The French insurance market has recorded a 7 per cent drop in contributions in the first ten months of the year according to figures released by the French association of insurers (Association francaise de l’assurance). Bad figures for life insurance are to blame.
By the end of October, the life insurance sector showed a decline of 12 per cent, albeit a largely positive €17.7 billion of net inflows according to the association, which includes the FFSA and Gema.
The life insurance market has seen two consecutive months, September and October, of net outflows, which is a first timer.
Over the first ten months of the year, property insurance and liability insurance (primarily auto, home and business) were up 4 per cent, the highest level of growth since 2004.
Growth is primarily driven in damage insurance, where premiums increased by 6 per cent in late October.