Summary of our market study

The global financial protection market, which includes mortgage payment protection, was valued at $53.34 billion in 2020 and is projected to grow to $77.44 billion by 2030, at a CAGR of 3.8%. In France, the creditor insurance sector faced significant regulatory changes with the introduction of the Lemoine law in 2022, which has affected the market dynamics by allowing borrowers to switch insurance providers more freely.

The French loan insurance market also grew notably, with a 3.91% increase in 2022 over the prior year, reaching an estimated market size of 11.44 billion euros. This growth is part of a consistent expansion with an average annual growth rate of 5.19% from 2018 to 2022. Home loans remain a substantial portion of the insurance premiums, despite a decline in the number of such loans granted due to rising interest rates.

The bancassurance model continues to hold a dominant position in the French market, capturing nearly 83% of the market share in 2021, with major players including CNP Assurances, Crédit Agricole Assurances, and Crédit Mutuel dominating the sector. Despite the challenges, including the property crisis in 2023, the sector appears to maintain resilience due to its foundational role in supporting the financial security of French borrowers

Navigating the Dynamic Landscape of French Creditor Insurance

In the intricate financial ecosystem of France, creditor insurance has emerged as a pivotal instrument, safeguarding borrowers against unforeseen contingencies.

The intertwining of real estate dynamics with loan insurance premiums is evident, as changes in property prices and bank lending rates directly influence demand.

Furthermore, regulatory transformations — the Lemoine Law being a case in point — are tilting the scales in favor of policyholders, instilling a greater degree of freedom and authority.

The coverage umbrella for borrowers is comprehensive, spanning death, total and irreversible loss of autonomy, and disability, to mention a few. This robust protective shield underpins the financial stability of nearly 90% of borrowers insured for disability and death. Meanwhile, the risk landscape is witnessing a shift, with the proportion of doubtful outstandings dwindling, thanks largely to stringent personal indebtedness regulations.

In the realm of real estate, the loan insurance market is intricately tethered to the vibrancy of the sector. Premiums linked to mortgages, representing over two-thirds of total contributions, have witnessed a shift. From a towering 73% dominance in 2016 to a relatively lesser but still significant 67% in 2022, the evolving market structure speaks to the shifts within the French economic climate. Nonetheless, the real estate sector continues to pulsate with vigor, undeterred by global headwinds.

The consumer credit market, dovetailing approximately 20% with the creditor insurance market, paints a different picture. A noticeable contraction is taking place, with the rate of credit ownership among households reaching its nadir since the 1980s. With mortgage ownership rates maintaining their stance, the juxtaposition of rising interests and regulatory changes manifests in the consumer credit domain experiencing a downturn that is predicted to perpetuate into 2023. The study paints a picture of a market in a state of flux, shaped by external economic forces and internal regulatory shifts. The French creditor insurance sector stands at the convergence of these trends, encapsulating a market estimated between 10 and 12.

Leading Forces in the French Creditor Insurance Landscape

As we scrutinize the dynamics of the French creditor insurance market, a few names stand out, reflecting the entrenched influence and market dominance of these pivotal institutions. These organizations not only mold the sector’s trajectory but also serve a broad spectrum of clients, offering them a sense of financial security and stability in the face of life's uncertainties.

  • CNP Assurances : CNP Assurances features as a central pillar in the market, renowned for its long-standing reputation and deep-rooted presence in the insurance industry. As a heavyweight champion in the creditor insurance realm, it caters to a vast clientele, offering bespoke solutions that range from mortgage insurance to various forms of borrower protection. Its expansive portfolio has cemented CNP Assurances' status as a synonym for reliability and comprehensive coverage in the French insurance market.
  • Crédit Agricole Assurances : A prime example of the successful fusion between banking services and insurance offerings, Crédit Agricole Assurances embodies the essence of bancassurance. By providing an all-encompassing suite of financial products, this institution not only simplifies the customer journey but raises the bar for convenience and product integration. It's this strategic combination of services that enables Crédit Agricole Assurances to capture a significant share of the market and to assert itself as an authority in the industry.
  • Crédit Mutuel : Crédit Mutuel has leveraged its strong banking foundations to branch out effectively into the world of insurance, tailoring its offerings to meet the nuanced needs of its broad customer base. As a go-to for many seeking personalized borrower insurance options, Crédit Mutuel prides itself on understanding and addressing the specific requirements of various customer segments, ensuring that their path to financial safeguarding is both clear and accessible.
  • AXA : AXA's standing as a global insurance giant is reflected in its commanding presence in the loan insurance sector. Renowned for its extensive experience and global perspective, AXA brings a level of sophistication and international flair to the table. Policyholders are attracted to its stellar reputation for delivering quality service and a wide range of insurance products that protect against unforeseen circumstances and align with their diverse financial objectives.
  • Generali : With its storied history and penchant for innovation, Generali has established itself
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Summary and extracts

1 Market overview

1.1 Definition and scope of the study

borrower's insurance is a crucial financial instrument, guaranteeing protection for borrowers by covering all or part of their monthly payments or outstanding capital in the event of certain unforeseen events. Events generally covered include death, total and irreversible loss of autonomy, permanent disability, temporary work incapacity (ITT) and loss of employment.

Between 2018 and 2022, the loan insurance market in France grew significantly, with an average annual growth rate of 5.19%. In 2022, this growth continued, but major challenges loomed on the horizon.

The loan insurance sector remains highly concentrated, largely dominated by banking institutions, notably the three main players CNP Assurance, Crédit Agricole Assurances and Crédit Mutuel, which hold 61% of the sector's market share.

However, despite the positive performance of recent years, the sector faces a number of major challenges. Rising interest rates, which triggered an international property crisis in 2023, have led to a decline in the number of loans granted. What's more, the introduction of the new Lemoine Law in February 2022 has altered the regulatory landscape, conferring more power and freedom on policyholders. Loan insurance players must therefore adapt to these major changes.

Loan insurance premiums are closely linked to demand for home loans, as well as to the duration of these loans, which continues to rise, reaching an average of 20.8 years in July 2023. In addition, they depend on the timing of these loans, which is closely linked to fluctuations in property prices and banks' policies on lending rates . Ultimately, the sector is highly dependent on demand, while benefiting from the banks' obligation to take out this type of insurance for their borrower customers.

In this ever-changing environment, loan insurance players will need to demonstrate their agility to cope with the worsening economic context and ever-changing regulatory requirements, while continuing to support the financial security of French borrowers.

1.2 Global market

The size of the global financial protection market was valued at $**,***.** million in **** and is expected to reach $**,***.** million by ****, at a CAGR of *.*% from **** to ****.

The financial protection market includes protection of payments and protection of mortgage payments (***).

Our market segment thus constitutes a fraction of the financial protection market, ...

1.3 The domestic market: Significant growth in the loan insurance market

the national creditor insurance market is estimated at **.** billion euros in ****, up *.**% in * year. Between **** and ****, the market grew by **. *%, representing average annual growth of *.**% over the period.

Total premiums on creditor insurance contracts France, ****-****, Million € Source: France Assureurs The market is segmented according to contract type: Death benefit contracts, ...

2 Demand analysis

2.1 Increasingly well-insured French people

Percentage of borrowers covered by borrower's insurance France, **** - ****, % (***) Source: ****

The proportion of borrowers covered by borrower's insurance has risen steadily in recent years. Indeed, the proportion of borrowers insured for disability and death has risen by almost ** percentage points between **** and ****, to **.*% and **.*% respectively. The proportion of borrowers insured for ...

2.2 Home loan production in France

The loan insurance market is closely linked to the vitality of the real estate sector, and in particular to trends in the number of loans granted and the size of these loans.

In ****, contributions linked to mortgages will account for **% of total contributions, whereas in ****, they represented **% of total contributions. This ...

2.3 Applying for consumer credit

The creditor insurance market depends on the consumer credit market to the tune of around **%. Here too, premiums are based directly on outstanding loans, and follow their overall trend (***).

In ****, the rate of credit held by households stood at **.*%, the lowest level the Observatoire des Crédits aux Ménages has ...

2.4 Borrower profile

The profile of a French property borrower

The study also reveals that the average first-time buyer has taken out a mortgage worth around ***,*** euros since last January

At national level, the average deposit required to obtain a mortgage is **,*** euros in ****, and the median deposit is **,*** euros. But these ...

3 Market structure

3.1 A highly concentrated market dominated by bancassurance operators

the loan insurance market is largely dominated by bancassurance, which will capture nearly **% of market share in ****.

As a reminder: bancassurance is a financial institution that offers both traditional banking services such as savings accounts and loans, and insurance products including life, home and car insurance policies. It gives customers access ...

3.2 An increasingly risk-free market

Doubtful loans are loans or receivables for which there is a high risk of non-repayment due to the uncertain creditworthiness of the borrowers. They represent financial assets with the potential to cause significant losses for lenders or financial institutions. Prudent management of doubtful loans is essential to minimize financial risks.

In ...

3.3 The impact of the Lemoine law on the sector

*.The "right to forget

This allows borrowers not to disclose their medical history to their insurer once their medical treatment has been completed.

Previously, the time required to benefit from this right was long and complex, making it difficult for insurers to agree. With the Loi Lemoine, these time limits have ...

3.4 Distribution of players in the sector

The absence of a specific NAF code for loan insurance is explained by the wide variety of players, such as insurance companies and financial institutions, which operate in numerous sectors and offer a diverse range of services.

We have therefore opted to use NAF code **.**Z, which includes players such as ...

3.5 How loan insurance works

Here's how the process of taking out any type of loan insurance generally works, and how reimbursement is handled in the event of a claim. It's important to note that while underwriting isn' t always compulsory, it does become a frequent occurrence, particularly with large-scale, long-term mortgages.

4 Offer analysis

4.1 The different types of creditor insurance

TAEA (***) is the rate applied by loan insurers when taking out a mortgage. It enables you to understand what proportion of an annual loan is attributed to insurance.

To determine this rate, insurance companies and banks take a number of factors into account, including :

Your age Your professional situation The term ...

4.2 Effective annual insurance rate and increase in gross premiums

The TAEA, which stands for Taux Annuel Effectif d'Assurance, is an essential indicator of the proportion of the cost of borrower's insurance in relation to the total amount of your mortgage.

as of January *, ****, insurers are obliged to include the APR, details of cover and the cost of monthly payments in ...

5 Regulations

5.1 Regulations

The creditor insurance sector is subject to numerous regulations specific to insurers' activities:

The Contrat d'Assurance Terrestre (***) Act: This law governs terrestrial insurance contracts, including motor insurance, home insurance, and other insurance related to real estate or movable property in France.

Solvency II law: This European regulation, which came into force ...

6 Positioning the players

6.1 Player segmentation

  • CNP Assurances (La Poste)
  • Crédit Mutuel
  • Axa groupe
  • Maif France
  • Generali
  • CA Assurances
  • Allianz

List of charts presented in this market study

  • Gross doubtful loans on housing loans granted in France, in billions of euros and as a % of total outstandings
  • Rate of gross doubtful loans by object
  • Percentage of borrowers covered by borrower's insurance
  • Average monthly amount of new housing loans to individuals, flows CVS
  • Number of bank loans granted (Crédit logement: Base 100 December 2020), Year-on-year levels
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Latest news

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
Crédit Mutuel Leasing strengthens its position with Roulenloc - 03/10/2023
  • Crédit Mutuel Leasing has been in business for 60 years.
  • They have recently acquired Roulenloc and its online car leasing platform
  • Crédit Mutuel Leasing has been in the car leasing business for 10 years.
  • 35.000 car leasing contracts.
  • 20% market share in equipment financing for professionals and businesses.
  • Roulenloc has around twenty employees.
  • 70% of Roulenloc's €14 million sales in 2022 will come from long-term leasing.
  • The remainder of sales will come from rental with purchase option and a hybrid subscription format.
  • Today, 80% of Roulenloc's solutions are aimed at private customers.
  • The former managers of Roulenloc now hold over 10% of the capital.
  • The Crédit Mutuel network has 4,500 branches.
Generali strengthens its position in asset management - 12/07/2023
  • The competing asset managers have the following assets under management: Amundi (€1,935 billion), Natixis IM (€1,112 billion), AXA IM (€823 billion) and BNP Paribas AM (€555 billion)
  • Acquisition of Spanish Liberty Seguros and Taiwanese Conning
  • Conning's assets under management are estimated at 144 billion euros.
  • Generali Investments Holding's total assets under management will increase to 775 billion euros
Generali acquires Liberty Seguros for 2.3 billion euros - 18/06/2023
  • Italy's leading insurance company, Generali, acquires Liberty Seguros for 2.3 billion euros.
  • generali's biggest acquisition in ten years.
  • Liberty Seguros has a portfolio of over 1.2 billion euros in premiums in 2022.
  • Liberty Seguros has around 1,700 employees and 5,600 intermediaries in its markets.
  • Generali acquired the Italian insurer Cattolica in 2021 for 1.2 billion euros
  • Generali acquired the La Médicale group in February 2022 for 435 million euros
  • Generali achieved a net profit of 2.9 billion euros in 2022.
Arkéa and Crédit Mutuel: peace restored - 03/05/2023
  • Crédit Mutuel is a French mutual banking group.
  • The group is made up of the Arkéa branch (Brittany and South-West federations), the Confédération nationale du Crédit Mutuel (the group's central body) and 18 other member federations.
  • The dispute between Arkéa and Confédération nationale du Crédit Mutuel lasted over ten years before a memorandum of understanding was reached.
  • Creation of a delegated vice-presidency, to be attributed to Arkéa's Chairman
  • A right of veto is granted to the federations in the event of infringement of their vital interests, particularly with regard to employment.
  • The "Crédit Mutuel" brand may be used autonomously by the federations and caisses
Crédit Mutuel Arkéa is considering a partial sale of Monext - 19/04/2023
  • Crédit Mutuel Arkéa continues to review its fintech portfolio.
  • The mutual bank is considering opening up the capital of Monext, its electronic payment subsidiary.
  • Monext is valued at around 350 million euros.
  • Crédit Mutuel Arkéa acquired Monext in 2009.
  • Monext posted operating income (Ebitda) of 25 million euros in 2020.
  • Monext achieved sales of 97.2 million euros in 2020.

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. :

CNP Assurances (La Poste)
Crédit Mutuel
Axa groupe
Maif France
CA Assurances

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