The year 2011 has been disastrous for insurers

French insurance is in crisis. Subscriptions as a whole regressed by 9% in 2011 in comparison with 2010, from 207.2 billion EUR (274.6 billion USD) down to 189.6 billion EUR (245.5 billion USD), with personal line insurance being the main responsible behind this fall. Gross life insurance premiums have dwindled down by 14% at 143.8 billion EUR (186.2 billion USD). Such figures are accounted for by problems pertaining to purchase power, competition from the banking and real estate sectors along with the fall of savings caused by shrinking credit. Meanwhile, property and third party liability insurance has risen by 4%. In 2008, the worst year so far, the financial crisis triggered a 6% loss of the collected premiums.