The insurance brokerage market - France

In 2020, the insurance brokerage market continued to evolve under the influence of various factors, including increased digitization, regulatory changes and the impact of the COVID-19 pandemic. Although exact numerical data beyond 2020 is not provided in the text, past trends indicate that the market was facing intensifying competition, a shift towards niche segments and the need to adapt to digital platforms. Insurance brokers, faced with the pressure of shrinking margins and market consolidation, were exploring specialized niches such as pet insurance, collectors' insurance and unpaid rent insurance in order to maintain profitability.

Regulatory changes, in particular the impending Insurance Distribution Directive (IDD), would reshape the landscape by imposing self-regulation, increasing transparency of remuneration and imposing more stringent requirements on advice.

The pandemic also loomed as a challenge, likely to affect brokers' revenues due to its economic repercussions, which could have an impact on premiums indexed to customer sales. Despite these challenges, brokers, who represent a significant share of the intermediary market, must continue to navigate this dynamic to remain competitive and meet changing customer needs.

Trends and dynamics in the insurance brokerage market

In France's booming insurance market, brokers have experienced a period of heightened competition, exacerbated by the maturing of the market and the increasingly important digital shift. With insurance premiums showing minimal growth, the pressure on insurance brokers has increased, driving them to explore niche markets more aggressively to sustain growth and profitability.

An important facet influencing market demand is the rise of digitalization, with entities such as Trèfle Assurances revolutionizing the offering by providing fully dematerialized insurance products. Against this backdrop of digital upheaval, brokers are forced to adapt to the changing landscape by creating online platforms, or risk being overtaken by nimble competitors exploiting internet-based models.

The French insurance market has seen moderate expansion, with annual premium growth of around 2.5%, to reach values of between 215 and 225 billion euros. Sectors showing dynamic growth are mainly health and personal accident insurance, with an average annual growth rate of over 4% over the past five years. Against this backdrop, certain segments present striking contrasts. Life insurance, for example, while representing the largest expense, is showing limited progress, with an average annual growth rate of around 2%.

at the other end of the spectrum, health and personal accident insurance are growing steadily. The importance of insurance intermediaries in these segments varies considerably, with banks also playing a key role in premium collection in specific markets such as France and Italy.

This competitive and evolving market is subject to strict regulatory oversight, with mechanisms such as the Insurance Distribution Directive (IDD) designed to refine practices and promote transparency. Brokers are now required to join professional associations and are subject to a self-regulation regime to ensure compliance with industry standards. While generalist brokers still account for the lion's share, with sales of over 400 million euros for the leading companies, the market is segmented into several players, including specialists and online brokers.

A notable trend is the growing presence of hyper-specialized brokers in niche markets - such as pet insurance and unpaid rent insurance - enabling them to maintain considerable profit margins and strategic differentiation.

Overall, the insurance brokerage market in France presents a complex and nuanced landscape. With the rise of digital offerings and the emergence of specialized niches, the market structure is constantly being redefined. As each market segment reacts differently to these changes, the landscape for brokers is both challenging and full of opportunities for those who manage to navigate.

Leading insurance brokers in the French market

The French insurance brokerage market is characterized by a variety of key players, each serving distinct segments and employing different strategies to meet their customers' needs. Among them, some companies stand out for their specialized services and in-depth knowledge of the sector.

• Gras Savoye is a leading general broker, offering a wide range of insurance solutions to a broad customer base. Recognized for its comprehensive services, Gras Savoye is a major player in the French brokerage landscape, drawing on its extensive network and expertise to meet the varied insurance needs of its customers.
• Verspieren is another major player in the general brokerage category, maintaining a strong market presence. Verspieren prides itself on offering tailor-made insurance packages that meet the changing demands of businesses and individuals.
• SPB Group is carving out a niche by focusing on specific insurance markets, with specialized offerings that align with distinct customer needs. This focus on specialized segments enables SPB Group to offer a depth of service that is difficult to match in the more generalist sphere.
• Cbp, which demonstrates prowess in the sectors it chooses to serve. Cbp's specialist knowledge and consultative approach enable it to design insurance products that are finely tuned to the unique risks and challenges faced by its customers in their respective fields.
• Assurpeople. As an online broker, Assurpeople harnesses the power of technology to reach its customers where they are most active - online. This access to digital convenience resonates with modern consumers, particularly those who are comfortable managing their insurance matters via digital platforms.

Each company in this multi-tiered market brings a unique approach to insurance brokerage, ensuring customers get the right coverage, whether they need general insurance solutions or highly specialized policies. Together, these key market players contribute to a dynamic and complex landscape, responding to the diverse and changing insurance needs of the French population.

• These market leaders - Gras Savoye, Verspieren, SPB Group, Cbp, and Assurpeople - have positioned themselves effectively by grasping the complexities of the French insurance brokerage sector. Their personalized approaches and customer-centric solutions continue to shape the future of insurance brokerage in France.

Informations

• Nombre de pages : 30 pages
• Format : Version digitale et PDF
• Dernière mise à jour : 09/11/2021

Sommaire et extraits

Liste des graphiques

• Pays où les cotisations aux assurances vie et non vie sont les plus importantes
• Part des courtiers en assurance parmi les intermédiaires
• Cotisations aux assurances vie et non vie
• Classement des marchés mondiaux par primes d'assurance
• Répartition des parts de marché par canal de distribution pour les secteurs Vie et Non Vie
• Évolution des cotisations et des charges auprès des assurances
• Chiffre d'affaires des courtiers en assurance "millionnaires" selon la nature de leur activité
• Estimations chiffre d'affaires des courtiers d'assurance
• Répartition des cotisations
• Cotisations pour les assurances maladie et accidents corporels
• Cotisations pour les assurances vie, décès et capitalisation
• L'image de l'assurance vie auprès des Français
• Parts de marché des courtiers en assurances par type
• Nombre de courtiers d'assurance ou de réassurance
• Répartition des courtiers en assurance selon leur activité
• Les intermédiaires d'assurance
• Répartition des Assurtech recensées
• Cotisations pour les assurances automobile
• Cotisations pour les assurances dommages aux biens des particuliers
• Cotisations pour les assurances dommages aux biens des professionnels et agricoles
• Taille du parc des véhicules assurés
• Part des sociétés avec intermédiaires dans la distribution et valeur des cotisations de certaines assurances
• Cotisations des assurances vie par mode de distribution
• Cotisations des assurances de biens et de responsabilité par mode principal de distribution
• Cotisations des assurances automobile par mode de distribution
• Top 5 des courtiers généralistes en fonction de leur chiffre d'affaires
• Top 5 des courtiers spécialistes en fonction de leur chiffre d'affaires
• Top 5 des courtiers grossistes en fonction de leur chiffre d'affaires