Life insurance, the star product of 2021 for insurers

French insurance put the health crisis behind it in 2021, after a year 2020 marked by significant compensation for professionals and in terms of providence due to Covid-19, according to a report published on Wednesday by the professional federation France Assureurs.

The sector is returning to trends from before the health crisis, welcomed Florence Lustman, president of France Assureurs (new name of the French Insurance Federation) during a press conference.

The star product of 2021 was life insurance: the French have massively returned to this method of saving, after having shunned it during the pandemic, and have increased their exposure to risk. The difference between deposits and benefits reached 23.7 billion euros, an unmatched level since 2010. It is the favorite product of the French, argued Ms. Lustman.

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In property and liability insurance, premiums reached 62.4 billion euros, up 3.8%, after slightly slower growth in 2020. All areas of activity are growing, including those that had was penalized in 2020, such as damage insurance for professionals (+3.5%), civil liability insurance (+8.6%) and construction (11.8%).

Weather claims remain high

In terms of compensation, insurance took charge of 12.7 million claims last year and disbursed 43.9 billion euros (+1.9%). This amount is driven by the rise in the cost of motor vehicle accidents and damage to homes, due in particular to more frequent water damage (+13%). Compensation to professionals and companies, which had increased sharply with the health crisis due to operating losses and canceled contracts, fell sharply, but remained up compared to 2019 (+11.3% to 6.9 billion euros). euros).

France Assureurs reports climate risk, which has a particularly strong impact on farmers. For the sixth consecutive year, the cost of climatic claims exceeded 3 billion euros. French insurers estimate that the amount of these claims could double over the next 30 years, compared to the last 30.

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100% health cost nearly 350 million euros

In terms of provident and health, contributions returned to growth last year close to that of previous years (+4.3%), after a slowdown in 2020, but they are still increasing more slowly than compensation (+5 .8%). Regarding the 100% coverage of dental, hearing and optical care, it has, according to the professional federation, caused an additional cost of 346 million euros to insurers in 2021.

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