French insurance is doing well. According to the annual report of the authority to control insurance and mutual (Acam), the sector reached a net result of EUR 8.3 billion in 2005. The progression is relatively modest ( 4.8) over the 7.9 billion euros made in 2004. But the sector was barely 200 million euros of profit in 2002... This boom period, the insurers the must to the favourable evolution of the markets as well as to the absence of major disasters over the past two years.
In total, all the actors in the market cashed premiums in 2005 EUR 230 billion, an increase of 13. The France thus reinforced its 4th World place on the market of insurance, behind the United States, the Japan and the United Kingdom, but before the Germany. End of 2005, the value of the investment of insurance agencies was 1350 billion euros. "It is ten months of gross domestic product or 22,000 euros by French," notes Philippe Jurgensen, the President of the CMAA.
The results are healthy, the balance sheets are as much. The coverage rate of regulated undertakings and solvency margins are generally satisfactory. "The balance sheets of insurers resist, on the whole, very well the"stress tests"that we go", said Philippe Jurgensen. If the overall picture is unflattering, French supervisor is not less vigilant. "It is when the market is that it must be concerned about the issues," insists Florence Lustman, Secretary-General of the CMAA, which evokes including the quality of the information provided to savers or changes to collective agreements.
Nine disciplinary sanctions
The skids are few, but they exist. CAPA, which now has powers of investigation and sanction, thus taking a series of emergency and backup last year, whose development under provisional administration of 49 organizations of small mutuals of Guadeloupe for the most part. It has also delivered 17 liquidations for lack of accreditation and opened 24 disciplinary procedures, of which 9 have resulted in sanctions.
Beyond its good results, the French insurance is currently characterized by its tendency to concentration. Six years ago, there were some 5,000 mutual. They were more than 2,400 a year ago, and are more than 2.088 today. The CMAA identifies precisely mutual 1.270 health, 748 mutual with activities of prevention or of social action and 70 federations and technical meetings. Important critical size problems remain however, because the first 100 mutual represent only two thirds of the turnover. The entry into force, at the beginning of next year, a minimum guarantee fund will probably require some mutual to abandon their independence, which should further accelerate clusters.
The same movement is found, on a smaller scale, to insurance companies and the provident societies (IP). There were 452 insurers in 1997, they are more than 386 in 2006. Additional pension institutions, number 89, they are called to disappear. Pursuant to the 2003 Fillon law, they have a choice before 2007: turn into IP or transfer their commitments to another body. The movement for the restructuring of the sector is therefore far from being completed.
The United States entered recession end of 2007Could the rehabilitation of the libretto to 2Other names have been mentioned to replaceThe first based at Montdidier in the sum is already operationalIn fact a large part of the explanation is elsewhere800 dollars against 700 at the height of the crisisThe sign is planning to open 25 stores in 2010Tense economic differences and rivalries are aggravatedIt's official the IntercontinentalExchange ICE is expandingThe two rates of PPRAll roads lead to Rome
