Impact of coronavirus on the French insurance market

insurance marketThe authority of prudential supervision and resolution (ACPR) confirms the solidity of the French insurance sector.

The market, expected to be impacted by COVID-19, shall record a decline in written premiums, results and financial products in 2020.

In the life activity, the net outflow of contracts reached 5.2 billion EUR (5.7 billion USD). While in the non-life class of business, the motor insurance is expected to improve, the employee benefits, event cancellation, unemployment insurance, credit-insurance, business interruption and civil liability activities are to decline.

From 1st January to 31 March 2020, insurers' solvency ratios have declined by 20 to 30 points. According to the ACPR, the industry is ready to bear the consequences of COVID-19.

Read also | Life insurance in France registering negative net inflows in March 2020

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