Insurance Brokers in France

MarketLine Industry Profile
Insurance Brokers in France

December 2019
Reference Code: 0164-2088
Publication Date: December 2019
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Industry Profiles
1. Executive Summary
1.1. Market value

The French insurance brokers sector shrank by 4.1% in 2018 to reach a value of $794.1 million.
1.2. Market value forecast

In 2023, the French insurance brokers sector is forecast to have a value of €794.4 million.
1.3. Category segmentation

Primary insurance is the largest segment of the insurance brokers sector in France, accounting for 76.1% of the
sector's total value.
1.4. Geography segmentation

The United States accounts for 60.8% of the European insurance brokers sector value.
1.5. Market rivalry

The insurance brokerage sector in France has shown signs of demand saturation as the most popular non-life
insurance products such as vehicle and property insurance have only grown moderately in recent years. This has done
little to alleviate competition in the sector.
1.6. Competitive Landscape

The French insurance brokers sector has experienced weak growth in the historic period. In the forecast period a stall
is predicted. Due to France’s high penetration rate the sector has matured, restricting growth. The sector is shaped by
a few large leading players competing against smaller firms, with weak growth boosting the intensification of rivalry.
Marsh & McLennan is the sector leader but Aon, Wills Towers Watson provides serious competition. A large domestic
challenger is Verspieren.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Category segmentation ................................................................................................................2
1.4. Geography segmentation .............................................................................................................2
1.5. Market rivalry ................................................................................................................................ 2
1.6. Competitive Landscape ................................................................................................................2
2. Market Overview 7
2.1. Market definition ........................................................................................................................... 7
2.2. Market analysis ............................................................................................................................ 7
3. Market Data 9
3.1. Market value ................................................................................................................................. 9
4. Market Segmentation 10
4.1. Category segmentation ..............................................................................................................10
4.2. Geography segmentation ...........................................................................................................11
5. Market Outlook 12
5.1. Market value forecast .................................................................................................................12
6. Five Forces Analysis 13
6.1. Summary .................................................................................................................................... 13
6.2. Buyer power ............................................................................................................................... 14
6.3. Supplier power ........................................................................................................................... 15
6.4. New entrants .............................................................................................................................. 16
6.5. Threat of substitutes ...................................................................................................................18
6.6. Degree of rivalry ......................................................................................................................... 19
7. Competitive Landscape 21
7.1. Who are the leading players?.....................................................................................................21

Industry Profiles
7.2. What strategies do the leading players follow? ..........................................................................21
7.3. What are the strengths of the leading players? ..........................................................................22
7.4. What challenges do the leading players face? ...........................................................................22
8. Company Profiles 24
8.1. Marsh & McLennan Companies Inc ...........................................................................................24
8.2. Aon Plc ....................................................................................................................................... 28
8.3. Willis Towers Watson Public Limited Company .........................................................................32
8.4. Financiere Herve ........................................................................................................................36
9. Macroeconomic Indicators 37
9.1. Country data ............................................................................................................................... 37
Appendix 39
Methodology............................................................................................................................................ 39
9.2. Industry associations ..................................................................................................................40
9.3. Related MarketLine research .....................................................................................................40
About MarketLine .................................................................................................................................... 41

Industry Profiles
LIST OF TABLES
Table 1: France insurance brokers sector value: $ million, 2014–18 9
Table 2: France insurance brokers sector category segmentation: $ million, 2018 10
Table 3: France insurance brokers sector geography segmentation: $ million, 2018 11
Table 4: France insurance brokers sector value forecast: $ million, 2018–23 12
Table 5: Marsh & McLennan Companies Inc: key facts 24
Table 6: Marsh & McLennan Companies Inc: Annual Financial Ratios 25
Table 7: Marsh & McLennan Companies Inc: Key Employees 26
Table 8: Marsh & McLennan Companies Inc: Key Employees Continued 27
Table 9: Aon Plc: key facts 28
Table 10: Aon Plc: Annual Financial Ratios 29
Table 11: Aon Plc: Key Employees 30
Table 12: Aon Plc: Key Employees Continued 31
Table 13: Willis Towers Watson Public Limited Company: key facts 32
Table 14: Willis Towers Watson Public Limited Company: Annual Financial Ratios 33
Table 15: Willis Towers Watson Public Limited Company: Key Employees 34
Table 16: Willis Towers Watson Public Limited Company: Key Employees Continued 35
Table 17: France size of population (million), 2014–18 37
Table 18: France gdp (constant 2005 prices, $ billion), 2014–18 37
Table 19: France gdp (current prices, $ billion), 2014–18 37
Table 20: France inflation, 2014–18 37
Table 21: France consumer price index (absolute), 2014–18 38
Table 22: France exchange rate, 2014–18 38

Industry Profiles
LIST OF FIGURES
Figure 1: France insurance brokers sector value: $ million, 2014–18 9
Figure 2: France insurance brokers sector category segmentation: % share, by value, 2018 10
Figure 3: France insurance brokers sector geography segmentation: % share, by value, 2018 11
Figure 4: France insurance brokers sector value forecast: $ million, 2018–23 12
Figure 5: Forces driving competition in the insurance brokers sector in France, 2018 13
Figure 6: Drivers of buyer power in the insurance brokers sector in France, 2018 14
Figure 7: Drivers of supplier power in the insurance brokers sector in France, 2018 15
Figure 8: Factors influencing the likelihood of new entrants in the insurance brokers sector in France, 201816
Figure 9: Factors influencing the threat of substitutes in the insurance brokers sector in France, 2018 18
Figure 10: Drivers of degree of rivalry in the insurance brokers sector in France, 2018 19

Industry Profiles
2. Market Overview
2.1. Market definition

The insurance brokers market is valued in relation to the total brokerage revenue of non-life insurance and
reinsurance brokerage firms. All currency conversions have been carried out at constant annual average 2018
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The French insurance brokers sector experienced significant decline in 2018 following two years of weak growth.
Overall the historic period saw weak growth, in part due to the strong growth witnessed in 2015. The forecast period
indicates that in the years up until 2023 the sector will achieve 0.0% growth remaining stagnant.
Despite recent poor performance, France remains the third biggest insurance brokers sector in Europe and represents
1.6% of the global value.
The French insurance brokers sector had total revenues of $794.1m in 2018, representing a compound annual growth
rate (CAGR) of 1.2% between 2014 and 2018. In comparison, the German and Chinese sectors grew with CAGRs of
0.9% and 12.7% respectively, over the same period, to reach respective values of $1.6bn and $1.0bn in 2018.
The insurance brokerage sector in France has shown signs of demand saturation; the most popular non-life insurance
products have only grown slowly or not at all in recent years. The OECD reported that the French insurance
penetration rate was 10.6% of GDP, significantly above the OECD average of 8.9%. The high penetration rate suggests
a developed market which requires innovation or market disruption to achieve significant growth. Therefore the
sector is constricted, which explains fluctuation in growth rates.
French unemployment, although improving slightly, is still high. In 2018 the unemployment rate was 9.1% down from
9.4% in 2017. The economy grew 1.7% in 2018. This stable but weak growth characterizes France’s recent economic
performance. High unemployment and weak growth are poor economic conditions for a growing insurance brokers
sector, with customers less suited to taking out expensive insurance policies.
The primary insurance segment was the most lucrative sector in 2018, with total revenues of $604.1m, equivalent to
76.1% of the sector's overall value. The reinsurance segment contributed revenues of $189.9m in 2018, equating to
23.9% of the sector's aggregate value.
New underwritings for motor insurance in France have come amidst limited unstable growth patterns. In 2019, there
were price rises in the motor insurance segment. This may help spur value growth through increasing the value of
brokers’ commission.

Industry Profiles
The performance of the sector is forecast to decelerate, with an anticipated CAGR of 0% for the five-year period 2018
- 2023, which is expected to drive the sector to a value of $794.4m by the end of 2023. Comparatively, the German
and Chinese sectors will grow with CAGRs of 0.9% and 9.1% respectively, over the same period; both are forecast to
have a value of $1.6bn in 2023.
There is a growing threat from the increased use of the internet and smartphones, which has led to an increase in
direct sales of policies, as customers become better equipped to search for insurance information themselves. This
trend could hinder growth in the future, and players in the sector must ensure they branch out into online distribution
in order to combat this threat. Additionally, the French economy is not predicted to see much improvement. The 2023
unemployment rate is forecast to be marginally lower at 7.7% and growth marginally higher at 1.5% but not radically
change.

Industry Profiles
3. Market Data
3.1. Market value

The French insurance brokers sector shrank by 4.1% in 2018 to reach a value of $794.1 million.
The compound annual growth rate of the sector in the period 2014–18 was 1.2%.
Table 1: France insurance brokers sector value: $ million, 2014–18
Year $ million € million % Growth

2014 758.1 642.5
2015 802.0 679.7 5.8%
2016 814.0 689.9 1.5%
2017 828.0 701.8 1.7%
2018 794.1 673.0 (4.1%)
CAGR: 2014–18 1.2%
SOURCE: MARKETLINE MARKETLINE
Figure 1: France insurance brokers sector value: $ million, 2014–18

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Primary insurance is the largest segment of the insurance brokers sector in France, accounting for 76.1% of the
sector's total value.
The Reinsurance segment accounts for the remaining 23.9% of the sector.
Table 2: France insurance brokers sector category segmentation: $ million, 2018
Category 2018 %
Primary Insurance 604.1 76.1%
Reinsurance 189.9 23.9%
Total 794 100%
Figure 2: France insurance brokers sector category segmentation: % share, by value, 2018

Industry Profiles
4.2. Geography segmentation

The United States accounts for 60.8% of the European insurance brokers sector value.
United Kingdom accounts for a further 5% of the European sector.
Table 3: France insurance brokers sector geography segmentation: $ million, 2018
Geography 2018 %
United States 29,262.6 60.8
United Kingdom 2,429.1 5.0
Germany 1,572.3 3.3
China 1,023.6 2.1
India 318.4 0.7
Rest of the world 13,557.3 28.1
Total 48,163.3 100%
Figure 3: France insurance brokers sector geography segmentation: % share, by value, 2018

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2023, the French insurance brokers sector is forecast to have a value of €794.4 million.
The sector is therefore expected to be stagnant in the period 2018–23.
Table 4: France insurance brokers sector value forecast: $ million, 2018–23
Year $ million € million % Growth

2018 794.1 673.0 (4.1%)
2019 796.3 674.9 0.3%
2020 803.6 681.1 0.9%
2021 803.3 680.8 0.0%
2022 800.1 678.1 (0.4%)
2023 794.4 673.3 (0.7%)
CAGR: 2018–23 (0.0%)
Figure 4: France insurance brokers sector value forecast: $ million, 2018–23

Industry Profiles
6. Five Forces Analysis

The insurance brokers market will be analyzed taking insurance brokerage companies as players. The key buyers will
be taken as end users in all segments, and insurance companies, skilled workers and ict manufacturers as the key
suppliers.
6.1. Summary
Figure 5: Forces driving competition in the insurance brokers sector in France, 2018
The insurance brokerage sector in France has shown signs of demand saturation as the most popular non-life
insurance products such as vehicle and property insurance have only grown moderately in recent years. This has done
little to alleviate competition in the sector.
The abundance of buyers with negligible financial power weakens their power considerably. Brokers increasingly
prefer the service provided by specialist commercial insurers to the large conglomerates pursuing work with insurers
with 'good capital'.
Market entry is hindered by a number of barriers including the increasingly stringent regulation applied. Players
continue to focus heavily on customer service and retention and are looking for new ways to differentiate themselves
in a bid to bring in business. The weak growth of the sector in recent years fueled by demand saturation as the most
popular non-life insurance products will discourage potential new entrants.
The main substitute is insured parties sourcing their own cover. The rise of aggregator sites is making it easier for
people to find the best deal themselves. This is a serious threat to brokers, but is less of a factor in the corporate
space.

Industry Profiles
6.2. Buyer power

Figure 6: Drivers of buyer power in the insurance brokers sector in France, 2018
There are many buyers within the insurance brokers sector, with the majority being individual clients, meaning their
power is weakened due to lesser financial resources and access to alternative customers for players. Brand loyalty is
not particularly significant in this sector although a degree of recognition may influence buyers' decisions.
Buyer power is also undermined due to the fact that market players possess expertise in the sector. However, the
services offered by insurance brokers are not essential to buyers. Consumers can shop for insurance policies directly
from insurance companies without the need for brokerage services. Moreover, in order to create a long-term
partnership between buyers and players, a relationship based on trust must exist.
However, in recent years price comparison websites have grown substantially. These price comparison websites cover
each of the different sectors of non-life insurance and therefore allows individuals to compare and choose the most
convenient deal. The most popular websites for price comparison of insurance products in France are ameli.fr and
macif.fr.
With the exception of contracts, there are no exit barriers for buyers, augmenting their position as they can easily
switch providers with minimal costs incurred. The growth of online sites has resulted in increasing consumer
information about brokers and insurance policies, further improving buyer power.
Furthermore, insurance products tend to have high dispensability for individual consumers and the propensity to buy
these products differs in the means of personal risk assessment and income. High demand for the insurance sector is
important for the insurance brokers sector as it is reliant on a healthy insurance market. However, there is a level of
dispensability for insurance brokers as customers can seek out insurance themselves or use price comparison
websites
Buyer power within the insurance brokerage sector is assessed as moderate overall.

Industry Profiles
6.3. Supplier power

Figure 7: Drivers of supplier power in the insurance brokers sector in France, 2018
The most significant suppliers to this sector are insurance companies. Brokers generally have relationships with
insurance providers as they exist to match buyers and suppliers. However, brokers generally do not have contractual
agreements with insurance providers. The advantage of using the brokers may be quality of the service and the
cheaper cost of the actual core product, as brokers often leverage their positions with insurance companies to drive
down prices.
Brokers increasingly prefer the service provided by specialist commercial insurers to the larger, conglomerate
providers. The largest non-life insurance providers in France are the Covea Mutual Insurance Group, AXA, Groupama
and Allianz. Accordingly, as these insurance companies are some of the largest multinational insurers in the world,
their bargaining power is increased against the players of the sector. Notably, the market is fairly competitive as the
concentration ratio of the four largest players was estimated at 33.6% in 2017.
Specialist companies are more focused on innovation over how much of the value chain they control. If this pressure
persists and the market continues to partition in favor of specialized divisions, there could be wider ramifications for
supplier power. Smaller, more specialized firms will have less of a dominant position compared to larger ones.
Suppliers also include ICT manufacturers and software houses. A secure and reliable ICT infrastructure is essential and
companies are often reliant on one supplier, commonly a large provider such as IBM. One disincentive to switch is the
fact that employers are reluctant to spend the money on training staff to use new systems.
It is important for insurance companies to retain suitably qualified employees with actuarial, investment, and similar
skills. These roles are quite specialized and can attract high salaries. A lack of qualified employees increases supplier
power.
Overall, supplier power is strong in the insurance broker sector.

Industry Profiles
6.4. New entrants

Figure 8: Factors influencing the likelihood of new entrants in the insurance brokers sector in France, 2018
Insurance brokering is carried out today by many types of organizations including traditional brokerages, independent
financial advisers (IFAs) and telephone or web-based firms. The emergence of online insurance brokering presents
significant cost advantages to new entrants given the lack of a physical presence, yet they are accessible to many
customers. Such methods lower barriers to entry for new companies. However, the sector is heavily regulated in many
countries. Moreover, allegations of fraud have resulted in a more stringent regulatory environment. However, in some
regions due to specifics of industry regulations, smaller brokerage firms can easily compete with larger ones.
In France, insurance brokers have to be registered with the Organization for the Register of Insurance Intermediaries
(ORIAS), which is a subordinate to the Director General of the Treasury and Economic Policy (DGTPE). Furthermore, no
foreign-ownership restrictions apply for insurance brokers operating in France, while the French sector is subject to
the EU Insurance Distribution Directive. The implementation of Solvency II, which came into force January 1, 2016, is
an EU insurance regulatory directive effective in all 28 member states. It introduces a new, harmonized EU-wide
insurance regulatory regime, replacing 13 existing EU insurance directives. Key objectives of Solvency II include
improved consumer protection, modernized supervision shifting focus from compliance monitoring to evaluating
insurers' risk profiles and the quality of their risk management and governance systems, increased international
competitiveness and deepened EU market integration. This degree of legislation and compliance may dissuade new
entrants.
What is more, the tax rates of insurance premiums within a country are also important for the pricing flexibility of
insurers. Notably, insurers' operating activities in France are exempt from VAT. Nevertheless, insurance premium
taxes are applied; 9% for personal liability (except motor related which is 33%) and accidents insurance, 18% for
motor insurance, and 30% for fire insurance which is reduced for industrial clients. High tax rates may deter new
entrants, due to decreased earnings from commission.
Players continue to focus heavily on customer service, improving retention rates and attracting new customers. As
technologically adept businesses are better placed, newcomers will have to consider additional capital outlays to
invest in infrastructure.
Some countries may have lucrative insurance niche markets related to their unique characteristics. For instance, in
countries where the possibility of a natural disaster (earthquakes, floods, etc.) is higher, property insurance is quite
common, forming a large marketplace for insurance providers and extensively insurance brokers. In France though,
the most popular insurance products are accident and vehicle insurance.

Industry Profiles
Finally, the weak growth of the sector in recent years fueled by demand saturation as the most popular non-life
insurance products will discourage potential new entrants. Swiss Re estimates French insurance penetration at 9.0%
of GDP in 2019, above the EU average of 6.5%. The high penetration rates suggest a mature market which will
constrain significant growth opportunities bar market disruption or innovation.
Overall, there is a moderate likelihood of new entrants to this sector.

Industry Profiles
6.5. Threat of substitutes

Figure 9: Factors influencing the threat of substitutes in the insurance brokers sector in France, 2018
In terms of substitutes, consumers have the ability, particularly given the growth of online aggregator sites, to shop
around for the insurance policies best suited to their needs. This cuts out the brokerage firm entirely. On a global
scale, there is a growing threat from the increased use of the internet and smartphones, which has led to an increase
in direct sales of policies, as customers become better equipped to search for insurance information themselves. This
trend could hinder growth in the future, and players in the sector must ensure they branch out into online distribution
in order to combat this threat.
However, market players can more easily and accurately compare insurance quotes to find the best deal for
consumers, saving them time, which may be preferential to buyers without intricate knowledge of the insurance
market. Furthermore, many corporate buyers do not have the time or inclination to go through this process and so
the threat of substitutes is reduced for such clients.
Overall, the threat of substitutes is assessed as moderate.

Industry Profiles
6.6. Degree of rivalry

Figure 10: Drivers of degree of rivalry in the insurance brokers sector in France, 2018
The insurance brokers sector usually contains a number of small players competing alongside large companies with
differing levels of dependency on the brokerage income. This helps to alleviate the degree of rivalry between players.
A lack of service differentiation within the insurance market means that competition is predominantly based on price.
In order to keep premiums low, insurance companies and brokers need to streamline their businesses to lower costs.
Accordingly, brokers may adapt to tougher operating environments by downsizing their operating platforms through
reducing headcounts and streamlining operating systems. Moreover, in times of economic decline, insurance products
are getting more dispensable, increasing rivalry between brokers over a reduced marketplace.
Domestic players face competition from international players which have increased financial leverage and repute.
Accordingly, large international players are able to offer price competitive insurance products based on their
economies of scale.
The weak growth of the French insurance brokers sector due to the saturation of demand for non-life insurance
products has intensified rivalry. The largest players in the French sector are Aon, Marsh & McLennan, Willis Towers
Watson, Filhet-Allard and Verspieren. The presence of the last two is notable as in many markets, local players
struggle to compete with global powerhouses.
Aon, Marsh & McLennan and Willis Towers Watson are the most diverse players in the sector, having a leading
presence in many other countries worldwide. In this way, they are less dependent on the domestic sector than other
players, so they are not that vulnerable to domestic demand shocks.
Mergers and acquisitions activity has been high in the sector until recently. Indeed, The merger of Willis Group and
Towers Watson was a milestone-deal of $18bn in the sector, at the beginning of 2016. In detail, the merge of Willis
Group, the third-largest US insurance broker, with the consulting services company, Towers Watson, was a strategic
move for the former. That is because Willis Towers Watson will be able to provide integrated services to its clients
such as risk management and actuarial investment consulting, competing against rivals Marsh & McLennan and Aon
that offer similar services. In fact, Willis Towers Watson had a record revenue increase in 2016 as a result of that deal.
On the other hand, Aon implemented a restructuring plan in 2016 that includes workforce reductions which have
inflated its operating expenses in the short-term. However, in its 2018 annual report the company reported a revenue
increase of 8% to $10.8bn.

Industry Profiles
The performance of the French sector is forecast to stall, with an anticipated CARC of 0.0% for the five-year period
2018 - 2023. Zero growth in the coming years will intensify the degree of rivalry between players and increase the
likelihood of a zero-sum game.
Rivalry within this sector is assessed as strong overall

Industry Profiles
7. Competitive Landscape
The French insurance brokers sector has experienced weak growth in the historic period. In the forecast period a stall
is predicted. Due to France’s high penetration rate the sector has matured, restricting growth. The sector is shaped by
a few large leading players competing against smaller firms, with weak growth boosting the intensification of rivalry.
Marsh & McLennan is the sector leader but Aon, Wills Towers Watson provides serious competition. A large domestic
challenger is Verspieren.
7.1. Who are the leading players?

Marsh & McLennan Companies, Inc. is a leading player in the French insurance brokers sector. The firm reported total
revenue of $15.0bn in 2018. It was 458th on the 2017 Forbes Global 2000 list. Broadly the firm operates as a global
professional services group offering solutions for strategy, risk and human capital. The insurance broking service is
offered through Marsh. Headquartered in New York, the firm operates in the UK, the US, Europe and the Asia-Pacific
region.
Aon plc was formed in 1982 following the merger of the Ryan Insurance Group and the Combined Insurance Company
of America. The firm is a professional services firm and operates a vast insurance brokerage network. It reported
annual revenue of $10.8bn. Headquartered in London, the firm offers insurance solutions across North America,
Europe, Asia-Pacific, the Middle-East and Africa.
Willis Towers Watson plc is a global risk management, insurance brokerage and advisory company. The firm was
formed as a result of a merger between London-based Willis Group Holdings plc and Arlington-based Towers Watson
& Co., finalized in 2016. It reported revenue of $8.5bn in 2018.
Verspieren is an insurance brokerage firm based in France. Headquartered in the town of Wasquehal, the firm also
operates in Italy and Spain. The company employs more than 2,000 people and achieved annual revenue in excess of
$350m in 2018.
7.2. What strategies do the leading players follow?

Due to the undifferentiated nature of the service offered by insurance brokers, increasing efficiency is essential to
maximizing profit margins. Marsh, the industry brokerage arm of Marsh & McLennan, recently looked to utilize block
chain to maximize the efficiency of the firm’s business model. Through entering into a partnership with ACORD, IBM,
and ISN, the firm will use block chain technology as a solution for proof of insurance. This will create a more simple
streamlined insurance process, allowing clients to complete business functions – such as hiring contractors and
transferring risk – in significantly reduced time. A similar strategy can also be seen by Aon, but in a more traditional
sense. In 2016 the firm implemented a restructuring plan which included workforce reductions in order to reduce
costs. This demonstrates how in order to keep premiums low, insurance brokers need to streamline their businesses
to minimize costs.
Willis Towers Watson has looked to technological innovation in order to increase profitability. In August 2018, it
announced a first-of-its-kind digital tool, Captive Quantified. This product was introduced for clients to analyze
feasibility and future profitability of their insurance strategies. Additionally, in June 2018, the firm introduced ResQ,
an industry-leading loss reversing software. This offers property and casualty insurers with new reporting capabilities
in order to fulfill clients’ growing needs for faster and efficient processes.
Achieving inorganic growth, through mergers, acquisitions or partnerships, is another strategy of leading players.
Inorganic growth methods enable the leading players to enhance their service offerings and expand the geographic
reach of their business. These can be key advantages in a sector with an undifferentiated service. A recent example of
an acquisition in the French sector is Willis Towers Watson acquiring Dero Courtage, an insurance broker with a strong
presence in Normandy. Dero Courtage will now operate under the brand of the French arm of the business, Gras
Savoye Willis Towers Watson France. The French arm of the business was created through the acquisition of French

Industry Profiles
insurance broker Gras Savoye, with Willis Towers Watson securing the final 68.2% stake in 2015 for EUR550m
(approximately $647.1m). Gras Savoye had made annual revenue of EUR370m ($435.3m) prior to being taken over.
Therefore it was already a leading player in its own right, demonstrating that inorganic growth opportunities in this
sector are seen as beneficial even at the expense of autonomy.
7.3. What are the strengths of the leading players?

The leading players in France, apart from Verspieren, are large global players. This gives them an advantage over
domestic challengers. As the insurance brokerage sector is heavily dependent on the insurance industry, having this
global reach is important. The global presence means that were the French insurance brokers sector or insurance
market to falter, then these leading players would not suffer to the same extent as domestic players such as
Verspieren. The French insurance brokers sector achieved strong growth in the historic period and is forecast to stall
in the coming years. Therefore having a global presence gives access to other more profitable markets; this capital can
then potentially be used in the French sector.
In addition to this many of these players offer other services in addition to brokerage. Marsh & McLennan is the most
prominent example of this with four main operating companies that make up the firm. Due to this it offers a wide
range of professional services such as consultancy, investment advisory and management. This is significant because
the company’s fortunes are not entirely dependent on the success of the brokerage sector, and incoming capital from
other ventures can be used to support the brokerage arm of the business. By offering a wide-range of services this
also broadens the potential client base. The merger of insurance broker Willis Group, insurance broker, with the
consulting services company Towers Watson is a prime example. As a result, Willis Group was able to provide
integrated services to its clients to rival Marsh & McLennan and Aon.
Both the traits described demonstrate the benefits of economies of scale. The size and power of these companies
makes it unattractive for new entrants. By managing operations through subsidiaries, the effects of diseconomies of
scale can be alleviated. Additionally, strong market recognition and a robust brand image help the leading players to
remain considerably ahead of the rest of the sector. For example, Aon’s image is reflected through the numerous
awards and being named consistently as the world’s best insurance broker. Examples include the firm’s Reinsurance
Solutions sector being named US Property Cat Brokerage of the Year at the Insider US P&C Awards 2019. Additionally
in 2018 Aon Securities was recognized as Broking Team of the Year and Diversity & Talent Management Initiative of
the Year at the Insurance Day London Market Awards. Honors such as these make it hard for smaller firms to win
business from trusted players. Verspieren is an example of a significantly smaller domestic player which is currently
providing competition; however, whether this can continue in the mature and saturated French sector is
questionable.
7.4. What challenges do the leading players face?

The activities of leading players are subject to other prevailed laws in the insurance brokerage industry. For example
factors such as anti-competition, employment and labor relations, anti-corruption, currency, licensing, data privacy
and amount of local investment are taken into consideration. Changes in government policy, legislation or regulatory
interpretation may affect the leading players’ profitability.
In France, insurance brokers have to be licensed by the Organization for the Register of Insurance Intermediaries
(ORIAS), which is a subordinate to the Director General of the Treasury and Economic Policy (DGTPE). The
implementation of Solvency II in 2016, an EU insurance regulatory directive, introduces a new, harmonized EU-wide
insurance regulatory regime, replacing existing EU insurance directives. Key objectives of Solvency II include improved
consumer protection, modernized supervision shifting focus from compliance monitoring to evaluating insurers' risk
profiles and the quality of their risk management and governance systems, increased international competitiveness
and deepened EU market integration.
As there is a lack of service differentiation within the insurance brokerage sector, competition is predominantly based
on price. This can negatively impact profit margins as firms look to gain market share at the expense of profit.
Additionally, in times of economic recession, insurance products become more dispensable, which increases rivalry

Industry Profiles
between brokers as they are competing over a reduced marketplace. An issue that the French sector currently faces is
its maturity compared to other sectors; this coupled with the saturation of insurance demand has restricted growth
and explains why a stall is forecast. This is accentuated by the rise of price-comparison websites which offer
consumers a free and accessible method to find their own insurance deal. Examples of these threats in France are
ameli.fr and macif.fr.

Industry Profiles
8. Company Profiles
8.1. Marsh & McLennan Companies Inc
8.1.1. Company Overview
Marsh & McLennan Companies Inc (MMC) is a professional services group. It offers advice and solutions in the areas
of strategy, risk, and human capital. The group offers insurance broking and risk advisory through Marsh; risk and
reinsurance intermediary services through Guy Carpenter; and human resources and investment related financial
advice and services through Mercer. It also offers management consulting, economic analysis and advice, and brand
strategy and design consulting services through Oliver Wyman. The group serves individuals, businesses, professional
service organizations and government entities. It operates in the US, the UK, Europe, and Asia Pacific. MMC is
headquartered in New York City, New York, the US.
The company reported revenues of (US Dollars) US$14,950 million for the fiscal year ended December 2018 (FY2018),
an increase of 6.6% over FY2017. In FY2018, the company’s operating margin was 18.5%, compared to an operating
margin of 18.9% in FY2017. In FY2018, the company recorded a net margin of 11%, compared to a net margin of
10.6% in FY2017.The company reported revenues of US$3,968 million for the third quarter ended September 2019, a
decrease of 8.8% over the previous quarter.
8.1.2. Key Facts
Table 5: Marsh & McLennan Companies Inc: key facts
Head office: 1166 Avenue of the AmericasNew York, New York, United States
Number of Employees: 65000
Website: www.mmc.com
Financial year-end: December
Ticker: MMC
Stock exchange: New York Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Marsh & McLennan Companies Inc (MMC) is a global professional services group that offers a range of advice and
solutions in the areas of risk, strategy and human resource. It provides insurance broking and risk advisory services,
risk and reinsurance intermediary services, and human resources and investment related financial advice and services.
It also provides management, economic and brand strategy consulting services. The group serves individuals,
businesses, professional service organizations and government entities in over 130 countries.
MMC operates through two business segments: Risk and Insurance Services, and Consulting.

Industry Profiles
Table 6: Marsh & McLennan Companies Inc: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 5.63 -0.45 2.47 6.15 6.60
Operating Income Growth % 5.41 11.78 0.50 9.21 3.99
EBITDA Growth % 5.41 11.78 0.50 9.21 3.99
Net Income Growth % 7.96 9.15 10.57 -15.61 10.59
EPS Growth % 10.34 7.34 13.10 11.36 -14.32
Working Capital Growth % -25.49 -28.02 -39.97 62.09 -22.31
Equity Ratios
EPS (Earnings per Share) USD 2.60 2.98 3.37 3.76 3.22
Dividend per Share USD 1.06 1.18 1.30 1.43 1.58
Dividend Cover Absolute 2.45 2.53 2.60 2.63 2.04
Book Value per Share USD 13.06 12.48 12.04 14.47 14.91
Profitability Ratios
Operating Margin % 16.71 18.76 18.40 18.93 18.47
Net Profit Margin % 11.31 12.40 13.38 10.64 11.04
Profit Markup % 72.34 75.80 77.07
PBT Margin (Profit Before Tax) % 15.88 17.89 18.77 18.85 15.01
Return on Equity % 20.77 24.55 28.55 20.27 21.97
Return on Capital Employed % 15.33 16.67 17.23 16.42 16.58
Return on Assets % 8.43 8.88 9.71 7.73 7.86
Return on Working Capital % 116.59 181.06 303.12 204.23 273.37
Operating Costs (% of Sales) % 83.29 81.24 81.60 81.07 81.53
Administration Costs (% of Sales) % 58.03 56.88 58.24 57.65 57.56
Liquidity Ratios
Current Ratio Absolute 1.50 1.36 1.20 1.31 1.21
Quick Ratio Absolute 1.50 1.36 1.20 1.31 1.21
Cash Ratio Absolute 0.53 0.37 0.25 0.28 0.22
Leverage Ratios
Debt to Equity Ratio Absolute 0.48 0.68 0.78 0.75 0.78
Net Debt to Equity Absolute 0.20 0.47 0.61 0.58 0.63
Debt to Capital Ratio Absolute 0.32 0.40 0.44 0.43 0.44
Efficiency Ratios
Asset Turnover Absolute 0.74 0.72 0.73 0.73 0.71
Fixed Asset Turnover Absolute 15.82 16.30 17.64 19.52 21.16
Current Asset Turnover Absolute 2.19 2.44 2.66 2.69 2.60
Capital Employed Turnover Absolute 0.92 0.89 0.94 0.87 0.90
Working Capital Turnover Absolute 6.98 9.65 16.47 10.79 14.80
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 7: Marsh & McLennan Companies Inc: Key Employees
Name Job Title Board

Anthony K. Anderson Director Non Executive Board
Bruce P. Nolop Director Non Executive Board
Daniel S. Glaser Chief Executive Officer Executive Board
Daniel S. Glaser Director Executive Board
Daniel S. Glaser President Executive Board
David Priebe Chairman - Guy Carpenter & Co Senior Management
Deborah C. Hopkins Director Non Executive Board
Dominic Burke Vice Chairman Senior Management
E. Scott Gilbert Chief Information Officer Senior Management
E. Scott Gilbert Senior Vice President Senior Management
Erick R Gustafson Chief Public Affairs Officer Senior Management
H. Edward Hanway Director Non Executive Board
Joe Grogan Chairman - Marsh Ireland Senior Management
John Q. Doyle Chief Executive Officer Marsh Senior Management
John Q. Doyle President Marsh Senior Management
Laurie Ledford Chief Human Resources Officer Senior Management
Laurie Ledford Senior Vice President Senior Management
Lloyd M. Yates Director Non Executive Board
Marc D. Oken Director Non Executive Board
Mark McGivney Chief Financial Officer Senior Management
Martine Ferland Chief Executive Officer Mercer Senior Management
Martine Ferland President Mercer Senior Management
Morton O. Schapiro Director Non Executive Board
Oscar Fanjul Director Non Executive Board
Pat Howett Chief Executive Officer Marsh Ireland Senior Management
Peter Hearn Chief Executive Officer Guy Carpenter Senior Management
Peter Hearn President Guy Carpenter Senior Management
Peter J. Beshar Executive Vice President Senior Management
Peter J. Beshar General Counsel Senior Management
R. David Yost Director Non Executive Board

Industry Profiles
Table 8: Marsh & McLennan Companies Inc: Key Employees Continued

Scott McDonald Chief Executive Officer Oliver Wyman Group Senior Management
Scott McDonald President Oliver Wyman Group Senior Management
Stacy Mills Chief Accounting Officer Senior Management
Stacy Mills Controller Senior Management
Stacy Mills Vice President Senior Management
Steven A. Mills Director Non Executive Board
Tamara Ingram Director Non Executive Board

Industry Profiles
8.2. Aon Plc
Aon Plc (Aon) is a provider of professional services. The company, through its subsidiaries, offers a range of
commercial risk solutions, reinsurance solutions, retirement solutions, health solutions, and data and analytic services.
Aon provides its advisory services in various sectors, including aerospace, technology and communications, financial
institutions, agribusiness, life science, aviation, real estate, power, retail trade, construction, transportation and
logistics, health care and energy and mining. It offers insurance solutions through a network of its offices and
distribution centers. The company has presence across various countries in the Middle East, Africa, Asia-Pacific,
Europe and North America. Aon is headquartered in London, the UK.
margin of 10.5% in FY2017. In FY2018, the company recorded a net margin of 10.5%, compared to a net margin of
12.3% in FY2017.The company reported revenues of US$2,606.0 million for the second quarter ended June 2019, a
decrease of 17.1% over the previous quarter.
8.2.2. Key Facts
Table 9: Aon Plc: key facts
Head office: The Leadenhall Building122 Leadenhall Street, London, England, United Kingdom
Website: www.aon.com/
Ticker: AON
Stock exchange: New York Stock Exchange
Aon Plc (Aon), through its subsidiaries, offers a broad range of professional services, including human resource
consulting and outsourcing, insurance brokerage, risk management services and reinsurance brokerage services. Aon
serves individuals, mid-market companies, and large global companies in about 120 countries and sovereignties.
Aon classifies its business operations into five principal products and service lines: Commercial Risk Solutions,
Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data & Analytic Services.

Industry Profiles
Table 10: Aon Plc: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 1.95 -21.30 -0.75 6.26 7.72
Operating Income Growth % 18.38 -16.13 10.84 -43.30 46.62
EBITDA Growth % 18.38 0.80 8.13 -28.08 35.77
Net Income Growth % 25.52 -0.86 0.79 -12.18 -7.50
EPS Growth % 17.03 -12.33 8.67 -12.40 88.21
Working Capital Growth % -11.97 -40.67 35.63 41.63 16.70
Equity Ratios
Return on Equity % 21.26 23.08 25.50 26.75 27.32
Return on Assets % 4.65 4.89 5.22 4.65 4.32
Return on Working Capital % 245.98 347.71 284.18 113.77 142.94
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 14.89 19.75 14.45 10.84 10.01

Industry Profiles
Table 11: Aon Plc: Key Employees

Andy Weitz Chief Marketing Officer Senior Management
Andrew Marcell Chief Executive Officer Reinsurance Solutions Senior Management
Bill Gourlay Head Global, investment product development Senior Management
Brian Cochrane Chief Commercial officer-Ventures Group Senior Management
Global Head-Strategic Growth and
Bryon G. Ehrhart Development, Global Chairman of Capital Senior Management
Advisory, Reinsurance Solutions
Carlo Clavarino Chairman, EMEA, Commercial Risk Solutions Senior Management
Chief Executive Officer MENA, Commercial
Carlo Clavarino Senior Management
Risk Solutions
Head Mergers and Acquisitions, EMEA,
Carlo Clavarino Senior Management
Commercial Risk Solutions
Carolyn Y. Woo Director Non Executive Board
Chief Executive Officer Global Retirement and
Cary Grace Senior Management
Investment
Cheryl A. Francis Director Non Executive Board
Christa Davies Chief Financial Officer Senior Management
Christa Davies Executive Vice President Global Finance Senior Management
Head Life Reinsurance Broking, Australia and
Danny Alexander Senior Management
New Zealand
Darren Zeidel Executive Vice President Senior Management
Darren Zeidel General Counsel Senior Management
Darren Zeidel Secretary Senior Management
Dave Guilmette President Health Solutions Senior Management
Dominic Christian Chairman-Aon Benfield International Senior Management
Dominic Christian Chief Executive Officer Aon UK Limited Senior Management
Dominic Christian Global Chairman, Reinsurance Solutions Senior Management
Don Magee Chairman Reinsurance Solutions, UK Executive Board
Chairman EMEA, MandA and transaction
Edwin Charnaud Executive Board
solutions business
Eric Andersen Co-Presidents Senior Management
Fulvio Conti Director Non Executive Board
Gloria Santona Director Non Executive Board
Grant Rovelli Regional Director, Southeast Queensland Senior Management
Gregory C. Case Chief Executive Officer Executive Board
Gregory C. Case Director Executive Board
J. Michael Losh Director Non Executive Board

Industry Profiles
Table 12: Aon Plc: Key Employees Continued

Jay Demeusy Vice Chairman Reinsurance Solutions, the US Executive Board
Jeffrey C. Campbell Director Non Executive Board
Jin-Yong Cai Director Non Executive Board
Chief Executive Officer Commercial Risk
John Cullen Senior Management
Solutions EMEA, Health Solutions and Affinity
Chief Executive Officer Data and Analytic
John G. Bruno Senior Management
Services
John G. Bruno Chief Operating Officer Senior Management
Chief Executive Officer Global Health
John Zern Senior Management
Solutions
Chief Executive Officer North America,
John Zern Commercial Risk Solutions and Health Senior Management
Solutions
Chief Product Officer-Intellectual Property
Joshua Walker Senior Management
Division
Chief Executive Officer Commercial Risk
Lambros Lambrou Senior Management
Solutions
Lester B. Knight Chairman Non Executive Board
Liam Caffrey Global Chief Executive Officer, Affinity Senior Management
Lisa Stevens Chief People Officer Senior Management
Chief Executive Officer U.S., Commercial Risk
Lori Goltermann Senior Management
Solutions and Health Solutions
Maggie Westdale Chief Financial Officer Business Senior Management
Executive Vice President Delivering Aon
Michael Moran Senior Management
United
Michael O'Connor Co-President Senior Management
Richard B. Myers Director Non Executive Board
Richard C. Notebaert Director Non Executive Board
President Commercial Risk and Health
Stephane Lesperance Senior Management
Solutions, Canada
Tim Ronda President US Reinsurance Solutions Senior Management
Tony Goland Chief Innovation Officer New Ventures Group Senior Management
Vincent Barrett Regional Managing Director - EMEA Senior Management

Industry Profiles
8.3. Willis Towers Watson Public Limited Company
Willis Towers Watson Public Limited Company (Willis Towers) provides global risk advisory, insurance brokerage and
consulting solutions to multinational companies, government and other institutions, and private individuals. It offers
to industries such as construction, financial institutions, natural resources, technology, media and communication,
transportation, marine, aerospace, metals and mining, sports entertainment and health care. The company was
formed as a result of merger between Willis Group Holdings Public Limited Company and Towers Watson & Co. the
company’s operations are spanned across the US, Ireland, the UK and other countries. Willis Towersis headquartered
in London, the UK.
margin of 6.3% in FY2017. In FY2018, the company recorded a net margin of 8.2%, compared to a net margin of 6.9%
in FY2017.The company reported revenues of US$2,048.0 million for the second quarter ended June 2019, a decrease
of 11.4% over the previous quarter.
8.3.2. Key Facts
Table 13: Willis Towers Watson Public Limited Company: key facts
Telephone: 442031246000
Website: www.willistowerswatson.com/en
Ticker: WLTW
Stock exchange: NASDAQ
Willis Towers Watson Public Limited Company (Willis Towers) provides risk advisory, insurance brokerage and
consulting solutions to institutional and individual clients. Willis Towers operates in the more than 140 countries.
Willis Towers operates four segments: Human Capital and Benefits; Corporate Risk and Broking; Investment, Risk and
Reinsurance; and Benefits Delivery and Administration.

Industry Profiles
Table 14: Willis Towers Watson Public Limited Company: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 4.02 0.71 105.98 3.99 3.79
Operating Income Growth % 7.30 -34.00 -18.50 48.28 56.78
EBITDA Growth % 5.45 -24.59 86.79 16.38 19.31
Net Income Growth % -0.82 3.04 12.60 35.24 22.36
EPS Growth % -10.70 11.82 -25.63 37.03 3.29
Working Capital Growth % -36.37 -147.45 -241.61 162.09 1.18
Equity Ratios
Return on Equity % 18.24 16.73 4.17 5.61 7.05
Return on Assets % 2.40 2.18 1.71 1.81 2.14
Return on Working Capital % 103.03 82.46 46.65 72.30
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 6.05 18.69 7.42 7.61

Industry Profiles
Table 15: Willis Towers Watson Public Limited Company: Key Employees

Adam L. Garrard Head International Business Senior Management
Amanda Scott Head Talent and Rewards business Senior Management
Anna C. Catalano Director Non Executive Board
Anne Donovan Bodnar Chief Human Resources Officer Senior Management
Anne Pullum Chief Administrative Officer Senior Management
Anne Pullum Head Strategy and Innovation Senior Management
Director Advisory Investment Services,
Anne Swift Senior Management
London
Ben Dunston Head Broking, Asia Senior Management
Brendan R. O'Neill Director Non Executive Board
Brian Shea Head Strategic and Financial Analysis Senior Management
Head Strategic and Financial Analysis for
Brian Shea Senior Management
Willis Re International
Brian Shea Managing Director Senior Management
Carl A. Hess Head Investment, Risk and Reinsurance Senior Management
Christophe Meurier Head Global Financial Solutions Senior Management
Senior Director, UK Pension De-Risking
Costas Yiasoumi Senior Management
Transaction Business
Head Broking, Global Marine in its Corporate
David Ripton Senior Management
Risk and Broking unit
David Shalders Director Operations and Technology Senior Management
Donald Harrell Chief Operating Officer Senior Management
Donald Harrell Managing Director Senior Management
Edie Rozier Director Employee Insights practice Senior Management
Eleonora Geamanu Head Willis Towers Watson in Romania Senior Management
Fred Abbott Head Northern California Senior Management
Gene H. Wickes Head Benefits Delivery and Administration Senior Management
Senior Director, Insurance Consulting and
Iain Whittingham Senior Management
Technology
James F. McCann Director Non Executive Board
Jaymin B. Patel Director Non Executive Board
Joe Peiser Head Global Broking Senior Management
John J. Haley Chief Executive Officer Executive Board
John J. Haley Director Executive Board
Joseph Gunn Head North America Senior Management

Industry Profiles
Table 16: Willis Towers Watson Public Limited Company: Key Employees Continued

Joseph Hurley Director Corporate Risk and Broking Senior Management
Julie J. Gebauer Head Human Capital and Benefits Senior Management
Linda D. Rabbitt Director Non Executive Board
Marcus Bowser Head Life Insurance Consulting Team, the UK Senior Management
Head Americas Technology Sales, Insurance
Marisa Ruscitto Senior Management
Consulting and Technology
Mark Hiles Head Power and Utilities, CEEMEA region Senior Management
Mary Botkin Head Corporate Risk and Broking Segment Senior Management
Matthew Frost Head Risk Advisory, Australasia Senior Management
Matthew S. Furman General Counsel Senior Management
Michael J. Burwell Chief Financial Officer Senior Management
Nancy Woode Head Property Broking North America. Senior Management
Nicolas Aubert Chief Executive Officer Willis Limited Senior Management
Head Central and Eastern Europe, Middle
Pamela Thomson-Hall Senior Management
East, and Africa
Patrick Murphy Head Cargo and Specie Senior Management
Paul G. Morris Head Western Europe Senior Management
Director Global Services and Solutions
Paul McNiff Senior Management
Consulting Business New York
Paul Thomas Director Non Executive Board
Richard McEvoy Head Delegated Integrated Solutions Senior Management
Scott Burnett Head Corporate Risk and Broking, Asia Senior Management
Simon Weaver Head Australasia Senior Management
Head London Market Reinsurance Claims
Steve Robson Senior Management
Willis Re
Head UK and Ireland,Insurance Consulting
Tammy Richardson Senior Management
and Technology business
Tarik Serpil Head Turkey Senior Management
Todd Jones Head Corporate Risk and Broking Senior Management
Victor F. Ganzi Chairman Non Executive Board
Wendy E. Lane Director Non Executive Board
Wilhelm Zeller Director Non Executive Board

Industry Profiles
8.4. Financiere Herve
8.4.2. Key Facts

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 17: France size of population (million), 2014–18
Year Population (million) % Growth

2014 65.8 0.4%
2015 66.3 0.8%
2016 66.6 0.5%
2017 66.9 0.4%
2018 67.2 0.4%
Table 18: France gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 2,367.2 0.4%
2015 2,390.1 1.0%
2016 2,430.5 1.7%
2017 2,472.1 1.7%
2018 2,516.9 1.8%
Table 19: France gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 2,902.2 3.4%
2015 2,959.5 2.0%
2016 3,039.7 2.7%
2017 3,126.6 2.9%
2018 3,222.4 3.1%
Table 20: France inflation, 2014–18

Industry Profiles
Year Inflation Rate (%)

2014 0.7%
2015 0.7%
2016 1.0%
2017 1.2%
2018 1.3%
Table 21: France consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 115.5
2015 116.3
2016 117.5
2017 118.8
2018 120.3
Table 22: France exchange rate, 2014–18
Year Exchange rate ($/€)

2014 0.7535
2015 0.9013
2016 0.9040
2017 0.8855
2018 0.8475

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. UCAMAT
91 Rue Saint-Lazare, 75009 Paris, FRA

www.ucamat.com
9.2.2. The European Federation of Insurance Intermediaries
Avenue Albert Elisabeth 40, B-1200 Bruxelles, BEL

Tel.: 32 2 735 60 48
Fax: 32 2 732 14 18
www.bipar.eu/en/home
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Insurance Brokers

Insurance Brokers in Germany
Insurance Brokers in Europe
Insurance Brokers in Asia-Pacific

Industry Profiles
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Reference Code: 0164-2088

Publication Date: December 2019

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Category segmentation ................................................................................................................2

1.4. Geography segmentation .............................................................................................................2

1.5. Market rivalry ................................................................................................................................ 2

1.6. Competitive Landscape ................................................................................................................2

2.1. Market definition ........................................................................................................................... 7

2.2. Market analysis ............................................................................................................................ 7

3.1. Market value ................................................................................................................................. 9

4.1. Category segmentation ..............................................................................................................10

4.2. Geography segmentation ...........................................................................................................11

5.1. Market value forecast .................................................................................................................12

6. Five Forces Analysis 13

6.1. Summary .................................................................................................................................... 13

6.2. Buyer power ............................................................................................................................... 14

6.3. Supplier power ........................................................................................................................... 15

6.4. New entrants .............................................................................................................................. 16

6.5. Threat of substitutes ...................................................................................................................18

6.6. Degree of rivalry ......................................................................................................................... 19

7.1. Who are the leading players?.....................................................................................................21

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

7.2. What strategies do the leading players follow? ..........................................................................21

7.3. What are the strengths of the leading players? ..........................................................................22

7.4. What challenges do the leading players face? ...........................................................................22

8.1. Marsh & McLennan Companies Inc ...........................................................................................24

8.2. Aon Plc ....................................................................................................................................... 28

8.3. Willis Towers Watson Public Limited Company .........................................................................32

8.4. Financiere Herve ........................................................................................................................36

9.1. Country data ............................................................................................................................... 37

9.2. Industry associations ..................................................................................................................40

9.3. Related MarketLine research .....................................................................................................40

About MarketLine .................................................................................................................................... 41

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

Table 2: France insurance brokers sector category segmentation: $ million, 2018 10

Table 3: France insurance brokers sector geography segmentation: $ million, 2018 11

Table 4: France insurance brokers sector value forecast: $ million, 2018–23 12

Table 5: Marsh & McLennan Companies Inc: key facts 24

Table 6: Marsh & McLennan Companies Inc: Annual Financial Ratios 25

Table 7: Marsh & McLennan Companies Inc: Key Employees 26

Table 8: Marsh & McLennan Companies Inc: Key Employees Continued 27

Table 9: Aon Plc: key facts 28

Table 10: Aon Plc: Annual Financial Ratios 29

Table 11: Aon Plc: Key Employees 30

Table 12: Aon Plc: Key Employees Continued 31

Table 17: France size of population (million), 2014–18 37

Table 18: France gdp (constant 2005 prices, $ billion), 2014–18 37

Table 19: France gdp (current prices, $ billion), 2014–18 37

Table 20: France inflation, 2014–18 37

Table 21: France consumer price index (absolute), 2014–18 38

Table 22: France exchange rate, 2014–18 38

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Figure 4: France insurance brokers sector value forecast: $ million, 2018–23 12