Summary of our market study

French motor insurance market exceeds €19 billion

Since 2020, the global motor insurance market is expected to reach $1262.91 billion by 2028. North America holds the dominant share with 40.1%, while Western Europe accounts for 19.1%.

The French motor insurance market

In France, 86.2% of households will own at least one car in 2020, with 47% of households owning a single car and 33% owning two. The number of cars insured between 2018 and 2022 increased by 4% and car insurance premiums by 10%. Only half of people over 65 continue to drive regularly. More than half buy used cars.

New car registrations in France fell by 15.76% from 2017 to 2023.

Multi-risk formulas are the most popular in 2023, accounting for 50% of policies.

The consumer price index for car insurance in France rose by more than 8 points from January 2021 to January 2024. The average annual budget for insurance is highest in Île-de-France (€771) and lowest in Brittany (€503).

More than four-fifths of consumers consider price to be a determining factor in their choice. Coverage features and complementary services carry substantial weight for around three quarters of consumers. The insurer's brand image or customer experience seems less decisive, although it remains influential for around two-fifths of policyholders.

Insurance claims for electric and hybrid cars have exploded, with estimated increases of around 70% for electric vehicles and over 40% for hybrids in 2023. Electric car owners pay an average of between 500 and 900 euros, depending on the level of coverage, slightly less than hybrid vehicle owners.

Players in the French motor insurance market

  • Allianz - A global insurance powerhouse: Allianz, one of the world's largest insurance companies.
  • AXA - A leader in France
  • Matmut, mutual insurer
  • Direct Assurance - Specialized in direct insurance.
  • L'Olivier Assurance
  • Leocare - The challenger of neo-insurance.
  • Flitter - An emerging name in "assurtech".
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Summary and extracts

1 Market overview

1.1 Introduction

Motor insurance, based on the principle of indemnity, covers damage incurred while driving a motor vehicle. In France, motor insurance has been compulsory since 1958 , and its purpose is to provide financial support in the event of losses sustained by an insured party in a road accident. Insurance companies in France offer a wide range of cover and products, and motor insurance still has a significant share of the French insurance market. Motor insurance belongs to the property and casualty insurance segment, and accounts for almost 40% of sales generated by this segment, ahead of comprehensive home insurance at 20%.

The global motor insurance market is set to continue its positive trend over the next few years, with a compound annual growth rate of 9. 4% between 2023 and 2028. The French market is also showing positive growth, with the number of cars insured rising by 4% between 2018 and 2022, and motor insurance premiums increasing by 10% over the same period.

The car insurance market is highly concentrated and dominated by the insurance or bancassurance giants. However, new entrants such as assurtech and neo-insurers like Léocare are trying to enter the market.

Intensifying competition and tightening regulations are forcing players in the car insurance market to focus their strategy on customer satisfaction. The car insurance market must now deal with the provisions of the Hamon law, allowing policyholders to cancel their contracts more easily. What's more, in a difficult financial context for some French households, car insurance prices are on the rise, and some are considering stopping their insurance, even if it means breaking the law.

1.2 The global motor insurance market

The size of the global automotive market has increased in recent years. In ****, this market was estimated at $***.** billion. It should continue to develop positively over the next few years, at a compound annual growth rate of *. *% (***). These data enable us to estimate the size of the market over the following ...

1.3 Positive trends in the national motor insurance market

Growth in the number of cars insured France, ****-****, in millions of vehicles Source: ****

The graph above illustrates an upward trend in the number of cars insured in France from **** to ****. Indeed, a *% increase in the number of insured vehicles is observed over this period

This steady increase indicates stable growth ...

2 Demand analysis

2.1 Typology of demand

in ****, **.*% of French households owned at least one car.

Number of cars per household France, ****, % Source: sécurité-routiè The majority of households, **%, own just one car, while **% have two cars. A smaller proportion of households, *%, have three or more cars. This distribution highlights the diversity of car ...

2.2 Annual new car registrations down in recent years

The downward trend in annual new car registrations observed over the last few years reflects a change in the purchasing habits of French consumers. Increasingly attracted by the second-hand market, motorists are opting for vehicles already on the road, motivated by economic and environmental considerations and an increasingly diversified range.

This ...

2.3 Increasing demand for electric and hybrid car insurance

In recent years, the French have shown growing interest in electric and hybrid vehicles. This significant shift in consumer choice can be explained by a growing awareness of environmental issues and a desire to reduce carbon footprints. The benefits associated with these vehicles, such assavings on fuel costs and government incentives ...

2.4 Inflation weighs on demand for motor insurance: a growing phenomenon of roadside uninsurance

By ****, around a third of French people would be prepared to forego home or car insurance in order to save money. Inflation is reducing the purchasing power of French households, prompting them to look for ways to save money. Some are considering cutting back on insurance. Christophe Dandois, CEO and co-founder ...

3 Market structure

3.1 Automobile insurance value chain

Source: ****

Once the policyholder has taken out an automobile insurance contract with the insurer, he or she must pay premiums (***) to be covered by the insurance.

In the event of a claim, a number of steps are taken before the insured is compensated:

Damage assessment: This stage involves evaluating the damage ...

3.2 Number of companies and number of employees

there is no APE code issued by Insee that focuses solely on motor insurance, however, it may be interesting to study the data in APE code ****Z-Other insurance. This code covers all insurance services other than life insurance:

accident and fire insurance health insurance travel insurance property insurance automobile, marine, aviation ...

3.3 Motor insurance distribution

Motor insurance market share by distribution channel France, ****, % (***) Source: ****

The breakdown of motor insurance market share by distribution channel shows a predominance of companies with intermediaries (***), which hold a significant **.*% share. Mutual insurers without intermediaries also occupy a significant share, with **.*%, testifying to their solid market position.

Bancassurances account for a ...

3.4 The automobile insurance market: a concentrated and competitive market with the development of neo-insurers

Sales of the top ** property and liability insurers France, ****, in millions of euros and as a % of total sales Source: Argus de l'assurance Covéa (***) is the market leader, with sales of *.*** million euros in ****. Axa and Groupama follow close behind, with sales of *.*** million and *.*** million euros respectively.

Sales growth ...

4 Offer analysis

4.1 Classic car insurance packages

In general, insurance companies offer their customers * different types of motor insurance: third-party motor insurance, intermediate motor insurance andcomprehensive motor insurance.

In addition to compulsory cover, there are several optional extras in motor insurance, although their availability varies from one insurer to another. These include breakdown cover, which pays for repairs ...

4.2 The emergence of specific motor insurance offers

In the dynamic landscape of motor insurance, the emergence of specific offers reflects a growing trend towards tailoring insurance solutions to drivers' needs. Among these innovative offerings, pay-per-kilometer insurance and temporary car insurance stand out for their flexibility and ability to respond to motorists' changing requirements. These customized products offer an ...

4.3 Car insurance prices

Change in consumer price index for motor insurance France, ****, index base *** **** Source: ****

Between January **** and January ****, the consumer price index for motor insurancerose by more than * points.

In recent years, the CPI has fluctuated significantly, reaching its highest peak in January ****. This evolution suggests a certain volatility in the cost of ...

5 Regulations

5.1 The regulatory framework for motor insurance in France

Since ****, the law has required all owners of "land-based motor vehicles intended for use on public roads" to take out compulsory motor insurance.

This obligation is set out in article L***.* of the Highway Code and article L***.* of the Insurance Code. These articles stipulate that anyone who may be held ...

5.2 The Hamon consumer law

The Hamon law has profoundly transformed the car insurance landscape by allowing policyholders to terminate their contract at the end of the first year of commitment. This measure aims to offer consumers greater flexibility by simplifying the procedures involved in changing insurance.

In force since January *, ****, the Consumer Law, also known ...

5.3 Removal of the green card

On December *, ****, the decree abolishing the automobile "green card" was published in the Journal Officiel, marking a step forward in simplifying administrative life for the French. from April *, ****, motorists and drivers of motorized two-wheelers will no longer be required to affix the insurance sticker to their vehicle, nor to physically carry ...

6 Positioning the players

6.1 Player segmentation

  • Axa groupe
  • Acheel
  • Flitter
  • Lyanne
  • Covea
  • Groupama (France)
  • Aesio Mutuelle (Aéma groupe)
  • Allianz
  • Maif France
  • CNP Assurances (La Poste)
  • Assurances du Crédit Mutuel
  • Crédit Agricole Assurances
  • Leocare
  • Direct Assurance
  • Adenes Groupe

List of charts presented in this market study

  • Trends in the size of the global insurance market
  • General insurance premium growth by region
  • Breakdown of insurance premiums written by region
  • Breakdown of French people who have challenged their car insurance by SPC
  • The main criteria for choosing car insurance
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Latest news

Health insurance: Mutuelle Aésio cuts losses sharply - 11/04/2024
  • Reduction in Aésio's annual loss to 39.75 million euros in 2023, compared with 70 million in 2022 and 45 million in 2021.
  • Reduce the number of policyholders by 7% to 2.5 million, while maintaining sales at around 1.83 billion euros, net of reinsurance in 2023.
  • Reduce headcount by 15% over a two-year period.
  • Plan to close some of the 44 administrative sites, with the aim of refocusing on 12 locations
AXA: an extremely balanced business model - 22/02/2024
  • - The business model is split equally between companies and individuals, with 50% each
  • - 17,000 people to be hired worldwide by 2021, including 6,000 in France
Covéa: CFO becomes number 2 in the mutual insurance group - 16/02/2024
  • The MAAF, MMA and GMF brands belong to the Covéa group.
Acheel: The crisis and neo-insurance - 27/10/2023
  • Start-ups in the online insurance sector, known as insurtechs, have seen venture capital funds become more cautious and financing more scarce over the past eighteen months.
  • After its launch, insurtech Acheel passed the 100,000 contract mark.
  • Acheel has been profitable since the end of 2022, and claims 350,000 contracts representing 135 million euros in premiums.
  • In-vehicle insurance will account for over $700 billion in premiums by 2030, or 25% of the total global market.
  • Luko is an online insurance start-up
  • According to "L'Argus de l'assurance", the British Admiral Group, which owns L'olivier Assurance in France, has decided not to acquire the start-up
  • Luko has raised over 100 million euros.
  • Lovys reduced its workforce by 40% between January and July 2022.
Aésio seeks to recover - 11/10/2023
  • Aésio is France's third-largest health mutual, formed in 2021 from the merger of three regional mutuals (Adréa, Apreva and Eovi-MCD).
  • In 2021, it joined forces with Macif, giving rise to the Aéma mutual group (Macif, Aésio Mutuelle, Abeille Assurances, etc.).
  • The mutual has been significantly impacted by the 100% health care reform, which has increased the amount of reimbursements paid by complementary health care providers.
  • Rates will rise by an average of 8% to 10% by 2024.
  • Half of the business portfolio is now made up of group contracts.
  • The mutual employs 3,500 people
  • Over the past year, some 350 people have left the mutual.
  • The number of administrative offices will be reduced from 44 to 12.
  • In 2021, the mutual will have lost 45 million euros, and in 2022, 70 million euros.
  • The insurer's projected sales were 2 billion euros in 2022, so should fall slightly.
  • In 2024, the mutual expects to return to growth.
Groupama: François Schmitt succeeds Jean-Yves Dagès at the head of the insurer - 13/06/2023
  • The group employs 31,000 people.
  • Groupama net profit in 2022: 454 million euros
  • Groupama sales in 2022: 15.9 billion euros, up 4.3% on 2021.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

Axa groupe
Groupama (France)
Aesio Mutuelle (Aéma groupe)
Maif France
CNP Assurances (La Poste)
Assurances du Crédit Mutuel
Crédit Agricole Assurances

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