The insurance market is very large as it includes both life, health insurance and property insurance. Insurance also includes financial investment products. Thus, the sector has many similarities with the banking sector, which has gradually diversified into insurance.
According to the French Insurance Federation, the sector generated a turnover of 210 billion euros in 2016. After a growth of 4.5% in 2015, the market stagnated in value in 2016. This is a huge market in terms of value. As a result, insurers are the primary institutional investors seeking to make clients' contributions profitable. Groups such as Groupama, for example, have invested 100 million euros alongside individuals on the Unilend equity loan platform.
Competition is very strong with increasing transparency on costs and associated services. Digitalization has transformed a market that was previously rooted in relationships.
Strategies in insurance are volume strategies. While some companies specialise more in wealth management, most of them, including banks, are multi-product and offer the entire range. The companies are also trying to encourage the customer to try their online services and sign their contracts online to eliminate the fixed costs represented by a physical agency. Regulation and customer protection play a major role in the sector. For example, loan insurance can now be revised when this was not possible before the last law passed on the subject.
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