French insurance market: results 2020

insurance resultAccording to the French Insurance Federation (FFA), the insurance market closed the year 2020 with a turnover of 200.7 billion EUR (246.5 billion USD). This stands for a 12% decline compared to 228 billion EUR (255.2 billion USD) recorded in 2019.

Health insurance and bodily injuries totaled 25.2 billion EUR (30.95 billion USD) of premiums.

Due to lockdown, the combined ratio of the motor class of business improved by 5.5 points to be set at 96.1% in 2020 compared to 101.6% one year earlier.

The combined ratios of the personal property and professional and agricultural property insurance deteriorated to 97.3% (94% in 2019) and 120.8% (95% in 2019) respectively.

In 2020, natural disasters cost insurers 3.1 billion EUR (3.8 billion USD).

Despite the fixed low rates, French insurance companies managed to preserve their solvency in 2020. Non-life insurers maintained a high level of solvency with a ratio of 265% against 225% for insurance.

French insurance market : premiums per life and non-life class of business

Life, individual accident and health insurance will continue to dominate the French insurance landscape in 2020 with a market share of 70.5%. However, this sector's dominance is less obvious than in 2010, when it accounted for 78% of total premium income.

This downward trend has persisted in 2020 with a 16.5% decline in life insurance premiums. At the same time, the property and liability classes of business have reported a slight increase of 1% in ten years.

 201020112012201320142015201620172018201920202020 shares 2019 / 2020 evolution
In billions EUR
Life insurance
Property and third party liability insurance
Grand total206.6190180.7188.5200.3208.7208.7211.7219.6228200.7100%-12.0%
In billions USD
Life insurance
Property and third party liability insurance
Grand total273.8246238.8259.5243.4228219.9253.6251.2255.3246.5100%-3.44%

Source : FFA 2020

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