France Motor Insurance - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

France Motor Insurance - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The France Motor Insurance Market is estimated to grow at a CAGR of approximately 4% during the forecast period.
• Auto insurance revenue amounted to EUR 22.1 billion in 2018 and represents 39% of all contributions to property damage and civil liability insurance. It increased by 3.4% after 3.0% in 2017. At constant scope, turnover increased by 2.9% in 2018. The personal automobile, with a turnover of EUR 19.8 billion in 2018 breaks down as follows: 1st category vehicles represent EUR 17.6bn in premiums up 2.7% and 3rd category vehicles represent EUR 1.0 billion in premiums up by 3.0%.The overall average premium for a 1st category vehicle insured under a single contract stood at EUR 410 excluding taxes in 2018, an increase of 1.5% compared to 2017. This growth is similar for the overall average premium for a 2-wheeler and costs EUR 240 excluding tax.

Key Market TrendsIncrease in Number of passenger Car Sales:

The number of new passenger cars registered in France from 2009 to 2013 was gradually decreasing year on year. As of 2014, new passenger car sales in France in 2016 reached 2,015,177. The French vehicle market is in a positive momentum since early 2015 and the macron government's active policy has supported the market pushing up consumer confidence and expectation. Consequently, passenger car sales are increasing and expected to increase further during the forecast period.

Increase in premium of Auto insurance:

In 2018, contributions of property insurance and liability amounted to EUR 56.1 billion in direct business France. They rose by 2.8%. This evolution mask contrasting growth. If for the main branches (auto insurance, personal property insurance and damage to professional and agricultural goods) growth of contributions remains close to that of all the branches. The automobile went up by 3.4% in 2018 and automobiles hold the highest share in the non-life segment.

Competitive Landscape

The report covers the major players operating in the France Motor Insurance Market. The market is fragmented, the market is expected to grow during the forecast period due to the increase the automobile sales and other few factors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Drägerwerk AG & Co. KGaA
Xuzhou Kejian Hi
tech Co. Ltd
avihealthcare
Mennen Medical Ltd ( Nektop Ltd)
Koninklijke Philips NV
Micro Lab Instruments
Zhengzhou Dison Instrument And Meter Co. Ltd
DAVID
GINEVRI Srl

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