Insurers have promised the Minister of the Economy Bruno Le Maire to help protect the purchasing power of the French despite the expected increases in car, housing and health contributions in 2023. As a result, companies are targeting young customers in their portfolio to offer some attractive nudges.
Summoned to Bercy last month to make commitments on the amount of car and home premiums in 2023, insurers have guaranteed not to exceed inflation in exchange for advances on the abolition of the green card and the development of the use spare parts during car repairs. Clearly, price increases will take place on auto, home and health contracts but will remain, on average, confined to between 3 and 5% and therefore lower than the current level of price increases.
The sector has also promised the discount a car check of 100 euros for unemployed people under 25. I think we have reached the best possible agreement in a situation which is very tense for the world of insurance, declared Bruno Le Maire. Above all, the players in the profession have promised to make the protection of purchasing power the spearhead of their strategy. Because, other individual commitments on the part of the companies, intended for the most fragile public, will follow had assured at the end of September, Florence Lustman, the president of France insurers (FA).
Here we are. If all insurers intend to respect the agreement on the level of premiums in 2023, here are the main announcements from the companies, mainly aimed at students, the unemployed or even owners of electric vehicles.
Matmut
A heavyweight in the sector and the first to draw, Matmut has announced that it will freeze the price of its home insurance contract for students in 2023 and that it will not affect that of its members who drive on electric either. Good news as these vehicles, such as SUVs, risk being hit by increases of up to 10% in 2023. Less expensive but just as essential, school insurance contracts will not change in 2023 either.
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maif
All about the customers of tomorrow: Maif has decided to freeze its rates on the youth home insurance contract for the year 2023. On the other hand, there will be no freeze on auto insurance premiums as in 2021 and 2022.
Macif
Same strategy at Macif where young audiences are targeted. The housing contract for apprentices and Prem’s students will not increase next year. Macif also points out that it provides its most vulnerable members with various solidarity mechanisms (Macif solidarity through hardship, Solidarity unemployment benefit, Macif solidarity fund and social action fund).
Finally, for members and others, Macif announces very attractive commercial offers on borrower insurance to take advantage of the Lemoine law effect.
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Axa
Axa offers a car and home gel for customers under 30 who did not experience any claims when their contract was renewed in 2023.
Bonuses between 50 and 100 euros will be offered to customers who hold several contracts with Axa.
Generali
Generali will lower its student housing contract by 20% in 2023 but mainly focuses its offers on car contracts. Indeed, current (and loyal) customers who do not encounter any claims will be entitled to a reduction in the deductible of up to 75% after 5 years.
Another boost: the less you drive, the less you pay. The 2023 contribution will drop if you cover less than 8,000 kilometers (20%) or less than 4,000 km (35%).
Finally, Generali is stepping up its offer for the children and grandchildren of its customers. The insurer offers them a reduction of up to 40% if they are under 26 years old.
Societe Generale
Without waiting for the month of January, the insurance branch of Societe Generale has decided to protect its vulnerable customers and in particular young people: freezing of home insurance rates for students and reductions for young workers and children of motor insurance policyholders.
A freeze on the prices of creditor insurance offers linked to bank loans distributed by the networks of the Socit Generale group has also been recorded.
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Auto and home insurance: what price in 2023?
For the firm Facts & Figures (F&F), current car contracts will increase by 35%. The comparator Assurland is betting on an increase of between 2.5 and 3%. The causes put forward are always the same: the rise in the price of spare parts and car repairs (+3.5% over one year). On average, in 2022, the annual bill amounted to 611 euros including tax according to Assurland. In 2023, an average driver could therefore pay just over 30 euros extra.
These projections do not take into account possible commercial offers which may prove advantageous and confirm the need to compare its minimum contract every two years, according to Olivier Moustacakis, the founder of Assurland.
In housing, Assurland expects an average of between 3 and 3.5% in 2023 when Facts & Figures is targeting an increase of between 3 and 5%. Before certainly flying away in the next few years, due to climatic alas.