The sector is still doing well. Six months after the release of its activity report, the Prudential Control and Resolution Authority (ACPR) publishes its annual statistical report presenting “the figures for the French banking and insurance market” for the year 2022. This document offers a more precise vision of the accounting and prudential data collected and taken into account by the ACPR in order to inform its annual report. It confirms the “robustness” of the financial sector, in general, and of the insurance sector, in particular (ACPR, The ACPR publishes its annual statistical report, Press release of October 23, 2023). From a macro-economic point of view (this necessarily masks the individual difficulties of this or that insurance organization and blurs those of certain sectors, such as that of mutual societies), it emerges from this report that the trends at work in 2021 were confirmed in 2022. In short, despite a slight contraction in the life insurance sector and the considerable development of claims linked to natural disasters (but the new regime adopted should ensure the sustainability of the insurance system), the sector is still doing just as well (see for the year 2021, J. Delayen, ACPR report on the insurance sector in 2021: you said crisis? But what crisis?, Dalloz news, Nov. 25 2022). This is how insurers were able, in 2022, to “free[er] a sharply increasing net profit (17.1 billion euros, + 5 billion compared to 2021)” (ACPR, above) which is the highest net profit recorded in the last fifteen years (and confirming the upward trend of this net profit observed since 2013, the first year in which net profit exceeded the 10 billion euro mark).
Structure of the insurance market. The movement of concentration stabilizes. The movement towards concentration in the insurance market, at work since the 1990s, continues to mainly concern mutual insurance companies in Book II of the insurance code (see for the year 2021, J. Delayen, above). If seventeen mutual societies disappeared in 2022, the number of insurance companies remains stable (257 compared to 258 in 2021). In total, the number of insurance organizations also remains relatively…
2024-01-08 23:28:13
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