Market Insights Financial Insurances Non-life insurances

Property Insurance - France

France

The Property Insurance market market in France is projected to reach a gross written premium of €20.34bn in 2024.
In the same year, the average spending per capita in the Property Insurance market market is expected to be €313.40.
The market is also anticipated to exhibit an annual growth rate (CAGR 2024-2029) of -4.12%, resulting in a market volume of €16.48bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium in the Property Insurance market market, reaching €220.6bn in 2024.
The demand for property insurance in France is increasing due to the growing number of natural disasters in the country.

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Analyst Opinion

The Property Insurance market in France has been experiencing significant growth and development in recent years. Customer preferences in the Property Insurance market in France have been shifting towards comprehensive coverage that includes protection against natural disasters such as floods and storms. Customers are also increasingly looking for customizable insurance plans that cater to their specific needs and preferences. Trends in the market indicate a rise in demand for digital insurance solutions, with more customers opting to purchase property insurance online. This shift towards digitalization has led to increased competition among insurance providers, prompting them to enhance their online platforms and offer convenient services such as instant quotes and policy management. Local special circumstances in France, such as the country's susceptibility to natural disasters like floods and wildfires, have contributed to the growing importance of property insurance. The increasing frequency and severity of these events have raised awareness among homeowners about the need for adequate insurance coverage to protect their properties. Underlying macroeconomic factors, including low interest rates and a stable real estate market, have also played a role in the development of the Property Insurance market in France. The low interest rate environment has made property insurance more affordable for customers, while the stability of the real estate market has encouraged homeowners to invest in insurance to safeguard their assets against unforeseen events.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.