over 4%. life insurance, despite representing the largest expense, is showing limited growth of around 2%.
Banks play a key role in premium collection in specific markets such as France and Italy.
Brokers are required to join professional associations and are subject to a self-regulatory system to ensure compliance with industry standards.
General brokers still account for the lion's share, with sales of over 400 million euros for the leading companies.
Brokers are moving into new niches such as pet insurance, collectors' insurance and unpaid rent insurance.
Leading insurance brokers on the French market
- Gras Savoye is a leading general broker
- Verspieren is another major player in the general broker category
- SPB Group is carving out a niche by focusing on specific insurance markets
- Cbp, designs insurance products
- Assurpeople. Online broker,
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
An insurance broker is a merchant who acts on behalf of his clients (companies or individuals). His or her role is to determine the most suitable insurance, in terms of price and coverage, for the needs of his or her clients. It's a matter of advising them, but also of supporting them through regular follow-up. unlike insurance agents, insurance brokers enjoy a certain neutrality , since they do not act on behalf of an insurance company.
Overall, the insurance sector is in good shape. Eetween 2017 and 2021, for example, worldwide life and non-life insurance premiums rose by 10% and 73% respectively. In terms of total contributions, France ranks 6th in the world. It is important to note that France saw a 20% drop in contributions in 2020 compared with 2019, returning to the same level as in 2014. The figures for 2021 and 2022 then showed an upturn in business dynamism, and even posted record contributions, as for life insurance, for example. [FFA]
In 2023, there will be 37,340 brokers in France. [ModelesdeBusinessPlan]. With this number rising steadily since 2014,competition is intensifying between the various players, all the more so as the digitalization of the sector is forcing changes in practices (Trèfle Assurances, for example, offers a completely dematerialized package). Brokers are positioning themselves in niche segments, which offer greater growth prospects.
The insurance sector is particularly dependent on regulatory changes. The entry into force of the DDA (Insurance Distribution Directive) and future decrees, which are set to regulate the business by imposing self-regulation on brokers, are bound to profoundly alter their activity. The health crisis has inevitably had an impact on the sector, even if brokers have managed to reap the benefits, for example by strengthening their customer relations, but since 2021 the market has been recovering.
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the insurance brokerage market | France
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