2016 ANNUAL REPORT

1
2
CONTENTS
Editorial
p. 4

A Rapidly Changing
Environment
p. 6

The French Insurance

Market
p. 15

Many Challenges
Lie Ahead
p. 34

The Life of the FFA

p. 42

2016: Insurance
Dashboard
p. 60

3
 Bernard Spitz
President of the French Insurance Federation

EDITO

2016 was a crucial year for our industry. It

“
saw the creation of the French Insurance
Federation (FFA), which, from July on,
combines the French Federation of Insurance
One year on Companies (FFSA) and the Federation of

since its creation, Mutual Insurance Companies (GEMA). 2016

was also the year in which the Solvency 2

FFA is committed Directive came into force.

to address the FFA now brings together all families of insurers:

public limited companies, mutual insurance
fundamental companies and insurance subsidiaries of

changes in our
society.
“ banking groups. It is the industry’s main
voice for public, private and not-for-profit
interlocutors, in France as well as globally.

4
Throughout 2016, insurers have performed
their core missions: protecting households
and businesses and providing the French with
a secure means of saving for their future.
Insurers stand alongside both individuals and
businesses and support them throughout
their lives, whether for health, retirement
provision, long-term care, emerging new risks
or environmental protection.
Insurers are also major players in financing
our economy. In 2016, despite a financial
environment that saw interest rates stagnate
at historically low levels, the sector increased
its commitments in favour of productive
investment. Insurers are among the leading
institutional investors in Europe: they support
businesses of every size, contributing to the
return of growth and employment.
By merging their representative bodies,
insurers have armed themselves with an
organisation fit to meet present and future
challenges facing the industr y. These
challenges are many and diverse. Our aim
has always been to approach them with
professionalism and determination.
Firstly, the political challenges extending
beyond our borders. Brexit makes France the
leading insurance market in the European
Union, while Paris becomes the continent’s
insurance capital. FFA is closely watching as
the conditions for the UK exit take shape: we
will focus on ensuring a level playing field.
The results of the forthcoming elections in
Germany and Italy will have an impact on the
European Union, especially on monetary and
fiscal levels. United States policy may also
affect interest rates.
Secondly, the regulatory challenges. The
Solvency 2 Directive, the PRIIPs regulation,
the Insurance Distribution Directive, etc.: few
sectors are targeted by as much regulation as
ours. FFA and its members strive to ensure
that the better regulation principle prevails
over regulatory overkill, which can only harm
both insurers and insured.
Finally, the technologic al challenges,
especially the digital revolution, which is
increasingly becoming a part of our daily lives,
our organisations and our work practices.
This is often for the best: connected vehicles
and houses are safer; the development of
e-health makes life easier for many patients;
risks awareness is improving, making their
prevention easier. But sometimes the change
is for the worse, with cyber crime and cyber
terrorism increasing, as well as growing risks
to privacy. All FFA members are working
extremely hard to adapt their management,
their products, their customer relations and
their value chains to the advances in digital
technology. FFA suppor ts this through
the work of its committees, its work on
dematerialisation, on Blockchain solutions, on
artificial intelligence and connected objects,
and by taking clear positions in all areas in
which the digital challenge is key to the future
of the industry.
One year after its creation, the French
Insurance Federation is up and running. Its
three vice-presidents (Pascal Demurger, CEO
of MAIF group, Jacques Richier, President and
CEO of Allianz France, Pierre de Villeneuve,
Executive President of BNP Paribas Cardif),
FFA members, its employees and its regional
representatives are working with me each day
to meet these challenges.
In this fast-changing environment, the coming
years will be essential to the future of our
industry. The French Insurance Federation
is proud to place its skills and knowledge at
the service of all insured parties as well as
its members and, by doing so, to constantly
assist our society through its fast-evolving
changes.
5
 A RAPIDLY CHANGING
ECONOMIC,
REGULATORY AND
TECHNOLOGICAL
ENVIRONMENT
In 2016, in an economic environment characterised by the persistence
of historically low interest rates, insurers confirmed their commitment
to providing finance to businesses. The industry was also able to
respond to the high level of regulatory pressure, which can sometimes
be counter-productive, to which the sector is subject. Finally, insurers
embedded the exponential growth of digital technology at the heart of
their growth model.

Financing the Regulation Digital

economy innovation

p. 7 p. 9 p. 12

6
FINANCING
THE ECONOMY
Insurers strengthen their commitments
in a low interest rate environment
European interest rates have been at historically low levels since 2014. There
are many reasons for this: falling productivity, an excess of savings, the fall in
the price of raw materials, weak inflation, a very proactive monetary policy by
central banks…

This market situation does not, however, present

a danger to the solidity of French insurers, as
is demonstrated by the levels of profit sharing
reserves and capitalisation reserves, as well as the
particularly high level of unrealised capital gains in
their portfolios. French insurance companies also
have own funds that are double the minimum levels
required by the European Solvency 2 Directive.

In order to provide insured parties with alternatives

to the fall in returns on Euro funds, French insurers
have continued to diversify their offering, proposing
products designed to optimise the risk/return
relationship, such as Eurocroissance, unit-linked
products, retirement preparation products and
products offering protection in the case of death,
permanent disability, long-term care needs, etc.

D e sp ite t hi s unp r e c e d e nte d l ow inte r e st

rate environment, the insurance sector has
strengthened its commitment to financing the
economy.
Growing support from insurers for
financing of the economy
The role of insurers includes investing long-term to
finance the economy and support growth.

In 2016, insurance companies’ assets in France

INSURERS INVESTED stood at €2,350 bn, up +6.1% over the year. The
majority of insurers’ investments are in businesses,

€1,384 bn
accounting for 59% of their assets, or €1,384 bn.
These investments are made up of debt in the form
in businesses in 2016 of corporate bonds (39%), capital in the form of
shares (17%) and commercial and industrial real
estate (3%).

7
 At the end of 2016, insurers had invested more
than €63 bn in direct financing of SMEs and
intermediate-size enterprises. This represents a
tripling of such investment in 6 years. Almost all
this support is directed at French businesses.
Insurers also make a significant contribution to
financing French government debt. At the end of
2016, French insurers held 43% of the public debt
financed by French residents.
FINANCING
THE ENERGY TRANSITION
A r t i c l e 173 ( V I) o f t h e En e r g y
Transition Act for Growth (loi relative
à la transition énergétique pour la
croissance) of 17 August 2015 brought
in new transparency requirements
for institutional investors from 2016.
Institutional investor s must now
describe how their investment policies
take account of social, environmental
and good governance criteria.
During 2016, the FFA set up working
groups to prepare a response to this
law. These groups have produced two
guides providing benchmarks for the
industry. The guides bear witness to
insurers’ desire to move towards ever
greater transparency and clarity in their
actions to finance the energy transition.
Consult the guide to the Energy
Transition Act and its implementing
Consult the guide:
“Carbon footprint of assets: method,
characteristics and limits”
8
New methods of financing for
businesses
In conjunction with the French Ministry of Economy
and Finance, the Caisse des Dépôts and Bpifrance,
insurers of fer SMEs and intermediate -size
enterprises a diverse range of financing methods:
through capital (NOVA and NOVI funds), through
debt (NOVO and NOVI funds) and through holding
Bpifrance securities.
Businesses are taking full advantage of these
new methods of financing. In 2016, the success
of the NOVO funds, which are the largest
investment funds dedicated to financing SMEs
and intermediate-size enterprises, led to a second
capital raising of €400 million.
The NOVO funds now have €1.42 bn of capital. The
NOVA funds were extended for 3 additional years
at the beginning of 2017.
Consult the key figures on financing of
businesses by insurers.
At the European level, insurers are among
the leading institutional investors, with nearly
€10,000 bn assets under management. The
insurance industr y has the desire and the
capacity to contribute to the return of growth and
employment by financing the European Union’s
economic priorities, such as transport, energy and
the fight against climate change.
If it is to succeed in this, the sector must overcome a
significant challenge: the establishment of financial
regulation that encourages growth and innovation.
That is why insurers pay particular attention to
prudent calibration of long-term investments.
The industry is also extremely vigilant in the
face of the avalanche of domestic and European
regulation which is suffocating companies in the
sector, placing a brake on their ability to innovate
and creating unnecessary costs that will be borne
by insurers and consumers to the detriment of the
quality of service provided.
REGULATION
Insurers face increasing regulatory pressure
For many years now, few sectors have attracted as much regulation as insurance.
While the aims of this regulation are often wholly commendable – protecting
consumers and ensuring the sustainability of insurance companies’ activity –,
the way it is implemented can prove completely unsuited to the economic and
commercial reality of the insurance sector.

The issue facing regulators and insurers today is
finding the right balance. For example, excessive
regulation can run counter to the interests of
consumers, by reducing the range of products and
services offered. Similarly, inadequate regulation of
insurance would not allow the industry to continue
fully to perform its role of supporting the economy.
Because nothing is more efficient than good
regulation and nothing more counter-productive
than bad regulation, the FFA is working with
insurers and reinsurers to harmonise insurance
regulation in France as well as in Europe and
globally.
In 2016, four European regulations particularly
impacted the industry.
The PRIIPs regulation
The purpose of the PRIIPs (Packaged Retail and
Insurance-based Investment Products) regulation
is to provide retail investors with a key information
document (KID) concerning financial products with
characteristics of the same nature, making them
easier to compare.
The PRIIPs regulation was published in the Official
Journal of the European Union in December
2014. Once it had been published, the regulation
was available to be consulted by the European
supervisory authorities in order to draw up the
various implementation measures for the regulation,
which were to apply from 31 December 2016.
The regulatory technical standards (RTS) adopted
by the European Commission on 30 June 2016
were subject to lively criticism by trade associations
representing the financial sector and savers,
concerning both the substance of the regulation –
risk of unclear and misleading information being
provided to savers –, and the unrealistic timescale
for its implementation.
On 14 September 2016, partly as a result of
pressure from trade associations such as the FFA,
the European Parliament rejected the technical
standards adopted in implementation of the
PRIIPs regulation in an unprecedented vote: 602
out of 618 votes in favour of rejection. Following
this decision, the European Commission, under
pressure from Member States and the industry,
published a proposal for a regulation to postpone
the implementation date of the PRIIPs regulation
to 1 January 2018. That proposal was accepted
by the European Parliament and the Council of the
European Union.
Since then, French associations representing
consumers and the industry have continued to call
on the European institutions to improve the quality
of information provided in the key information
document.

9
 accordance with the requirements of the new
directive.

Nevertheless, this regulation is paradoxical: while

it is modern in its inspiration, it over-penalises
long-term investment, particularly in PMEs and
infrastructure. And while it is aimed at long-term
actors, its very nature is short-term.

The Solvency 2 Directive established two important

milestones for the review of the new prudential
regime. The first will occur before the end of 2018
with a review of the calibration of the standard
formula in the directive’s implementing regulation.
The second will occur before 2021 with a review of
The FFA, like its European counterparts, remains
the long-term guarantee measures and the equity
highly focused on the conditions of implementation
risk measures.
of this regulation. While the original intention –
to provide consumers with a clear and simple
These two reviews of Solvency 2 should be viewed
precontractual information document enabling
in the light of the proposal to develop an international
them to make informed investment decisions and
capital standard, the ICS (Insurance Capital
compare the products offered to them – is justified,
Standard), developed by the IAIS (the International
delivery so far remains inadequate and has failed
Association of Insurance Supervisors) in its work
to achieve its objective. The Federation is currently
on a common international supervisory framework
awaiting the review of the regulation, which will be
(ComFrame). This international standard is likely to
carried out by the European Commission by the
have an impact on the Solvency 2 reviews.
end of 2018.

The review of Solvency 2 in 2018, and also

PRIIPs: French associations representing
the review of the PRIIPs regulation, must bring
consumers and the industry call on the
more flexibility and autonomy for participants
European institutions to improve the quality of
in the insurance market, who are literally being
the information provided in the key information
smothered by regulatory pressure. The calibration
document.
of investment risk, and more specifically equities,
will be an area of focus for the French market in
PRIIPs: The trade associations representing
general and for the FFA in particular.
the finance sector and savers unite to protect
information and French consumers.
The Occupational Retirement
The Solvency 2 reform Directive (IORP 2)
The purpose of the Directive on the Activities
Solvency 2 is based on a framework directive
and Supervision of Institutions for Occupational
adopted in 2009 by the European Council and the
Retirement Provision (IORP 2) is to establish a
European Parliament and amended in 2014 by the
single European market for supplementar y
Omnibus 2 directive.
retirement pensions, in particular by strengthening
the governance of the institutions for occupational
This reform is essential for both insurers and
retirement provision (IORPs) and improving
insured. Its purpose is to bring the level of insurers’
communication to both scheme members and
own funds into line with the risks of any kind to
beneficiaries.
which they are exposed.

The directive was adopted in December 2016

The entry into force of Solvency 2 in 2016 was
and came into force on 12 January 2017. Member
positive for French companies. They achieved
States have until 13 January 2019 to transpose it
very good results as regards their solvency in
into national law.

10
The IORP 2 Directive provides for a number of rules
established in the IORP to apply to supplementary
occupational schemes managed by insurance
companies instead of Directive 2202/83/EC
concerning Life Insurance (Solvency 1), which
covers these activities among others. Those rules
do not, however, cover the prudential requirements,
which are identical in IORP 2 and Solvency 1.
The creation of supplementary occupational
pension funds (fonds de retraite professionnelle
supplémentaire) in France, authorised by the
Sapin 2 Act, can therefore take place in advance
of the transposition of IORP 2. This is possible
because the creation of these funds in France,
allows occupational pension activities to be taken
out of the scope of Solvency 2 and brought under
IORP  2, which defines the prudential regime for
pension funds (equivalent to Solvency 1).
Therefore, the creation of supplementar y
occupational pension funds will allow occupational
pension activities to be permanently removed from
the scope of Directive 2002/83/EC concerning Life
Insurance beyond the transition period provided for
by IORP 2 for the prudential rules (31 December
2022).
The FFA will seek to ensure the best possible
transposition of IORP 2 before 13 January 2019.
It should be noted that, even though the directive
does not require level 2 measures, the EIOPA
could publish guidelines to promote convergence
among national supervisors.
The Insurance Distribution Directive
(IDD)
The directive (EU 2016/97) on insurance distribution
(IDD) came into force in February 2016. It applies
to all insurance distributors – intermediaries,
insurance companies’ salaried networks, price
comparison websites, etc. – and to all insurance
products.
The directive is intended to strengthen consumer
protection. Among other things it introduces:
an assessment of the customer’s demands and
requirements before any sale agreement; delivery
of a standardised information document setting
out the main areas of cover and exclusions of the
product and enabling comparisons to be made;
information on the remuneration received by the
distributor of the contract; advice in the form of a
personalised recommendation, etc.
EU Member States have until 23 February 2018
to implement the legislative, regulatory and
administrative provisions necessary to comply with
this directive. A review of the directive is expected
to be carried out by 23 February 2021 at the latest.
While the principles established in the IDD are
relevant and are consistent with significant
trends taken into account by professionals, their
application to the insurance sector is proving
complex.
The provisions resulting from this directive and its
implementing texts will require new procedures
to be put in place, new IT developments, and
a significant training effort in respect of the
distribution networks. It would appear essential for
the industry to have sufficient time to comply with
these new requirements. As regards the delegated
acts, the insurance industry’s view is that these
should not result in to requirements that go beyond
the directive or challenge the choices made by
the legislature, or disproportionately increase the
administrative constraints upon the industry to the
detriment of competitiveness and the stability of
markets.
At a time when the new framework for distribution
of insurance products is being finalised in Europe,
the industry continues to focus on ensuring that
the balance found by the European legislator
between harmonisation and taking account of the
specific features of national insurance markets is
maintained and that the principle of proportionality
is effectively applied.
The industry also remains vigilant to ensure the
balance between European and international
regulations is maintained in order to avoid over-
regulation. Internationally, it focused in 2016 on the
work carried out by the International Association
of Insurance Super visors, par ticularly the
international capital standard (ICS) but also the
Transatlantic Trade and Investment Partnership
(TTIP) negotiations and the negotiations relating to
the Covered Agreement – an agreement between
the European Union and the United States that is
specific to insurance and reinsurance.
11
 DIGITAL INNOVATION
Insurers support the diffusion of innovation
at the heart of society
In 2016, the insurance sector continued the digital transformation of all its
components.

Today, the industry is facing three revolutions:

◾◾ processing power, which continues to grow

according to Moore’s empirical law and is
doubling around every eighteen months to two
years;

◾◾ connected objects, which are growing rapidly:

the number of connected objects is estimated* to
reach between 30 and 80 billion in 2020;

◾◾ useof mobile phones, which is spreading

massively: 80% of the world’s population will
soon have one.

In addition to these technological revolutions,

there is the revolution in behaviour, including the
development of the collaborative economy. The
insurance sector has successfully adapted to
these changes, driven by consumers who are more
demanding, pay more attention to the prices and
services offered and are better informed thanks to
digital technology.

Insurers have adapted their strategies to respond

to these changes: developing mobile applications,
dematerialised customer relations, deployment of
prevention tools, support for start-ups, hackathons,
training of staff, etc.

NUMBER OF CONNECTED
ITEMS IN 2020
between

30 and 80
billion

* Cabinet Gartner and IDATE DigiWorld

12
New insurance products and services have
appeared, allowing pricing to be more closely
correlated to use and offering insured parties more
support.
◾◾ In motor insurance, the pay-as-you-drive and
pay-how-you-drive offerings are becoming more
widespread and are accompanied by driving
advice, prevention messages, assistance in the
fight against vehicle theft, etc. At the same time,
the development of onboard electronics enables
drivers and passengers to travel in conditions of
optimum safety.
◾◾ In home insurance, the connected home has
become a reality. Insured parties are offered
products that combine insurance, detection,
remote monitoring, home automation, etc.
◾◾ In health insurance, prevention, telemedicine,
help to remain living at home (detection of falls)
and assistance for patients (monitoring the taking
of drugs) are some of the areas insurers are
focusing on.
The FFA is supporting the digital transformation
of the sector through market initiatives developed
in particular by the Digital Committee. In 2016,
the Committee launched several workstreams,
including:
◾◾ an industry-level “POC” (proof of concept)
experiment to test the potential of Blockchain;
◾◾ the use of Legal Design for notices concerning
the right to access and correct personal data.
The aim of this initiative is to avoid too much
detailed written information by using infographics
and videos that allow the legal information to be
presented more visually and to be more easily
understood by insured parties;
◾◾ work on the technological, legal, data access
and other challenges relating to intelligent and
connected vehicles;
◾◾ exchanges, in the form of speed dating, with
start-ups in the Assurtech ecosystem (digital
start-ups specialising in insurance) to identify
and support emerging technologies and models.
While the basis of insurance remains the pooling
of risks, digital technology is changing the way
insurers work. It is encouraging the sector to go
beyond the idea of simply providing compensation
and to develop services around prevention and
support for insured parties.
CYBER RISK
Protecting themselves against cyber
risks is no longer a matter of choice for
businesses, whatever their size. The
economic stakes are vital: it is a matter
of protecting their know-how, their skills
and their sensitive data. In short, their
ability to compete.
There is currently a very large gap
between the reality of cyber risk and
businesses’ perception of it, which
remains low, especially among SMEs.
The FFA is working with numerous
partners – Club des juristes, Institut
de Recherche Technologique, Agence
Nationale de Sécurité des Systèmes
d’ Information, Association pour le
Management des Risques et des
Assurances de l’Entreprise – to:
◾◾ increase awareness among business
leaders;
◾◾ improve risk control;
◾◾ optimise the conditions for its transfer
to the insurance sector.
The Federation has published a practical
guide that summarises the actions a
business should take to anticipate and
minimise the impacts of cyber risk and
enable it to carry on its business calmly.
Consult the guide “Anticipate and
minimise the impact of a cyber risk for
your business”
View the animation “Personal data: what are
your rights?”
13
 Life, health Property Global Employment,
and protection and casualty reinsurance dialogue
insurance insurance between
employers’ and
employees’
and training
p. 16 p. 24 p. 28 p. 30

14
 THE FRENCH
INSURANCE
MARKET

In 2016, the revenues of the French insurance sector were almost unchanged
compared to the previous year, at €209 bn.

Benefits, claims paid and withdrawals totalled €170 bn, up +4.5% over the year.
This strong growth was driven by several factors: the ageing population, inflation
of the cost of personal injury accidents and damage-only accidents in the motor
sector, and a particularly high level of weather-related claims in 2016.

Key insurance market data (in €bn)

Premiums Premiums Premiums Claims paid,

all markets life health and property and benefits and
protection insurance casualty insurance withdrawals
209 209 170
156 155 53
52 163

+0.1% -0.5% +1.9% +4.5%

2015 2016 2015 2016 2015 2016 2015 2016

Source: FFA

15
 LIFE, HEALTH AND
PROTECTION INSURANCE
Savings, pensions, health: insurers support
French people in their daily lives

After rising for 3 years in a row, the

revenues of life, health and protection
insurance fell slightly in 2016, to €155.5 bn.

In a low interest rate environment, premiums

from life insurance and capitalisation were
down slightly (-1.2%) at €133.9 bn. Health
premiums were up +3.6% at €21.5 bn. LIFE, HEALTH AND
PROTECTION INSURANCE
Benefits paid and withdrawals in life REVENUES
insurance and capitalisation grew by
+4.3% to €116.8 bn, while benefits and
claims paid under health and accident
€155.5 bn
in 2016
insurance were €16.9 bn (+4.9%).

16
LIFE INSURANCE:
the leading financial
investment for the French
With more than 37 million beneficiaries and
mathematical provisions and profit sharing
reserves of €1,635 bn at the end of 2016, up by
3% over the year, life insurance remains the most
popular financial investment for the French.
Against a background of historically low interest
rates and a recovery of the stock markets towards
the end of the year, life insurance Euro funds
produced a return gross of inflation of 1.8% in 2016,
outperforming regulated savings products. The
return on unit-linked products, which accounted for
20% of premiums, was 2.9%.
Net inflows in 2016 were €17.1 bn, €14.0 bn (82%
of the total) of which were in unit-linked products.
Eurocroissance: a good compromise
between security of capital invested
and return
The growth funds, which are the third pillar of life
insurance contracts alongside Euro funds and unit-
linked contracts, offer the potential for a higher
return than Euro funds, with the possibility of a
guaranteed capital at the end of an agreed period.
Holders of these contracts can thus obtain a
higher return while at the same time limiting the
KEY LIFE INSURANCE FIGURES
37 million
beneficiaries
54 million
contracts
11 years
average term of contracts
Sources: FFA 1016 (e). INSEE (French Institute of Economic Research and Statistics) 2015
risk, the productive economy benefits from new
finance and insurers have a longer time horizon for
management of their assets.
Since they were launched in 2014, Eurocroissance
f unds have exper ienc ed a dif f ic ult sales
environment as a result of interest rates remaining
low. Mathematical provisions and profit sharing
reserves accounted for by this product, which is
currently offered by 60% of the market, grew by
+9% in 2016 to €1.9 bn, with 139,000 contracts.
Sapin 2 Act
Act no. 2016 -1691 of 9 December 2016 on
Transparency, the Fight against Corruption, and
Modernisation of the Economy (loi n° 2016 -1691
du 9 décembre 2016 relative à la transparence, à
la lutte contre la corruption et à la modernisation
de la vie économique), known as the Sapin 2 Act,
contains several provisions relating to insurance,
including:
An expansion of the macro-prudential powers
of the French Financial Stability Board (the
HCSF).
The Sapin 2 Act authorises the HCSF, acting on a
proposal from the governor of the Bank of France,
“to suspend, delay or limit, for all or part of the
portfolio, payment of cash surrender values, the right
to perform arbitrage or the payment of advances
against contracts” and to do so for a period of 6
months, which is renewable.
€134 bn paid by
policyholders in 2016
€117 bn paid to
beneficiaries in 2016
€1,635 bn in
mathematical provisions
and profit sharing reserves
at the end of 2016
17
 This measure is intended to counteract a massive Creation of a database of holders of
movement of savings out of life insurance towards life insurance contracts: Ficovie
products offering a better return in the event of a
The Amending Finance Act for 2013 (loi de
sudden rise in interest rates.
finances rectificative pour 2013) created new
reporting obligations for insurance companies
This measure adds to a panoply of tools already
with the launch of Ficovie. From 1 January 2016,
available to the public authorities. It should be
insurers are required to declare, within a period of
noted that French companies in the sector are
sixty days, as well as annually, life insurance and
financially very sound. For years, insurers have
capitalisation contracts taken out or ended where
been setting aside part of their financial income
those contracts have a value of 7,500 Euros or
as provisions; they therefore have the resources
more. The purpose of the Ficovie database is to
necessary to cope with any rise in interest rates
enable the tax authorities to detect any tax evasion.
and to smooth the impact over time.

The creation of supplementary occupational

Unclaimed contracts: an update on
pension funds.
the Eckert Act
The Eckert Act of 13 June 2014 on dormant bank
The supplement ar y oc c upational pension
accounts and unclaimed life insurance contracts
funds (Fonds de Retraite Professionnelle
came into force on 1 January 2016. The FFA
Supplémentaire – FRPS) are the result of
would like to emphasise that all insurers want
collaborative work by insurers and the government.
to find a definitive resolution to the problem of
These funds have two aims: to encourage funded
unclaimed life insurance contracts. That is why
pensions and to support the real economy at the
the FFA supported Christian Eckert’s bill, which
same time.
includes the main measures from the report of the
French Audit Court (Cour des Comptes) of July
Supplementary occupational pension funds are
2013, which took submissions from the FFA. One
subject to a specific prudential regime, close to
of the report’s key proposals was that contracts
Solvency 1, which allows insurance organisations
unclaimed for more than 10 years should be
to play their role as long term investors to the full,
transferred to the Caisse des Dépôts; insurers
consistent with the undertakings they assume and
have welcomed this proposal.
in the interests of savers.

THE FRENCH AND LIFE INSURANCE:

A RELATIONSHIP OF TRUST

To invest in To protect myself

a project from the risks in life
To prepare for my
The FFA asked IPSOS to carry out a nationwide children’s future
survey to provide a better understanding of
French people’s expectations regarding savings To prepare for To support
my retirement my estate
and life insurance.

The survey’s results show that the French like

life insurance for its simplicity and the security it
offers over time. A long-term savings product, it
protects their wealth from speculative risks and
supports them and their families throughout their
lives. See the results of the survey “The French and
life insurance: a matter of mutual trust”

18
The report by the French prudential supervisory
authority, the ACPR, published in May 2016,
underlines the scale of the resources put in place
by insurers to comply with their obligations to
identify and pay the beneficiaries of life insurance
contracts where the holder has died.
Learn more
In order to reduce the number of unclaimed life
insurance contracts as quickly as possible, it is
essential for insurers to have the entry number in
the national register (NIR) or social security number
that enables them to identify an individual with
certainty. Insurers that have signed a compliance
agreement with the French data protection
authority, the CNIL, are ready to look at any
practical solution that fully respects privacy. At the
same time, the industry is working to put in place
a mechanism for communication of beneficiaries’
details by the tax authorities.
CREDIT INSURANCE:
CANCELLATION APPLICABLE
TO ALL CONTRACTS IN 2018
In early 2017, the French parliament
adopted the pr inc iple of annual
c anc ellation of c redit insuranc e
throughout the term of a property loan.
The borrower has the right to cancel
the insurance contract each year
providing they present to the lender a
credit insurance contract that provides
an equivalent level of cover. This annual
cancellation right applies to loan offers
issued from 22 February 2017 onwards.
It will also apply, from 1 January 2018,
to insurance contracts in existence at
that date.
Learn more about credit insurance
NB: in January 2017, the Caisse des Dépôts
set up the website www.ciclade.fr. to enable the
beneficiaries of life insurance contracts that have
been unclaimed for more than ten years to have
the sums due paid to them.
Right to be forgotten: entry into force
of a reference grid
The signature of the supplementary agreement
to the agreement on purchasing insurance and
obtaining borrowing in case of increased health
risk (the AERAS Agreement) in September 2015,
together with the Health System Modernisation Act
(loi de modernisation de notre système de santé)
of 26 January 2016, made possible two huge
advances that facilitate access to insurance and
borrowing for former patients:
◾◾ theintroduction of a right to be forgotten for
cancer patients whose treatment was completed
more than 10 years ago. For patients diagnosed
with cancer before they turn 18, this period is
reduced to 5 years;
◾◾ the introduction of a reference grid.
The establishment of this reference grid is the
result of a remarkable piece of work carried
out jointly by the representatives of patient
associations, the French National Cancer
Institute, the public authorities, credit institutions
and insurance companies.
This grid sets out the conditions that allow access
to credit insurance without additional premiums
or exclusions, or on close to the standard terms
and conditions, for individuals who have suffered
or are suffering from certain illnesses. A first
reference grid was approved in January 2016,
including other illnesses in addition to cancers. It
was updated for the first time on 30 March 2017.
This grid, which is the result of collective
negotiations, will continue to be added to and
to evolve over time as advances are made in
treatments and new epidemiological studies
become available.
Consult the reference grid
19
 HEALTH: towards access for
all to high quality health care
at the best price
Roll-out of supplementary health
insurance
2016 saw the entry into force of the provision of the
Employment Security Act (loi de sécurisation de
l’emploi) of 14 June 2013 providing for the roll-out
of supplementary health insurance to all private
sector employees.
A study (1) carried out by the FFA and the FNMF
shows that the majority of businesses currently offer
their employees supplementary health insurance:
99% of SMEs, intermediate-size enterprises and
large companies and 95% of micro-enterprises
report offering health cover to their employees,
compared to 85% and 71% respectively in 2015.
THE SUPPLEMENTARY HEALTH
INSURERS PLAY A KEY ROLE IN
PROTECTING FRENCH PEOPLE
AND PROVIDING ACCESS
TO HEALTH CARE
The supplementary health insurers
reimburse 13.3% of health costs.
Insurers are the principal source of
finance for certain types of care: eye
care (72%), dental care (40%) and
hearing aids (31%). Except in the
case of long-term health conditions,
compulsory sickness insurance now
reimburses only 51% of the costs of non-
hospital care. In addition to providing
finance, insurers play an essential role
in protecting the health of the French
people. They are developing preventive
actions and partnerships with the health
professions that improve access to care
and reduce the amount payable by the
patient.
Sources: DREES (French Depar tment of Research,
Surveys, Evaluation and Statistics) Health Accounts
2015 / HCAAM (French Council for the Future of Health
insurance), 2013 Annual Report
20
In addition to these positive results for protection of
employees, two other key facts must be mentioned:
◾◾ while the law requires employers to pay at
least 50% of the cost of the supplementary
health insurance, the figure is 57% for SMEs,
inter mediate - size enter pr ises and large
companies and 59% for micro-enterprises;
◾◾ forall sizes of businesses combined, more than
half have chosen to offer their employees a level
of cover that is higher than the required minimum
or the level agreed by collective negotiation in
the different occupational sectors.
The Federation pays great attention to changes in
sectoral agreements, both as regards the health
and protection cover provided (content, level)
and the recommendations concerning insurers
and the arrangements chosen by employers and
employees in order to achieve a high degree of
solidarity.
As regards this last point, the Federation worked
during 2016 to ensure that the expected regulation
concerning solidarity in sectoral agreements
will not present an obstacle to free competition
between insurers and complies with the decision
of the Constitutional Council of 13 June 2013
concerning the free choice of insurer. It remains
committed to this.
Read the FFA/FNMF press release
Modernisation of the health system
The Health System Modernisation Act of 26
January 2016 contains several measures that
affect supplementary sickness insurers, including:
The roll-out of third-party payment
In 2015, the Technical Centre for Provident
Institutions (CTIP), the FFA and the FNMF
undertook to offer a third-party payment solution
that would meet the needs of the health professions.
(1) Methodology of the study
The FFA /FNMF study carried out by Audirep concerning the provision of
supplementary health insurance was conducted by telephone between
19 January and 3 February 2017 and involved a sample of 1,003 French
companies (603 small businesses with between 1 and 9 employees and
400 businesses with 10 employees or more) representing the structure of
production in France.
Grouped together within the Association of
Supplementary Health Insurers for Third-Party
Payment (Association des complémentaires santé
pour le tiers payant), the supplementary health
insurers (provident institutions, mutuals and
insurance companies), their partners (third-party
payment operators, delegates), and the industry
federations (CTIP, FFA and FNMF) manage the
technical arrangements for third-party payment.
Their aim is to simplify implementation by health
professionals in the interests of insured parties
and all those concerned by the exemption from the
need to pay costs in advance.
The supplementary health insurers’ association
worked closely with the third third-party payment
operators and software publishers to tailor the
tools to the practices of each profession. It used
the experience of the supplementary health
insurers and their partners who are already using
third-party payment with nearly 130,000 health
professionals.
On 30 January 2017, the supplementary health
insurers announced the opening of their service
portal for professionals providing non-hospital
t re at m e nt: w w w.t p c o m p l e m e n t a i r e .f r. I f
they wish, those professionals can now sign a
single third-party payment contract with all their
supplementary health insurers and their third-party
payment operators. A telephone helpline is also
available to provide them with information and
guide them through the registration process.
This service portal meets the commitments made
by the Association in the joint report with the state
compulsory health insurance scheme (Assurance
Maladie) on the roll-out of third-party payment
delivered to the Minister of Social Affairs and Health
on 18 February 2016. This service offering is the
result of the work carried out by the Association
with the third-party payment operators, the GIE
SESAM-Vitale and the publishers of software for
health professionals.
Discover the service portal
Access to health data
Article 193 of the Health System Modernisation
Act of 26 January 2016 concerns the opening up of
access to administrative medical data (compulsory
sickness insurance data, hospital data, causes
of death and, in time, socio-medical data and
supplementary insurers’ data), collected in a
national health data system (the SNDS). The data
are anonymised statistical data, either aggregated
or individual.
Although the government has expressed a
desire to open up access to health data, health
insurers have serious reservations about the real
possibilities of their accessing the data held in the
SNDS. Apart from the paradoxical nature of the
act, which requires them to contribute to the SNDS
in the form of a representative sample of data
without any guarantee of access, the application
process is complex and not sufficiently suited to
private-sector organisations acting in competition.
The stakes around access to the SNDS data are
important for health insurers. For them, it is a matter
of being able to access a source of statistical data
that is wider and richer than their own portfolio
in order to obtain a better understanding and to
be able to monitor changes. The insurers wish to
increase the potential to manage health risks and
to design new services and benefits for insured
parties: development of partnership agreements,
prevention services, monitoring tools, etc.
The FFA is particularly focused on the conditions
for granting access to public data to private actors
and the constitutional principle of data protection.
The Federation positions itself as a key interlocutor
for the National Health Data Institute (INDS), the
government and consumer associations.
Consult the Health System Modernisation Act of
26 January 2016

Le service garanti
des complémentaires santé.

21
 Negotiations on the national medical
agreement under the UNOCAM
The supplementary sickness insurance sector
is represented by several institutions which
are members of the National Federation of
Supplementary Sickness Insurance Organisations
(UNOCAM): the FNMF, the FFA, the CTIP, the
Alsace-Moselle local sickness insurance scheme
and the Independent National Federation of
Mutuals (FNIM).
It was therefore within the UNOCAM that the FFA
participated in the negotiations with the UNCAM (1),
the private doctors and private dental surgeons
concerning the national medical agreement.
Negotiations with the private doctors
Negotiations took place between Februar y
and July 2016, with five professional bodies
representing the private doctors and the UNCAM.
The principal measures of the new national
medical agreement concern increasing the
payments to general practitioners (the fee for a
standard consultation rising to €25), the definition
of 4 classes of consultation (defined according to
their complexity), simplification of the methods
of fixed payments made to doctors (a fixed
payment based on IT investments and actions
taken to support patients (forfait structure), a
fixed payment based on the characteristics of
the patient (forfait patientèle) and remuneration
based on public health objectives), increasing
payments for technical interventions (for surgeons,
anaesthetists and obstetricians) and changing the
terms of the contract proposed to doctors with the
aim of controlling their charging practices, and in
particular their extra fees (OPTAM and OPTAM-
CO) (2).
The UNOCAM shares the desire of its partners
in the agreement to improve medical practice, in
particular by valuing the role of the treating doctor.
The total cost of the national agreement is, however,
high, not only for the compulsory State sickness
insurance scheme but also for supplementary
sickness insurers. The UNOCAM also believes that
(1) Union Nationale des Caisses d’assurance Maladie (National Federation of Sickness Insurance Funds)
(2) Option Pratique Tarifaire Maîtrisée - Chirurgie et obstétrique (Controlled Pricing Practical Option – Surgery and Obstetrics)
22 (3) An order of 29 March 2017 approving the arbitration settlement was published in the Official Gazette on 31 March 2017
the participation of the supplementary sickness
insurers in the fixed payments to doctors (forfait
patientèle) remains unclear for both insured parties
and doctors. That is why it has made its signature
of the agreement conditional upon methods of
funding being defined that are satisfactory to the
supplementary sickness insurers.
Consult the text of the agreement
Negotiations with dental surgeons
Supplementar y sickness insurers are the
leading source of finance for dental care and
facilitate access to care and treatment through
reimbursement of user charges and part of the
directly-agreed fees, particularly for prosthetic
interventions, as well as through the development
of relationships with dentists under the national
agreement which guarantee the quality of the care
and limit the amount to be paid by the patient.
In 2016, the UNOCAM took part in the negotiation
of a supplementary agreement to the national
agreement for dental surgeons in order to improve
access to prevention and to high quality care. To
achieve this objective, the UNCAM proposed a
rebalancing of dentists’ activity between prevention
and maintenance and surgical treatment on the
one hand and prosthetic treatment on the other.
This provides for the introduction of price limits
for most prostheses in return for higher payments
and investments for prevention and maintenance
and surgical treatment. These measures will come
into force gradually from 2018 over a period of four
years.
The proposals from the sickness insurers were
not welcomed by the main professional bodies
representing dental surgeons. As a result, an
arbitration settlement organising the relations
between private dental surgeons and the sickness
insurers was made on 8 March 2017(3) . The
arbitration settlement includes the main points
of the scheme proposed by the UNCAM. The
UNOCAM regrets that no provision has been put
in place for orthodontic interventions, particularly
in terms of placing a ceiling on the costs of such
interventions.
Consult the arbitration settlement
Protection: significant growth in
contracts with the GAD ASSURANCE
DÉPENDANCE® (GAD long-term care
insurance) label
Insurers have worked to improve the transparency,
understanding and level of cover of long-term care
insurance contracts so as to be able to support
their customers as effectively as possible at a
particularly difficult time in their lives.
Created in May 2013, the GAD ASSURANCE
DÉPENDANCE® label offers insured parties cover
that is clearer, provides greater protection and is
accessible to as many people as possible.
The GAD ASSURANCE DÉPENDANCE® label is
awarded to insurance contracts that provide cover
for a high-level of care needs with the following
characteristics, among others:
◾◾ acommon vocabulary providing greater clarity in
the way cover is worded;
◾◾ acommon definition of high-level of care needs
based on the essential activities of daily life;
◾◾ lifetime cover, regardless of the date on which the
high level of care needs becomes permanent;
◾◾ aminimum level of income of €500 per month in
the event of high level of care needs;
◾◾ contractually-defined methods of revaluing
cover, benefits and premiums;
◾◾ noselection on medical grounds before 50 years
of age (except in the case of a pre-existing
permanent disability or a long-term medical
condition);
◾◾ preventive or support measures for the insured
party or their relatives offered from the time the
contract is taken out/signed;
◾◾ an annual report;
◾◾ conditionsconcerning maintenance of rights in
the event of a gap in payment of premiums.
NUMBER OF PEOPLE INSURED
UNDER GAD ASSURANCE
DÉPENDANCE® LABELLED
CONTRACTS
+23%
in 2016
Offered by ten companies,
GAD ASSUR ANCE
DÉPENDANCE®
labelled contracts cover
144,000 beneficiaries.
The FFA wishes to continue to improve the
clarity and quality of the offers of long-term care
insurance by developing, among other things, a
real partnership between insurers and the public
authorities. This would make it possible for
progress to be made towards a common, shared
definition and evaluation of the loss of autonomy,
for information on risk prevention to be exchanged
and for this partnership to evolve over time through
the creation of a coordinating body bringing
together public and private actors. It would also
make it possible to increase the offering of cover
through the development of labelled structures or
services and to ensure effective and coordinated
action between the different public and private
actors, while keeping the cost to the public finances
under control.
Learn more about long-term care insurance
23
 PROPERTY AND CASUALTY
INSURANCE
Insurers highly focused on protecting
the French people

Revenues of proper ty and casualty

insurance were €53.4 bn in 2016, up
+1.9%. The market for personal-lines 36,000 claims managed/day
insurance was up +2.5%, with premiums of
€33.6 bn. The volume of premiums on the
8,600 3,800
business insurance market was €19.8 bn home insurance business insurance
(+0.8%).

Benefits and claims paid were up strongly

by +5.2% over one year at €36.6 bn, as
a result in particular of the cost of motor
claims and weather events during the year.

Non-life insurance claims were high once 23,600

motor insurance
again, with 13 million claims managed in
2016. Source: FFA

24
MOTOR INSURANCE: insurers
continue their preventive
actions
Motor insurance revenues were up +1.8% in 2016.
Damage and personal injury claims rose, resulting
in benefits paid to insured parties over the year
rising by +5.5%. This impacted the results of this
branch, for which the combined ratio worsened by
two points to 105%.
The increasingly widespread use of driver
assistance systems and new onboard technologies
are making vehicles safer and more pleasant to
drive. This technical progress does, however, make
vehicles increasingly expensive to repair. In 2016,
the cost of automobile repairs rose by +3.5%.
The cost of personal injury accidents was also up
by almost +5% compared to the previous year.
Figures for road safety in France have worsened
since 2014. Official statistics show 3,477 fatalities
(+0.15%) and 72,645 injuries (+2.6%) in 2016.
In this context, the renewal of the State/Insurers
agreement signed in February 2017 between
the Interior Ministry and the FFA bears witness
to insurers’ desire to continue their awareness-
raising and preventive actions.
The agreement establishes three priorities for the
next five years:
◾◾ effortsto combat the principal accident risk
factors: excessive or inappropriate speed,
alcohol, drugs, distractors (phones, etc.);
◾◾ reducing the frequency and severity of accidents
involving motorised two-wheelers;
◾◾ developing
road safety education, especially for
young people.
The resulting preventive actions will be carried out
by individual insurers or through their association,
Attitude Prévention.
AGRICULTURAL INSURANCE:
a particularly difficult year
Agriculture suffered particularly badly in 2016. In
addition to the bad weather, there was bird flu and
a fall in the prices of pork, milk and cereals.
The insurance industry is working closely with the
public authorities and farmers’ representatives to
improve the management of all these risks.
Currently, only 25% of farmers are insured against
weather risks. The FFA wants an ambitious plan
to be implemented with the public authorities and
farmers’ representative bodies to achieve a rate of
cover of 70% within five years.
COMBINED RATIO
OF THE MOTOR BRANCH
105%
25
 MULTI-RISK HOME
INSURANCE: a year marked
by bad weather
With revenue from premiums up 2.5% in 2016 and
a restrained level of claims paid, the multi-risk home
insurance branch saw its combined ratio reach 91%.
Three factors affected the profitability of the branch
in different ways:
◾◾ thenumber of burglaries rose slightly in 2016
after falling steadily since 2013;
◾◾ as a result of a fairly mild winter, which limited the
use of auxiliary heaters, the trend of fewer fire
claims continued in 2016;
◾◾ water damage rose as a result of the exceptional
level of rainfall observed in May and June.
WEATHER EVENTS: multiple
damage with a cost of
€2.4 bn
Farmers, vehicles and homes were affected by
numerous, costly episodes of hail throughout 2016.
INCREASE IN TERRORIST ATTACKS:
THE FGTI AND INSURERS WORKING FOR VICTIMS
Created in 1986, the Guarantee Fund for victims of
terrorism and other criminal acts (FGTI) provides
compensation to victims of terrorist attacks or
acts in particular. The scale and number of the
attacks perpetrated in France in 2015 and 2016
resulted in an unprecedented level of claims on
the Fund and led the government, on 1 January
2017, to increase the annual contribution (known
as the terror tax) levied on each non-life insurance
contract in France from €4.30 to €5.90.
Complementing the FGTI’s mission, insurers
pay compensation for property damage resulting
from a terrorist act.
26
Corsica, Hérault and Martinique also suffered
severe flooding.
In addition to these weather events, there were the
historic floods towards the end of the first half of the
year. Between 27 May and 8 June 2016, France
experienced the costliest floods since 1982, the
year in which the natural disaster compensation
regime was created. 19 departments and more
than 2,000 municipalities were affected; insurers
received 182,000 claims for an estimated total cost
of €1.4 bn.
Following these exceptional floods, the FFA and
the Secretariat of State for Victim Assistance
(Secrétariat d’État à l’Aide aux Victimes) signed an
agreement to formalise the coordination between
the State and insurers in managing major weather
events. This agreement testifies to insurers’
commitment to doing everything possible to enable
insured parties to return to a normal life after a
weather event. The agreement also underlines
the FFA’s role in managing complex cases that
could lead to litigation; without taking the place of
the different actors, the FFA seeks to ensure that
insured parties are provided with a response as
quickly as possible.
The cost of all weather events over 2016 was
€2.4 bn, compared to an annual average of €1.5 bn
over the last 25 years.
In order to support insured parties as closely
as possible, the industry has set up emergency
telephone numbers and dedicated teams that are
activated as soon as an attack occurs. Procedural
assistance and victim support (psychological
support, payments in kind, etc) are also offered in
legal protection and individual accident insurance
contracts. Finally, cover for operating losses,
even where there is no direct damage to business
premises, is being developed to respond to
critical situations experienced by businesses that
are within the perimeter of the attack
 INTRODUCTION OF
THE CONCEPT OF
ENVIRONMENTAL DAMAGE
IN THE CIVIL CODE

T h e B i o d i v e r s i t y, N a t u r e a n d
Countr yside Restoration Act of 8
August 2016 (loi no 2016-1087 pour
la reconquête de la biodiversité, de la
nature et des paysages) introduced the
concept of environmental damage into
the Civil Code.

Environmental damage consists of “a

not insignificant harm to the elements or
functions of ecosystems or the collective
benefits drawn from the environment by
humans”.

Any person responsible for

environmental damage must remedy it.
The preferred method of remedying an
environmental damage is in kind. It can
also lead to payment of damages.

In view of these new provisions,

the FFA and its members worked to
propose insurance offers that will make
it possible to support insured parties
faced with the risk of being charged
with an environmental damage. It is now
necessary to make businesses of all
sizes aware of this new risk and of the
need to take out a suitable insurance
contract to cover it.

27
 GLOBAL
REINSURANCE
IN 2016

Globally, the reinsurance market generated

gross revenues of $230 bn in 2016, slightly
REVENUES OF FRENCH
down for the second year in a row. REINSURANCE COMPANIES
IN 2016
The revenues of French reinsurance
companies were €23.8 bn in 2016, of which
€12.1 bn from their subsidiaries abroad.
€23.8 bn
of which €12.1 bn from their
subsidiaries abroad

28
Claims up in 2016, but still at
a moderate level
Insurers and reinsurers paid compensation of $54 bn
as disaster damages in 2016, the total economic
cost of disasters being $175 bn. Although this level
of compensation represented a rise of around 40%
compared to 2015, it was in line with the annual
average for the last 10 years. Of these $54 bn of
insured costs, $46 bn were attributable to natural
disasters and $8 bn to technological disasters (1).
North America alone accounted for around 57%
of these insured costs ($30 bn). The insured costs
of disasters in Asia and Europe were $8.8 bn and
$7.5 bn respectively (1).
The three largest insured losses in 2016 were
caused by the Kumamoto earthquake in Japan
in April ($4.9 bn), Hurricane Matthew in October
($4.0 bn), and the storms and floods in Louisiana in
August ($3.1 bn) (1).
(1) Source: Sigma
An increasingly concentrated
market
Tiering of the reinsurance industry is increasing.
The ten leading global reinsurers accounted for
around 64% of the global market in 2016, twice
more than in 1990. The market share of the five
leading global reinsurers more than doubled over
the same period to 50% today. The life reinsurance
market remains much more concentrated than the
non-life reinsurance market.
Prices still under pressure
Alternative reinsurance continues to grow: while
the industry’s total capital grew by 75% between
2008 and 2016, alternative reinsurance capital
quadrupled over the same period. As a result, the
share of total reinsurance capital accounted for
by alternative reinsurance increased from 6% in
2008 to 14% in 2016 (2). This resilient competition
from the capital markets (and insurance-linked
securities in particular) is creating a situation where
there is surplus capacity in the non-life reinsurance
industry, exercising downward pressure on the
prices of cover.
(2) Source: Aon Benfield
327 MAJOR EVENTS
GLOBALLY
IN THE WORLD
IN 2016
◾◾ of which 191 disasters in 2016
compared to 199 in 2015
◾◾ with an estimated total economic
cost of $175 bn, i.e. almost double
the figure for 2015 ($94 bn)
Source: Sigma
29
 EMPLOYMENT, DIALOGUE
BETWEEN EMPLOYERS’ AND
EMPLOYEES’ REPRESENTATIVE
BODIES AND TRAINING
French insurance, a dynamic sector
which adapts to its environment

Numerous factors are bringing about

significant changes in the insurance 147,000 employees
sector: the development of regulation, the
industrialisation of activities, the digital 60%
revolution, the appearance of new risks women

and new actors, and the strengthening of

consumer protection.

These profound changes are causing

the products and services proposed by
insurers to evolve. The job content of all 40%
roles is changing and the service dimension men

is coming to the fore. The strategies put in

place by insurance companies take these
changes into account by modifying the
way work is organised. They also aim to
develop their employees’ skills.
13,000 people recruited in 2015
Source: Obser vatoire de l’évolution des métiers de l’assurance
(Observatory of Changes in Insurance Careers)

30
 EMPLOYMENT: numbers hold
up against a background of
significant changes in jobs
In a difficult economic environment, the insurance
sector stands out for the stability of employee
numbers and continues to recruit.
Recruits under the age of 30 accounted for a little
over 58% of the 13,000 new recruits hired during
the year.
Among those under 26 years of age, work-linked
training is becoming the preferred method of entering
the industry. This method – apprenticeship contracts
and vocational training contracts – continued to
grow steadily. Over the year, the total number on
work-linked training schemes exceeded 5,000. The
insurance industry has therefore achieved the target
of 5,000 on work-linked training schemes by 2017
set by the employers’ and employees’ representative
bodies, ahead of schedule.
The steady rise in the educational level of recruits
– with almost 25% of new entrants at Bac+5
(Masters) or above – and the significant percentage
of managers (cadres) (46% of total employees)
demonstrate the high level of qualifications and
expertise required by companies in the insurance
sector.
The number of women in the sector continued
to grow in all roles, both management and non-
management, with women accounting for a little
over 60% of employees.
MISSION HANDICAP ASSURANCE
Mission Handicap Assurance, created by the
FFA on 8 July 2016, is one of the member
organisations of the GPSA, an economic interest
group providing professional management
of insurance services. Its principal mission
is to promote the employment of people with
disabilities in insurance companies, in particular
through its annual recruitment and training
programmes. It also supports member insurance
companies in implementing their policies for the
employment of people with disabilities.
DIALOGUE BETWEEN
EMPLOYERS’
AND EMPLOYEES’
REPRESENTATIVE BODIES:
the insurance sector sets an
example
The insurance industry is characterised by sustained
and high-quality dialogue between employers and
employees, both within companies and at industry
level. Ongoing discussions with trade unions
representing employees enable the insurance
industry to be one of the most innovative sectors in
terms of employment and employee relations.
At sector level, this policy is reflected in the
signature of numerous collective agreements in
all areas, whether social protection, employment,
voc ational training, the dialogue bet ween
employers’ and employees’ representative bodies
itself or the quality of working life.
Some ten sector-wide agreements were signed in
2016. Under the agreement on dialogue between
employers’ and employees’ representative bodies,
the industry also put in place training for union
representatives, in partnership with Association
Dialogues, delivered by Sciences Po.
Agreement on the Quality of Working Life
On 15 December 2016, the FFA and the trade union
organisations CFDT, CFTC, CFE-CGC and UNSA
signed the Agreement on the Quality of Working
Life (Qualité de Vie au Travail – QVT).
Visit the website of Mission Handicap
Assurance
31
 Against the background of significant changes to
jobs in the insurance industry, the purpose of this
agreement is to drive a move towards good quality
of working life in the industry. Negotiations must
also be carried out on this issue at the level of
individual companies.
Consult the Agreement on the Quality of
Working Life
VOCATIONAL TRAINING:
supporting employees
Insurance remains one of the leading training
sectors in France. Over the year, 76.5% of
employees undertook some form of training. The
average number of hours of training per employee
was 34.4. The industry thus demonstrated its
commitment to supporting its employees in an
ever-changing working environment.
The Certificate of Digital Skills for the
Insurance Sector
The Certificate of Digital Skills for the Insurance
Sector (Certificat Digital Assurance) is the result
of work carried out in 2016 under the Insurance
Industr y ’s Joint Commit tee on Voc ational
Training and Employment. Against a background
of digitisation of the industry’s activities, the
Certificate of Digital Skills for the Insurance
Sector, launched in January 2017, aims to provide
insurance company employees with the skills they
need to do their jobs.
32
Approved as a qualification by the CNCP, the French
national committee for certification of vocational
qualifications, the Certificate of Digital Skills for
the Insurance Sector is evidence of insurance
company employees’ skills in the following areas:
◾◾ theincorporation of digitisation of activities
and the contributions of IT tools into working
practices;
◾◾ the mastery of connected workstation tools.
The industry’s 147,000 employees can obtain
their certificates through Opcabaia’s CERTIF
platform.
Learn more about the Certificate in Digital Skills
for the Insurance Sector
Reform of the BTS Assurance
With more than 2,000 candidates a year, the BTS
Assurance (2 years of studies after the bachelor’s
degree) is a significant qualification that opens up
numerous opportunities in insurance companies,
general agencies and broking firms. Holders of a
BTS can also choose to continue their studies.
Ten years after the previous overhaul, this
ambitious reform of the BTS Assurance is part
of the experiment in cooperation in the design
of qualifications put in place following the major
conference on employment issues, the Grande
conférence sociale, held in 2014. The employers’
and employees’ represent ative bodies of
insurance companies, general insurance agents
and broking firms were heavily involved in the
overhaul of the BTS Assurance alongside the
National Education Ministry and the industry’s joint
body the Observatory for Changes in Insurance
Careers (Observatoire de l’évolution des métiers
de l’assurance). Completed in less than a year,
this overhaul means that future candidates for the
insurance industry jobs of today and tomorrow can
be trained from the beginning of 2017.
The new-generation BTS Assurance is the first
tertiary-level certificate organised in blocks of skills
and a large part of its content is devoted to customer
relations and digital communication. It therefore
meets the industry’s new skills requirements. This
certificate also fits within the industry’s policy
and the FFA’s work to promote insurance as an
attractive industry in which to work.
 INNOVATION
IN DIGITAL TRAINING
IN INSURANCE PRIZE

T h e U n i v e r s i t y o f I n s u r a n c e ’s
“Innovation in Digital Training in
Insurance” prize has made it possible to
encourage universities to take account
of the digital revolution that the industry
is experiencing.

This prize, which is open to any

higher educ ation est ablishment,
rewards initiatives that integrate digital
in teaching processes and equip
insurance sector employees with the
new skills they require.

The “Innovation in Digital Training in

Insurance” prize was awarded in March
during the Higher Education and
R e s e a r c h ex h i b i t i o n (s a l o n d e
l’Enseignement supérieur et de la
Recherche). This was the first time the
prize was awarded and it was given to
three institutions.

See the winners

33
 MANY CHALLENGES
LIE AHEAD

In an environment where change is ever quicker and more profound, the

insurance industry will continue to perform its missions, demonstrating
agility, innovation and foresight.

Brexit negotiations, the development of transatlantic agreements, the

increasingly widespread use of digital technology, improved access to
treatment and care and prevention of natural disasters are some of the
(very) many challenges insurers will face in the coming months and
years.

Brexit Transatlantic The digital

agreements revolution

p. 35 p. 35 p. 36

Health Natural hazards Disruption

p. 39 p. 40 p. 41

34
BREXIT: consolidating the
Europe of insurance
On 23 June 2016, the United Kingdom voted to
leave the European Union and formally notified the
European Council of this on 29 March 2017. The
negotiations for a new agreement establishing the
basis for the future relationship between the United
Kingdom and the European Union of 27 have now
begun.
The European Commission’s priorities
for the negotiations
The negotiating guidelines adopted by the European
Council are intended to guide the European
Commission in the first phase of negotiations. The
priorities established in the guidelines are:
◾◾ to
guarantee the rights of European Union and
United Kingdom citizens who will be affected by
Brexit;
◾◾ to agree on a one-off financial settlement
by which the United Kingdom will pay its bill
resulting from commitments made as a member
of the European Union. The settlement must also
cover the costs associated with its withdrawal,
such as the relocation of European agencies
currently based in the United Kingdom;
◾◾ to deal with procedural issues, reduce uncertainty
and avoid any legal vacuum concerning aspects
relating to the trade in goods and services when
the United Kingdom withdraws.
The negotiating guidelines state that an agreement
on the future relationship between the European
Union and the United Kingdom can only be
signed once the United Kingdom has become a
third country. General discussions on the future
relationship could nevertheless begin during the
second phase of negotiations if the European
Council believes sufficient progress has been
made.
The French insurance industry’s
priorities in the Brexit negotiations
With Brexit, France becomes the leading insurance
market in the European Union.
The FFA favours the introduction of a deep free-
trade agreement between the European Union and
the United Kingdom that would include financial
services, of which insurance is part.
Given the importance of financial services to the
economy, the FFA wants special attention to be
paid to them in the negotiations, especially in the
following areas:
◾◾ alevel playing field is crucial and any agreement
with the United Kingdom must be based on the
principle of reciprocity;
◾◾ access to the single market. The European
Commission must only grant this if all the rules
are respected.
TRANSATLANTIC
AGREEMENTS: facilitating
trade between Europe and
America
The FFA actively supports the establishment of
a comprehensive and fruitful dialogue between
the European Union and the United States on
trade and regulatory issues. In particular, the FFA
wants to see the Covered Agreement and the TTIP
(Transatlantic Trade and Investment Partnership)
come into force.
Covered Agreement
The Covered Agreement is an agreement specific
to insurance and reinsurance bet ween the
European Union and the United States. The main
point of this agreement is the removal of collateral
requirements for European insurers in all US
states.
The DG FISMA of the European Commission
and the US Treasury’s Federal Insurance Office
launched the Covered Agreement negotiations in
February 2016. After 5 negotiating rounds, the US
and the EU reached an agreement in early January
2017.
O n 2 9 M ay 2017, t he Euro p ean C ounc il
authorised the European Commission to sign
this agreement. The actual implementation of the
Covered Agreement, negotiated under the Obama
administration, remains uncertain today, given the
more protectionist approach favoured by Donald
Trump and the criticisms raised by the supervisors
at the level of individual states in the US. At the
end of June 2017, the US Treasury had not signed
the agreement, which is still being assessed by the
administration.
35
 The FFA urges the European and French public
authorities to continue the dialogue with the new
US administration in order to convince them of
the benefits of this agreement negotiated under
the previous administration and to encourage
the Federal State to oversee its ef fective
implementation.
Transatlantic Trade and Investment
Partnership (TTIP)
The TTIP is the free-trade agreement between the
European Union and the United States that has
been under negotiation since 2013.
Negotiations were suspended when Donald Trump
came to power. After 15 rounds of negotiations
between the European Union and the United
States, no new round has been scheduled since
October 2016. Never theless, the US Trade
Representative’s report of 1 March 2017 states that
“the Trump administration is currently reviewing the
status of these negotiations”, leaving the door open
to continuation of the TTIP negotiations.
Following the French government’s adoption of
its position on TTIP in August 2016, demanding
that negotiations be halted, and President Donald
Trump’s unfavourable statements about this treaty
during his election campaign, the insurance industry
emphasises that the TTIP represents a unique
opportunity to achieve an agreement between the
two leading markets for goods and services in the
world and to forge the future of international trade
relations.
As long-term investors, insurers help to support
the stability of the global financial system and the
growth of businesses on both sides of the Atlantic.
Insurers need a global agreement such as the TTIP
to enable them to continue to effectively mobilise
their ability to finance economic growth.
The FFA therefore wants to see a resumption of
the TTIP negotiations and financial services to be
fully included in those negotiations under both the
“regulatory cooperation” and the “market access”
strands.
36
DIGITAL REVOLUTION:
innovating to support insured
parties
The competitiveness of French insurers is today
inextricably bound up with their ability to collect
and use the information provided by Big Data. Data
analysis allows insurers to adapt their products
and services to insured parties’ new expectations,
deepen their understanding of the risks, optimise
their preventive actions, combat fraud more
effectively, etc.
Insurers have worked together with the French
data protection authority, the CNIL, to establish
best practice in the industry for the collection and
management of personal data. In November 2014,
the results of this work led to the production of an
“insurance compliance pack” regulating the use of
personal data and providing the insurance industry
with a set of rules within the general framework of
the Data Protection Act (loi informatique et libertés).
The FFA would like the digital revolution to provide
the opportunity for this type of regulation to become
widespread, moving towards simplification, self-
regulation and co-regulation. This method of
regulation is more effective than legislative and
regulatory supervision decided unilaterally by the
public authorities. It protects insured parties’ rights
and allows insurers to perform their missions.
Use of artificial intelligence is also very important for
the insurance industry. Applications that seemed
unimaginable ten years ago are now being tested
and some have even been rolled out and are being
used on a large scale:
◾◾ voice recognition and chatbots, or conversational
robots, are changing the customer relationship.
These technologies allow consumers to access
straightforward information at any time. This
frees up time for advisers, who can concentrate
on high-value-added calls or calls requiring a
high level of expertise;
◾◾ image recognition will provide opportunities for
more agile claims payment processes. Simply
sending a photo of a “small” motor claim can
trigger a repair or lump-sum compensation
within a few minutes;
THE EUROPEAN DATA
PROTECTION REGULATION
This new regulation will apply from 25
May 2018. Adoption of this text will
enable Europe to adapt to the new
digital realities while ensuring a high
level of consumer protection.
◾◾ connected objects managed by ar tif icial
intelligence will make it possible to develop new
ways of protecting property and persons and
preventing risks. Many solutions for the detection
of leaks and the intelligent management of
homes (detection of the outbreak of a fire,
carbon monoxide leak, etc.) were presented at
the Consumer Electronics Show in Las Vegas in
2017 and offer promising paths for extending the
services offered by insurers.
These new applications will require a great deal of
technological agility on the part of insurers. This is
one of the reasons the industry is encouraging and
supporting innovation, particularly by establishing
numerous links with Assurtech start-ups. The FFA’s
Digital Committee has made artificial intelligence a
priority area of work.

Data protection has three objectives:

◾◾ to strengthen the rights of individuals,

in particular by creating a right to
por tability of personal data and
provisions for minors;

◾◾ to make those who process data

(c o n t r o l l e r s a n d p r o c e s s o r s)
accountable;

◾◾ to bring credibility to regulation

through greater cooperation between
the data protection authorities within a
European committee. That committee
will be able to take decisions in respect
of transnational data processing and
to impose stronger sanctions.

Learn more

37
 AUTONOMOUS VEHICLES: THE COUNTDOWN HAS STARTED!
Autonomous vehicles should arrive around 2021.
In particular, it is expected that the following will
be on the road:
◾◾ top - of- the - range vehic les with a fully
autonomous option;
◾◾ fleets
of autonomous vehicles available on
demand;
◾◾ a growing number of autonomous public
transport shuttles;
◾◾ therapid development of driver assistance
systems that allow partial delegation in mid-
range vehicles;
◾◾ continueddevelopment of new collaborative
methods of travel, reducing the share
accounted for by “individual” vehicles.
38
The framework for motor insurance and
compensation of victims of road traffic accidents
in France is fully compatible with the growing
autonomy of vehicles. The law currently places
insurers in the front line: all vehicles must be
insured and any vehicle involved in an accident
must compensate the damage caused. This
system provides a high level of protection for
victims and there is no reason to call it into
question.
The texts that will need to change are essentially
those of the Highway Code (Code de la route),
and particularly those arising out of the Vienna
Convention, which accepted partial delegation
provided the driver can take back control at any
time.
HEALTH: The FFA wishes to discuss with these health
professions in order jointly to identify where
improving access to care progress can be made to enable supplementary
health insurers to find new ways of providing cover
In order to reduce the amount paid by insured
to insured parties.
parties and reduce the occurrence of insured
parties deciding to forgo certain treatments, the
FFA wants to extend the contractual partnerships
and treatment networks between insurers and the
health professions.

A treatment network consists of “partners” who

have chosen to enter into a contract with a service
management platform acting on behalf of one or
more insurers. The health professionals undertake
to comply with tariff schedules, quality criteria and
information and service standards. The platform
undertakes to direct insured parties towards the
partners.

By negotiating tariffs, the amount left to be paid

by patients can be significantly reduced or even
eliminated. Access to these networks has resulted
in almost three times more insured parties having
nothing to pay.

The treatment networks are also a response to

the problem of equitable access to treatment,
particularly in the area of dental treatment where
patients are more likely to forgo treatment for
financial reasons.

To reduce the amounts left to be paid by insured

parties and improve the quality of services, the
FFA wants to build on the initiatives insurers have
already developed with health professionals –
opticians, dentists, hearing care professionals –
and to work with the public authorities to improve
access to care and treatment in these areas.

In addition, the FFA wants to develop new contractual

partnerships with other health professions: doctors,
health establishments, pharmacists, etc. The
aim is to improve the way insurers cover the care
and treatment provided by these professionals,
particularly care and treatments not covered by
compulsory health insurance: prevention, support
for insured parties and development of public health
services based on new technologies.

39
 NATURAL HAZARDS:
improving prevention and
insurance
A study carried out by the FFA in 2015(1) shows that
the impact of climate change will continue to grow
in France, driven by global warming and a higher
concentration of wealth in areas at risk. As well as
flooding, the risks of coastal flooding and drought
appear particularly severe.
Despite a focus by the public authorities on
improving the coherence and effectiveness of
the means and resources for preventing natural
disasters, on the ground insurers see inadequacies
in the way those means and resources are used at
a local level.
Moreover, while France’s system of insurance
against natural hazards performs well overall,
certain aspects need to be adapted to suit the new
climate conditions.
Insurers have worked to establish simple, fiscally
neutral measures that would make it possible
to improve prevention of and protection against
natural disasters.
Strengthening and improving public
prevention and protection policies
This requires a more rigorous monitoring and
follow-up of Natural Risk Prevention Plans and
Municipal Safeguarding Plans; the absence or poor
implementation of these plans creates situations of
high vulnerability in many at-risk areas.
Given the risk of coastal flooding in France, the
setting up of Coastal Risk Prevention Plans,
protecting people and property against the risk of
coastal flooding, must be speeded up.
The drought risk is the most threatening over the
next few decades. Although techniques to prevent
its consequences for individual homes exist, there
is currently no regulation in this area, exposing
many owners to the risk of losing their homes.
(1) Climate Risks: Impact on Natural Hazard Insurance Between Now and
2040 – FFA 2015.
40
Modernising the system of insuring
against natural disasters
Since 1982, the system of insuring against “natural
disasters” has provided effective protection of
manufacturing plant and equipment and the
property of French people against the effects of
natural disasters.
Nevertheless, the new climate conditions and
the experiences of and lessons learned from the
different events suffered by the French over the last
ten years lead insurers to propose changes to this
system. For example:
◾◾ including
within the system of natural disaster
insur anc e c o m p e ns at i o n fo r te m p o r a r y
accommodation for those whose main home has
been damaged;
◾◾ reviewing the system of excesses payable by
insured parties under natural disaster insurance,
which is unclear and penalises insured parties;
◾◾ treating
the “drought” risk in a more appropriate
way by linking obligations to carry out a survey
of the subsoil in at-risk areas with transfer
of decennial-construction type damage to
construction insurance.
Reforming the Major Natural Risks
Prevention Fund
This fund, known as the “Barnier Fund”, is financed
entirely by insured parties. It plays an essential
role in financing prevention in the case of natural
disasters. Insurers would like to see its governance
reviewed to provide greater clarity concerning the
priorities in terms of action. The missions currently
financed by this fund, 17 in total, must also be
redefined to bring their costs and resources into
balance (order of the French Audit Court (Cour des
comptes) of 2 March 2017).
Implementing these measures, which are supported
by insurers, would make it possible to limit the
consequences of natural disasters for people and
property and facilitate the return to normality after
an event.
Consult the study “Climate Risks: Impact on
Natural Hazard Insurance Between Now and 2040”
Strategic Review Document: “Towards Better
Prevention of and Protection Against Natural
Hazards”
 DISRUPTION: A SOURCE OF OPPORTUNITIES
FOR INSURERS AND INSURED PARTIES
The insurance industry is today experiencing
one of the key moments in its evolution.
The arrival on the market of new actors,
such as the Assurtechs (digital start-ups
specialising in insurance), is shaking up
existing conventions, working methods and
the products and services offered. In short,
it is disrupting the sector.
At the same time, consumers are increasingly
well informed and increasingly well protected
and are looking for ever more personalised
services. Consumers also want to be able to
get advice or take out a product at any time
of the day … or night.
Finally, the exponential growth in the number
of connected objects that speak to computers
and smartphones brings the potential for
a huge range of connected services in the
areas of health, risk prevention, detection,
the submission and payment of claims, etc.
All this is stimulating actors in the insurance
market, who are working tirelessly to make
relations with insured parties more agile,
particularly through dematerialisation of the
process of taking out products, developing
electronic signatures or putting robo-
advisers in place that can answer simple
questions from customers 24 hours a day.
The industry is also focusing on offering
personalised offers to consumers who want
them. These personalised offers are based
on gathering individual or collective data,
without calling into question the principle of
pooling risks, which is the true cornerstone
of insurance.
Insurer s are in direc t c ont ac t with
developments in society and have the desire
and the ability to adapt their model to current
and future changes in their industry, for the
greater benefit of their insured parties.
41
 THE LIFE OF
THE FRENCH INSURANCE
FEDERATION

Throughout the year, the Federation’s teams worked, in France and abroad,
to raise awareness and recognition of the role played by insurance in
protecting households and businesses on a daily basis, as well as in the
long-term financing of the economy.

The FFA’s calendar of meetings and events in 2016 p. 43

Organisation of the FFA’s bodies p. 51

Internal organisation of the FFA p. 55

The FFA’s five regional networks p. 56

The CORA think tank p. 57

The University of Insurance p. 58

The association Attitude Prévention p. 59

42
THE FFA’S CALENDAR OF
MEETINGS AND EVENTS IN 2016
January
Third-party payment: the
supplementary health insurers will
gain the support of patients and
doctors through the quality of service
The AFA, the CTIP and the FNMF took note of
the Constitutional Council’s decision to partially
censure the roll-out of third-party payment. The
supplementary insurers’ association undertook
several technic al projects to improve the
functioning of third-party payment. It is working
closely with the operators of the third-party
payment system and the publishers of software
for health professionals to tailor the tools to the
practices of each profession.
Read the press release
Presentation of the French insurance
sector’s results in 2015
A first estimate of the results of the French insurance
sector in 2015 was presented by Bernard Spitz,
President of the FFSA and President of the AFA,
and Pascal Demurger, President of the GEMA and
Vice-President of the AFA.
View the playback
February
AERAS agreement: entry into force
of the first reference grid to facilitate
access to insurance and borrowing
In ac c o r danc e w it h t he m em o r andum of
understanding signed on 24 March 2015 with the
President of the Republic and the supplementary
agreement to the AER AS agreement of 2
September 2015 concerning the introduction of
the right to be forgotten under that agreement, the
AERAS Monitoring and Propositions Committee,
chaired by Jean- Michel Belorgey, with the
support of Emmanuel Constans, Chairman of the
agreement’s Mediation Committee, approved the
entry into force of a first reference grid.
Read the press release
Third-party payment: the State
compulsory sickness scheme and
the supplementary health insurers
present their joint report
In accordance with article 83 of the Health System
Modernisation Act, promulgated on 26 January
2016, the national sickness insurance funds
(caisses nationales d’assurance maladie) and the
supplementary health insurers’ association (which
brings together mutuals, provident institutions
and insurance companies) worked together to
devise technical solutions which were presented
in a report on third-party payment to the Minister of
Health and Social Affairs. The report presented all
the technical arrangements for the introduction of
third-party payment for all beneficiaries of sickness
insurance, concerning both the compulsory and
the supplementary components.
Find out about the solutions proposed
43
 March
Award of the “Innovation in Digital
Training in Insurance” prize
The “Innovation in Digital Training in Insurance”
prize, created by the University of Insurance, was
awarded by Arnaud Chneiweiss, Chief Executive
Officer of the French Insurance Association (AFA)
at the higher education and research exhibition
RUE 2016 – Salon de l’Enseignement supérieur et
de la Recherche. The prize was open to any higher
education establishment, which could enter alone
or in partnership with another public or private
sector body. It recognises initiatives that integrate
digital into teaching processes and meet the new
skills requirements of insurance sector employees.
See the winners
7th Foulées de l’Assurance charity run
Assureurs Prévention and GEMA Prévention were
present at the 7th Foulées de l’Assurance charity
run in the Bois de Boulogne.
This sports event, organised by the association
Les assureurs ont du cœur to support prevention
of cardiovascular diseases, is supported by many
insurance companies and mutual insurance
companies. Assureurs Prévention and GEMA
Prévention had stands at the event providing
runners and spectators with a wealth of preventive
health information, as well as information on
preventing accidents on the road and accidents of
everyday life.
Visit the website of the Foulées de l’Assurance
44
April
Fourth insurance charity dinner
The French Insurance Association was delighted
to take part in the fourth insurance charity dinner,
held on 11 April 2016. This event, organised by
Jean-Pierre Zerba and the Club des Assureurs,
included a charity auction raising donations for
the charity Vaincre la mucoviscidose (Beat Cystic
Fibrosis).
Visit the charity’s website
The Casablanca meetings:
“How to address emerging risks in
a globalised world?”
The FFSA took par t in the 3 rd Casablanca
Insurance Meetings. These meetings brought
together insurers and reinsurers in Africa to discuss
emerging risks in the presence of Mohamed
Hassan Bensalah, Chairman of the Moroccan
Federation of Insurance and Reinsurance
Companies, Mohamed Boussaïd, Minister for
the Economy and Finance, and Hassan Boubrik,
Chairman of the Moroccan Social Welfare and
Insurance Supervision Authority.
Visit the official website
May
Unclaimed contracts: insurers meet
their obligations
The Eckert Act of 13 June 2014, supported from its
early stages by the French Insurance Association
(AFA), tasked the French prudential supervisory
authorit y (ACPR) with publishing a repor t
summarising the situation concerning unclaimed
life insurance contracts. The report emphasises
the significant resources put in place by insurers to
comply with their obligations to identify and pay the
beneficiaries of life insurance contracts for which
the policyholder has died.
Read the press release
Creation of a multi-year research
programme “Insurance and Society, June
the history of the knowledge and
practice of interdisciplinarity” Novo, the largest investment funds
dedicated to the financing of
The Paris 1 Panthéon-Sorbonne university and SMEs/intermediate-size enterprises:
the FFA inaugurated the creation of a multi-year success of the second capital raising
research programme dedicated to the insurance
The Caisse des Dépôts and the French Insurance
sector. The purpose of this research is to analyse,
Association announced the successful completion
over a long period, the insurance sector’s responses
of the second capital raising for the Novo funds in
to social changes, crises or developments in
the amount of €405 mn, exceeding the initial target
France and in the wider world. The programme is
of €300 mn. Almost all the original 24 investors
made up of six areas of research. The first five deal
participated in this capital raising, which makes
with the role of insurance through organisational,
the Novo funds, with capital of €1.42 bn, the
political, legal, economic and social analysis. The
largest funds investing in SMEs and intermediate-
sixth studies the spoliations during the Second
size enterprises. In 30 months, the Novo funds
World War and will make it possible to contribute to
have invested a billion Euros, exclusively in bond
the research of the Mattéoli mission.
loans, in 41 SMEs/intermediate-size enterprises,
to finance their plans for increasing production,
innovation and development abroad.

Learn more about this programme

8 th Transport Insurance Meeting:

“The planet of all risks”
The Insurance Transport Meeting (Rendez-vous
de l’assurance transports) is now a regular feature
in the calendar of international trade events
dedicated to insurance. The 8th meeting was held
on 18 and 19 May at the Maison de la Chimie. It
brought together more than 600 participants, 150
of whom came from 36 foreign countries, and
numerous professions: shipowners and charterers,
carriers, insurers, reinsurers, brokers, loss
adjusters, lawyers, etc.
Click here for more information about this
second capital raising
Flooding: insurers respond
Faced with the floods which affected France in
late May and early June, insurers acted to provide
the best possible assistance to their insured
parties who had been affected, following their well-
established practices for major events. Insurers
were present in the affected areas right from the
beginning of events and worked closely with elected
officials and public services, whose dedicated and
effective efforts they praised. Under the aegis of the
French Insurance Association, insurers approved
measures to speed up settlement of claims and
simplify procedures.
Read about the measures taken by insurers

Visit the website of the Transport Insurance

Meeting

45

Floods: insurers do everything
possible to facilitate a return to a
normal life.
Three weeks after the beginning of the floods
that affected hundreds of municipalities in France,
insurers had received 120,000 claims. The
French Insurance Association confirmed its initial
estimate of the cost of the insured damage as
being around €1 bn.
Read about the actions taken by insurers
Brexit: the French insurance industry
calls for the preservation of the
European insurance market
UK citizens indicated that a majority of them wished
to leave the European Union. Immediately after
the referendum, the French Insurance Association
reiterated its unwavering commitment to the
construction of Europe.
Read the press release
46
July
Creation of the French Insurance
Federation
The creation of the French Insurance Federation
(FFA) brought together in a single organisation
the French Federation of Insurance Companies
(FFSA) and the Federation of Mutual Insurance
Companies (GEMA). The French Insurance
Federation brings together the insurance and
reinsurance companies operating in France, i.e.
280 companies accounting for more than 99% of
the market. It is the principal voice of the industry
for public, private and not-for-profit interlocutors.
By merging their representative bodies in this
way, insurers have provided themselves with an
organisation that can respond to the diverse range
of challenges they face, whether regulatory, digital,
climate-related or social.
Read the press release
Read Bernard Spitz’s speech
Read Pascal Demurger’s speech
The reinsurance market’s
results in 2015
On 12 July 2016, Patrick Duplan, Chief Executive
Of f icer of the Association of Reinsurance
Professionals in France (APREF) and Bernard
Spit z, President of the French Insuranc e
Federation, presented the key figures and events
of the reinsurance market in 2015 at the APREF-
FFA press conference.
Visit www.apref.org for more information
The Nice terrorist attack CRS/Attitude Prévention road
education scheme
The French Insurance Federation expresses its
support and profound sympathy for the victims of The CRS/Attitude Prévention road education
the murderous attack in Nice and their families. scheme began its summer campaign under the
colours of the new association resulting from
The French and Italian financial the merger of Assureurs Prévention and GEMA
markets call for quick and transparent Prévention.
Brexit negotiations and consolidation
This initiative was targeted at young people, since
of financial Europe
they are the main victims of traffic accidents. Each
The President of the French delegation, Bernard year, the road education scheme welcomes them
Spitz, President of the French Insurance Federation, from the age of 14 in some twenty cities in France.
and the President of the Italian delegation, Luigi
Abete, President of the Italian Banking, Insurance
and Finance Federation (FeBAF) stressed the
importance of stronger dialogue between France
and Italy on financial services in the coming months
and the need for action to consolidate financial
Europe, and in particular deeper integration within
the Eurozone.
Read the press release

A new awareness-raising campaign by

Attitude Prévention
On the occasion of the July/August holidays, which
alone account for a fifth of road fatalities, Attitude
Prévention again sought to raise awareness of
road risks. You can see the results of its 2016 study
Consult the schedule of the road education
into the behaviour of parents at the wheel when
scheme
their children are in the car and its televised and
web-based campaign “On the road, let’s be sure to
pass on positive behaviours”.

Find out about the campaign
August
PRIIPs: Financial sector and savers’
trade associations come together
to protect information and French
consumers
The new European PRIIPs (Packaged Retail and
Insurance- Based Investment Products) regulation,
initially applicable from 31 December 2016 and
intended to improve information for savers by
providing them with a key information document,
risks completely missing its target.

Read the associations’ press release

47
 September
“On the road, let’s be sure to pass on
positive behaviours”
As children returned to school, the association
Attitude Prévention revealed the results of its
exclusive study of the behaviour of parents
as pedestrians on the walk to school or extra-
curricular activities. Almost threequarters of
parents acknowledged that they had already
behaved in a dangerous way when walking with
their children. More worrying still is the fact that
nine out of ten children had noticed risky behaviour
on the part of their parents.
The publication of these results was accompanied
by an awareness campaign on “good behaviours”
as a pedestrian.
See the results of the study
Find out about the campaign
48
Rendez-Vous de Septembre
The 60th edition of the Rendez-Vous de Septembre
(RVS) took place in Monte-Carlo between 10 and 15
September 2016. This major forum brings together
insurers, reinsurers and brokers, as well as rating
agencies, risk modelling agencies, actuaries,
lawyers, auditors, run-off bodies and others. The
pre-renewal discussions enable these actors to
better understand changes in (re)insurance and to
anticipate the industry’s requirements and major
trends.
Visit the website of the Rendez-Vous de
Septembre
Launch of the association Mission
Handicap Assurance
When it was launched on 23 September, the
association Mission Handicap Assurance brought
together some one hundred people, including
numerous representatives of insurance companies
and of the world of disability.
Three themes were addressed during this event:
the employment of disabled people in insurance
companies, adapting environments, and innovative
employment practices and research.
Find out about the association Mission Handicap
Assurance
The Keys to Road Education
The aims of this competition (Les Clés de
l’Éducation Routière), which has been organised
since 2008 by the associations Prévention Routière
and Attitude Prévention, are to reward and raise
awareness of the most significant and relevant
initiatives by educators and schools in the area of
road education.
See the 2016 winners
October November
Roll-out of third-party payment: Follow-up of major weather events:
supplementary health insurers and signature of an agreement between
operators of the third-party payment the FFA and the Secretariat of State
system propose a set of services for Victim Support
around a common standard
On a visit to Melun, Bernard Spitz, President of
The supplementar y health insurers and the the FFA, and Juliette Méadel, Secretary of State
operators of the third-party payment system for Victim Support, took stock of the bad weather
announced the implementation of the technical of May and June 2016 and signed an agreement
strand of the roll-out of third-party payment. This intended to formalise the follow-up of major
strand will include opening up the service to all weather events.
health professionals who wish to use it, and the
Read the text of the agreement
publication of a common standard for online
consultation of the entitlements of their insured
European Education Fair
parties. The service will offer ease of use with
tailored third-party payment certificates and The FFA took part in the European Education
optimal financial circuits. Fair from 18 to 20 November 2016 in Paris, at the
Parc des expositions de la Porte de Versailles. In
the National Information Office for Education and
Vocations (ONISEP) Career Guidance space, the
Le service garanti
FFA presented information on careers and training
des complémentaires santé. in the insurance sector to a large number of young
people.
Read the press release
Find out about the European Education Fair

8 th international insurance conference:

“Ageing well”: older people who are
“Towards the insurance of tomorrow”
positive, active and organised
In the presence of Michel Sapin, Minister for the
More than 20 million French people were over 55
Economy and Finance and Valdis Dombrovskis,
years of age in 2015, i.e. 31% of the population.
Vice-President of the European Commission for
“Ageing well” is therefore a real challenge for
the Euro and Social Dialogue, also in charge of
society. As part of its prevention initiatives, the
Financial Stability, Financial Services and Capital
association Attitude Prévention published a study
Markets Union, the principal French, European
of people exclusively aged 55 or over to learn how
and international insurance authorities debated the
they anticipate or are experiencing their retirement.
challenges of tomorrow’s insurance with the FFA.
The results show that older people value this time
in their lives and are active and organised. These
are all key factors in keeping healthy!
VERS
See the results of the study
L’ASSURANCE
DE DEMAIN...
8ème
conférence internationale
de l’assurance
VENDREDI 14 OCTOBRE 2016

FÉDÉRATION FRANÇAISE DE L’ASSURANCE ÉQUIVALENCE QUADRI

FFA_16_9727_Logo_Quad
CYAN 100 % MAGENTA 100 %
12/07/2016
24, rue Salomon de Rothschild - 92288 Suresnes - FRANCE
CYAN 100 % MAGENTA 30 %
Tél. : +33 (0)1 57 32 87 00 / Fax : +33 (0)1 57 32 87 87
Web : www.carrenoir.com

Ce fichier est un document d’exécution créé sur

Illustrator version CS6. CYAN 100 % MAGENTA 100 %

Access the playback of the conference

Read the press release

49
 Natural disasters and climate change
adaptation policies in France
Just after the end of COP22, the Caisse des
Dépôts group, the French Insurance Federation
and the Political Ecology Foundation (Fondation
de l’Écologie Politique) organised a symposium on
“Natural Disasters and Climate Change Adaptation
Policies in France”.
Getting home safely is part of a good
night out
Since alcohol is involved in 28% of fatal accidents*,
Attitude Prévention, in par tnership with the
association Prévention Routière, offers a way to
plan your return from a night out in advance in
only three clicks. Since the beginning of 2016,
Mon Mode d’Emploi uses social networks to show
all the ways to get home and therefore make life
easier at the end of an evening of over-indulgence,
thanks to #BienRentrer.

Throughout the year, advice and educational

Read the press release
videos are available at www.monmodedemploi.fr,
providing information on all the ways of getting
home, as well as information on the various road

December risk factors (alcohol, speed, mobile phones, falling

asleep, etc.). As events unfold, you can generate, in
the form of entertaining, personalised pictograms,
The electronic motor accident report
information on how to have a good night out, taking
form two years on
care to choose how to get home safely.
Launched on 1 December 2014, the electronic * Source: ONISR (French Road Safety Observatory) 2014
motor accident report form, an official application
of French insurers, celebrated its second birthday.
This application is designed to make managing Préparez vos retours de soirée
damage-only motor claims quicker and easier. avec Mon Mode d’Emploi pour #BienRentrer
Simpler and quicker than the paper-based report
form, but as reliable, the electronic motor accident
report form was developed by insurers to enable
those who want to do so to submit their motor
claims from their smartphones. The application
works for accidents involving one or two motorised
land vehicles registered in France (metropolitan
France and the overseas depar tments) and
Monaco, provided no-one is injured. Find out about the campaign

Read the press release

Find practical information and explanatory

videos about the electronic motor accident report
form at e-constat-auto.fr
50
ORGANISATION OF THE BODIES
OF THE FRENCH INSURANCE
FEDERATION

The French Insurance Federation is a trade association. It is organised around the

following bodies: the President’s Committee, the Executive Board, the General Meeting,
eleven standing committees and an Ethics Committee.

The President’s Committee

President Vice-Presidents

Bernard SPITZ Pascal DEMURGER Jacques RICHIER Pierre de

President of the President of the French VILLENEUVE
Association of Mutual Federation of Limited President of the
Insurers (AAM), CEO Insurance Companies French Banking-
of the MAIF group (FFSAA), President Insurance, Companies
and CEO of Allianz Associations,
France Executive President of
BNP Paribas Cardif

The President’s Committee brings together the President and the three Vice-Presidents of the French
Insurance Federation to appoint the chairs and vice-chairs of the FFA’s standing committees and sub-
committees, the executives to whom the principal tasks of representing the Federation abroad are
entrusted and the chairs of the trade organisations linked to the FFA.

51
 The Executive Board at 6 June 2017
The Executive Board consists of the Chair, elected by the General Meeting for three years, representatives
of twenty-three member companies, and the Treasurer. The eighteen largest groups and companies in
terms of revenues are automatically members of the Executive Board. The five representatives of the other
companies are elected by their peers: a reinsurer, three mutual insurance companies and a public limited
company.

Bernard
SPITZ Pascal
President of the DEMURGER
French Insurance CEO,
Federation MAIF

Patrice
FORGET
Managing
Stéphane Patrick Director, General
DESSIRIER DIXNEUF Secretariat and
CEO, CEO, International,
Groupe MACSF AVIVA France COVEA

Patricia
LACOSTE Romain Frédéric
President LAUNAY LAVENIR
and CEO, CEO, CEO,
Groupe Prévoir SCOR SE CNP Assurances

Sylvain Jacques Philippe

MORTERA de PERETTI PERRET
CEO, President President
AREAS and CEO, and CEO,
Dommages AXA France SOGECAP

Frédéric
THOMAS Paul
André CEO, VILLEMAGNE
RENAUDIN CREDIT Treasurer of the
CEO, AG2R AGRICOLE French Insurance
LA MONDIALE Assurances Federation

52
 Pierre
Jacques de VILLENEUVE
RICHIER Executive
President President,
and CEO, BNP PARIBAS
ALLIANZ France CARDIF

Patrick
Ivo JACQUOT
Jean-Laurent HUX President
GRANIER Head France, and CEO,
President Benelux Assurance
and CEO, & Switzerland Mutuelle
GENERALI France SWISS RE des Motards

Jean-François
LEQUOY
Member of the
Senior
Management
Committee, Thierry Bernard
Director of MARTEL MILLEQUANT
Insurance, CEO, CEO,
NATIXIS GROUPAMA SA SMABTP

Pierre
REICHERT
Executive Board Charles
Jean-Marc Chairman, RELECOM
RABY Groupe des President
CEO, Assurances and CEO France,
MACIF du Crédit Mutuel SWISS LIFE

53
 The standing committees
and the Ethics Committee at
1 June 2017
These standing committees bring together, in
their respective subject areas, representatives of
the member companies of the French Insurance
Federation. They can set up sub-committees and
working groups to carry out their work. The mission
of the committees is to study the key issues facing the
sector and propose solutions, actions or positions to
be supported by the industry as a whole.
See the presentation of the FFA’s committees
here
Risk Analysis Committee
Chair: Virginie Le Mée, Risk and Continuous
Control Director - MACIF
Vice-Chair: Philippe Marie-Jeanne, Chief Risk
Officer - AXA
Property and Casualty Insurance
Committee
Chair: Stéphane Duroule, CEO - MAAF
Vice- Chairs: François Farcy, Deputy CEO,
Compensation and Services - Groupe Matmut
and Jean-Luc Montané, Director, Property and
Casualty Insurance for Business - AXA
Life, Health and Protection Insurance
Committee
Chair: Stéphane Dedeyan, Deputy CEO -
Generali
Vice-Chairs: Pierre François, CEO, Swiss Life
Prévoyance Santé – CEO, Swiss Life Assurance
de Biens and Xavier Larnaudie-Eiffel, Deputy
CEO - CNP Assurances
Sustainable Development Committee
Chair: Dorothée de Kermadec- Courson,
Director, Compliance, Internal Control and
Sustainable Development - CNP Assurances
Vice- Chair: Renaud Berrivin, Director of
Communications and CSR - Intermutuelles
assistance (IMA)
Distribution Committee
Chair: Matthieu Bébéar, Deputy CEO - AXA
Vice-Chair: Marc Borreil, Director of Partnerships -
Mutuelle des Motards
54
Economic and Financial Committee
Chair: Antoine Lissowski, Deputy CEO - CNP
Assurances
Vice-Chair: Olivier Arlès, Deputy CEO - Groupe
MACIF
Legal, Tax and Competition
Committee
Chair: Philippe Giraudel, Legal Director -
GROUPAMA
Vice-Chair: Angélique Sellier-Levillain, Legal
Director, Insurance - ALLIANZ
Anti-Money Laundering Committee
Chair: Gaël Buard, Director, Regulation, Control
and Prevention - Natixis Assurances
Vice-Chair: Hubert Marck, Director, Public Affairs
and Compliance - AXA
Digital Committee
Chair: Virginie Fauvel, Executive Committee
Member, Digital and Market Management Director -
Allianz
Vice- Chair: Antoine Ermeneux, Director,
Strategic Transformation - COVEA
Reinsurance Committee
Chair: Patrick Duplan, CEO - APREF
V i c e - C h a i r : A u g u s t i n R é m y, D i r e c t o r,
Reinsurance - Groupe MACIF
Employment Committee
Chair: Olivier Ruthardt , Director, Human
Resources - Groupe MAIF
Vice-Chairs: Paule Arcangeli, Member of the
Executive Committee responsible for Human
Resources - Groupe AG2R La Mondiale and
Sibylle Quéré- Becker, Director of Human
Resources - AXA
Ethics Committee
Chair: Frédéric Jenny, Chair of the OECD
Competition Committee
The General Meeting
The General Meeting comprises all the members
of the French Insurance Federation.
 INTERNAL ORGANISATION
OF THE FRENCH INSURANCE FEDERATION

President
Bernard Spitz* Chief of staff
Hélène Béjui

Public Affairs and

CEO, Business Division General Secretary CEO, Functions Division
Communication
Arnaud Chneiweiss* Gilles Wolkowitsch* Philippe Poiget*
Arielle Texier*

„„ General Secretariat „„ Parliamentary Affairs Legal, Tax and

Life, Health and Gilles Wolkowitsch Jean-Paul Laborde Consumers Affairs
Protection Insurance Department
Department „„ Legal, Tax and
„„ Life and Capitalisation Consumers Affairs
„„ Human Resources „„ Communication
Philippe Bernardi Philippe Poiget
Martine Bacciochini Delphine Deleval
„„ Health
Véronique Cazals

„„ Finance Europe and

Slimane Tezkratt International Department
„„ Europe and International
Property and Casualty Christian Pierotti
Insurance Department „„ Information Systems and
„„ Property and Casualty General Resources „„ Digital and Innovation  
Insurance, Markets Jean-Luc Saghaard Jérôme Balmes
„„ Social Affairs
Division Alexis Meyer
Stéphane Pénet
„„ Property and Casualty
Insurance, Business
Division „„ Accounting, Prudential
Catherine Traca and Finance
Christine Tarral

Economic Studies and

Statistics Department
„„ Economic Studies and
Statistics
José Bardaji

* Members of the Management Committee

55
 THE FIVE REGIONAL NETWORKS
OF THE FRENCH INSURANCE
FEDERATION
The French Insurance Federation has a number
of networks of representatives in the regions. The
FFA’s regional networks allow effective intervention
in the event of a crisis, as well as providing day-
to-day representation of the Federation and the
industry throughout the country.
The FFA’s correspondents are the preferred
interlocutors of the public authorities, trade bodies
and chambers of commerce in the regions. They
disseminate the Federation’s principal messages
on key issues for the insurance sector.
NATURAL DISASTERS:
THE NETWORKS ACT
In the event of severe weather,
t he de l e gate s of t he Insur anc e
Documentation and Information Centre
(CDIA) are mobilised as soon as an
amber alert is issued by Météo France.
They transmit information gathered on
the ground about the scale and progress
of the event to the FFA in real time.
This information is extremely valuable
to the Federation, enabling it to be
highly responsive, both locally and
nationally, to public authorities, the
media and those affected. These local
representatives also provide information
and assistance to those affected, for
example by holding regular information
sessions. In addition, the CDIA’s
delegates and the CATNAT (Natural
Disaster) coordinators participate in the
crisis units set up by the government
following a major weather event.
56
The 12 correspondents, directors of regional offices
of insurance companies, are based in 6 major
French cities: Lille, Lyon, Marseille, Strasbourg,
Rennes and Toulouse.
The representatives of the CDIA (Insurance
Documentation and Information Centre) – general
agents and brokers – are responsible for
delivering practical and educational information
to all audiences: private individuals, professionals,
businesses and associations. The 94 delegates
and 300 local correspondents also play an essential
role on the ground in the event of a weather event.
The Natural Disaster coordinators are the
industry’s technical advisers in the departments
when major weather events occur. They act
with the public authorities to deal with complex
problems in terms of insurance in order to speed
up settlement of insured parties’ claims and to help
them get their lives back to normal.
The insurance careers ambassadors meet
the public at job fairs, orientation sessions and
information meetings to promote careers, training
and employment in the insurance sector. The 50
ambassadors are insurance company employees
and are present in the main towns and cities of
France.
The regional life, health and protection
insurance clubs, six in number, cover the whole
of France and bring together the sales managers
of the insurance companies’ salaried employee
networks. These clubs provide a forum for sharing
information on technical, commercial, regulatory
and ethical developments in life, health and
protection insurance.
See the FFA’s networks
THE CORA THINK TANK
The CORA Think Tank (Conseil d’Orientation et
de Réflexion de l’Assurance) was created in 2008
at the initiative of Bernard Spitz, President of the
French Insurance Federation.
The aim of this independent think tank is to foster
dialogue between the insurance industry and civil
society. It meets four times a year.
Contributing to public debate
The setting up of CORA reflects insurers’ desire to
play their role in society to the full and to contribute
to public debate.
CORA is chaired by Jean-Pierre Boisivon and has
23 members, all from civil society.
These men and women are philosophers, doctors,
lawyers, trade unionists, economists, teachers,
historians, demographers, writers, politicians,
entrepreneurs and others, both French and
foreign, bringing a range of different sensibilities
and opinions.
COR A focuses on the issues of today and
tomorrow, such as the ageing population, health,
the digital revolution, sustainable development,
risk education, regulation, etc.
Its members’ freedom to express themselves
and the diversity of their skills and professional
experience enable insurers to better understand
changes in society.
See the subjects considered by CORA and the
list of CORA’s members
CORA’S AREAS OF
FOCUS
Health
The costs of cutting-edge medical care
are rising dramatically. National budgets
are tightening. The role of insurers in
ensuring the stability of health systems
is crucial. CORA considers how to
improve social protection for all French
people within a system they value.
The digital revolution
Insurers’ activities and their relations
with citizens-consumers are being
transformed by the digital revolution.
COR A looks at all aspects of this
change: access to personal data,
simplification of services and benefits,
insurance of intangible property, etc.
Regulation
CORA is committed to promoting good
regulation, which allows fair competition,
and raising the alarm where it sees
examples of poor regulation, which is
a source of inefficiency and destroys
value.
Risk culture
CORA contributes to the public debate
and encourages initiatives that develop
risk education, thus contributing to
social and entrepreneurial development
in our country.
Protection of people and property
CORA contributes to the discussions
and reflections of insurers, who seek to
push back the boundaries of insurability
every day.
57
 THE UNIVERSITY OF INSURANCE

The University of Insurance was created in 2010.
Its purpose is to promote a culture of insurance and
risk management among students, professionals
and decision-makers.
Established as a network bringing together
higher education establishments and insurance
companies, the University of Insurance has as its
missions:
Education that helps students find
employment
The University of Insurance increases exchanges
of ideas and experiences between those working
in higher education and professionals in the
insurance sector. The relationships established
make it possible to continuously adapt the training
programmes to changes in the insurance and
reinsurance sector.

◾◾ thecreation and promotion of centres of

excellence in insurance education;
◾◾ building bridges between those working in higher
education and insurance professionals;
◾◾ promoting innovative teaching.
The University of Insurance is chaired by Éric
Lombard, Chairman and CEO of Generali France.
The insurance centres of excellence:
high-level multi-disciplinary training
The insurance industry also promotes international
exchanges by developing partnerships between
higher education establishments across the world.
Prioritising innovation in teaching and
research
The University of Insurance promotes innovation
in teaching and research in the areas of insurance
and risk management. By doing so, it supports the
transformation of the sector, which is ever more
international in nature and in which the role of
digital is ever-increasing.

The insurance and reinsurance sectors offer many

Learn more about the University of Insurance,
career opportunities. The University of Insurance
the training courses and those involved
has set up centres of excellence across France
delivering high level insurance training to provide
an effective response to companies’ recruitment
needs.

The multi-disciplinary education provided by the

centres of excellence provides students with
access to all insurance and risk management
careers. Numerous training programmes are
offered, tailored to student profiles: initial training,
continuing training, work-linked training, etc.

More than 30 training courses are already provided

by the University of Insurance’s network.

58
THE ASSOCIATION
ATTITUDE PRÉVENTION

Prevention is an integral part of insurers’ work. It

is an important cause, inseparable from insurers’
social responsibility, and all insurers are engaged
in it.
Standing alongside their insured parties when an
accident or loss occurs, insurers provide them
with the best possible support to mitigate the
consequences. But they owe it to themselves to go
further and make the French people aware of the
risks they run in their daily lives and help them to
protect themselves against those risks.
That is why the members of the French Insurance
Federation carr y out numerous awareness
campaigns on an individual basis. They have also
chosen to participate in collective initiatives and
actions within the association Attitude Prévention.
Attitude Prévention was created in 2016 by the
merger of Assureurs Prévention and GEMA
Prévention and brings together all French insurers.
The missions of Attitude Prévention are:
◾◾ to raise awareness about prevention – particularly
road-related risks, accidents of everyday life and
health – on behalf of all insurers, in conjunction
with the French Insurance Federation;
◾◾ todesign and implement initiatives to raise
awareness of road-related risks, risks in the
home and health risks among the general public,
alone or in partnership with other organisations;
FIND ATTITUDE
PRÉVENTION ON
SOCIAL MEDIA
For information on everyday risks – on
the road, at home, health, leisure –
and especially so that you can act
and respond in order to contribute to
prevention, share good behaviours
with your followers by visiting Attitude
Prévention on social media.
On Twitter: follow @PreventAttitude
On Facebook: follow Attitude
Prévention
Join the community
Les Mamans Assurent
T h e Fa c e b o o k c o m m u n i t y “ L e s
Mamans assurent” is an initiative of
Attitude Prévention. Its aim is to raise
awareness, inform and share advice
and tips for children and mothers at the
top of their form.
Subscribe to the Attitude Prévention
YouTube channel
See the association’s initiatives in
images: campaign spots, educational
videos, etc.

◾◾ to
act as a point of reference for the analysis of
data on road-related risks, risks of everyday life
and health risks.

Attitude Prévention is chaired by Patrick Jacquot,

President and Chief Executive Officer of Assurance
Mutuelle des Motards.

59
 2016: INSURANCE
DASHBOARD

Key figures p. 61

Property and casualty insurance p. 63

Life, health and protection insurance p. 69

Insurance and households’ long-term savings p. 74

Insurance and social protection of households p. 76

Insurance industry’s financial activity p. 79

Statistical section
Premiums 
p. 86
Benefits and claims paid 
p. 89
Accounting data 
p. 90
Investments of insurance companies 
p. 94
Financial data 
p. 97

Main European legislation adopted in 2016 p. 98

Main French legislation adopted in 2016 p. 99

Useful addresses p. 105

Credits 
p. 106

60
KEY FIGURES
Economic and financial environment
Level or change at 31 December 2016

„„ 3-month interest rate -0.32%

„„ Livret A interest rate 0.75%

„„ 10-year interest rate 0.68%

„„ CAC 40 4,862 pts (+4.9%)

„„ Inflation +0.2%

„„ GDP (value) €2,229 bn

„„ Change in GDP (volume) +1.2%

„„ Change in consumer spending +2.3%

„„ Change in business investment +3.6%

„„ Change in gross disposable income +1.7%

„„ Household saving rate 13.9%

„„ Net new mortgage lending to households €33.8 bn

„„ Unemployment rate (ILO definition) 10.0%

Sources: European Banking Federation, Banque de France, Agence France Trésor, Euronext, Insee (French Economic Research and Statistics Institute)

INSURANCE DASHBOARD 61
 All insurance classes – direct business France

2015 in € bn 2016 in € bn Change 2016

„„ Premiums (total) 208.7 208.8 +0.1%

„„ Life,health and protection

156.3 155.5 -0.5%
insurance premiums
- life and capitalization 135.5 133.9 -1.2%
• Euros 107.6 106.7 -0.8%
• unit-linked(1) 28.0 27.2 -2.6%
- sickness and personal injury
20.8 21.5 +3.6%
accidents
• health care 11.0 11.4 +3.6%
•p
 ermanent and temporary
disability, long-term care and 9.7 10.1 +3.6%
accidental death
„„ Mathematical provisions – life 1,549.3 1,591.0 +2.7%
- unit-linked(1) 282.0 304.1 +7.8%

„„ Property
and casualty insurance
52.4 53.4 +1.9%
premiums
- motor 20.4 20.8 +1.8%
- multi-risk home 10.0 10.3 +2.5%
- business and agricultural 7.5 7.6 +1.6%
- general liability 3.6 3.6 +1.1%
- construction 2.1 2.1 -2.1%
Source: FFA
(1) Including Eurocroissance products

62 INSURANCE DASHBOARD
PROPERTY AND CASUALTY
INSURANCE IN 2016
Measured growth in premiums
In an economic environment of low growth The personal lines sector continued to lift the
weighing down on insurable business and against market, thanks to the good performance of the
a background of intense competition, the growth housing market and the resilience of the motor
in the property and casualty insurance market insurance market.
remained modest in 2016 (+1.9% after +2.3% in
2015).

Property and casualty insurance – direct business France

2016
Change
premiums Share of revenues
2016/2015
in € bn
„„ Total – direct business 53.4 +1.9% 100%
Personal lines 33.6 +2.5% 62.9%
Business 19.8 +0.8% 37.1%
„„ By insurance class
Motor 20.8 +1.8% 39.0%
Multi-risk home 10.3 +2.5% 19.2%
Business and agricultural property 7.6 +1.6% 14.3%
Natural disasters 1.6 +1.1% 3.0%
Construction 2.1 -2.1% 3.9%
General liability 3.6 +1.1% 6.8%
Legal protection 1.3 +7.5% 2.4%
Transport 0.9 -8.5% 1.7%
Credit surety 1.1 -4.2% 2.2%
Assistance 2.1 +9.6% 3.8%
Financial losses 2.0 +6.4% 3.7%
Source: FFA

INSURANCE DASHBOARD 63
 A significantly higher level of claims
2016 was a bad year in terms of weather for These weather-related claims were accompanied
insurance. The cost of insured damages caused by by a rise in the average cost of motor claims and
natural events is estimated to be €2.4 bn for 2016, a rise in burglaries, following the previous falls.
of which €1.4 bn was accounted for by the floods of The total claims burden was significantly higher
late May and early June alone. Those floods, which (+5.2%).
affected the Seine moyenne and Loire basins, are
the most expensive the natural disasters system
has seen since it was put in place in 1982.

Major weather events in 2016

„„ May: hail storms Estimated cost: €270 mn

„„ May-June: flooding in the Seine and Loire basins Estimated cost €1,420 mn

„„ October: floods in the Languedoc Estimated cost €75 mn

64 INSURANCE DASHBOARD
Motor: a rise in claims
Faced with continuing fierce competition, the
growth of motor insurance revenue remained
limited in 2016, at +1.8%, similar to that of the
previous two years.
The market was supported by a rise of +5.8% in
registrations of new vehicles and by the positive
impact of warranties linked to the younger stock of
vehicles. At the same time, the market for second-
hand vehicles was also dynamic, with growth of
1.8%.
In terms of claims, the return to growth in road traffic
contributed to the negative trend in road safety
indicators (number of fatalities +0.5% in 2016;
number of injured hospitalised +2.2%). This had an
impact on the sector with a rise in the frequency of
personal injury liability claims (+ 2.7%).
With the sharp increase in the average cost of
damage claims as well as that observed over
several years in personal injury claims, the level of
claims in motor insurance worsened significantly
(+5.5%), particularly as weather conditions were
also unfavourable.
This increase was also associated with the low
interest rate environment, which automatically led
to a rise in provisions for life annuity commitments
for an unchanged amount of compensation (the
effect of discounting to net present value).

Motor claims
126 Average cost of
personal injury
122
120 accidents

115
Average cost of
111 111 damage-only
108 accidents
106 106
103 104
102
100
96 96 Frequency of personal
94 94 94 injury accidents
92
93 88 88 88 Frequency of
91 90 damage-only accidents
2010 2011 2012 2013 2014 2015 2016

Combined ratio, motor insurance

105

104

103 103

101

2012 2013 2014 2015 2016 (e)

INSURANCE DASHBOARD 65
 Multi-risk home insurance: a slowdown in premiums
Growth in multi-risk home insurance premiums
in 2016 was +2.5%, lower than in previous years
(+ 3.6% in 2015, +4.5% in 2014). This was the
result of the combination of strong competition and
the continuing slowdown in the construction index
(+ 0.4% in 2016).
Despite significant weather events (rain, floods and
hail), which for the most part fell under the natural
disasters regime, the burden of claims remained
subdued compared to 2015. The improvement in
the combined ratio was the result of a significant
revision of provisions for the years prior to 2016.

Home insurance claims

117 118

113 113

108
106 Burglaries
105 354,000
104
106 €0.6 bn
100 98 98 Water damage
97 1,220,000
€1.2 bn
96 93
93 93
Fire
89 86
190,000
€1.4 bn
2010 2011 2012 2013 2014 2015 2016

Frequency of claims

Combined ratio, home insurance

105
103

99

95

91
2012 2013 2014 2015 2016 (e)

66 INSURANCE DASHBOARD
Business and agricultural property insurance:
Moderate growth
Continuing the trend of previous years, the
business and agricultural property insurance
market experienced moderate growth in 2016
(+1.6%). The level of claims for industrial risks
was slightly down, with fewer and less costly large
claims in 2016 than in 2015.
On the other hand, the level of claims for damage
to agricultural property* shot up in 2016 as a result
of the very significant rise in claims attributable
to natural events, which had a large impact on
crop insurance, with a claims burden of €750 mn
(compared to €207 mn in 2015). In addition to the
floods of late May and early June, crops were also
affected by hail, frost and drought.

* Fire, multi-risk, hail and storms affecting crops

Change in large claims

(total multi-risk property damage excluding natural disasters)

View at end of first year

2014 2015 2016
„„ Claims ≥ €2 mn
- Number 99 104 96
- Cost in € mn 405 508 463
„„ ofwhich claims ≥ €10 mn
- Number 3 6 9
- Cost in € mn 41 160 140

Transport: premiums down

The transpor t insurance market, dominated
by carriage of goods, fell in 2016 (- 8.5%),
to €0.9 bn. This occurred in the context of
inc reasing c ompet it i on and c hronic f leet
over-capacity, which seems to be reducing.
The economic and geopolitical environment was
difficult, with a sharp slowdown in the growth of
global trade (+1.3% in 2016) and a high level of
uncertainty in the face of Brexit and the rise in
protectionist policies.

INSURANCE DASHBOARD 67
 General liability: growth in premiums
After falling for three years, the receipts of the comprising risks as diverse as medical liability,
general liability insurance branch grew slightly buildings liability and manufacturers’ liability.
(+1.1% in 2016). The market is highly heterogeneous,

Construction: a contrast in performance between liability

insurance and structural damage liability
Following eight years of crisis, construction activity
recovered in 2016 (+1.9% in volume) with growth
in new housing starts of +12.3% over the year.
While this recovery was reflected in the growth
of premiums for cover against structural damage
(+9.2%), its impact on the decennial liability for
new buildings will only be seen in 2017. Total
receipts for the construction insurance market
were down (-2.1%).

Housing starts

600,000

500,000

400,000

300,000

200,000

100,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Source: SOES

68 INSURANCE DASHBOARD
LIFE HEALTH AND PROTECTION
INSURANCE IN 2016
After three years of growth, life, health and
protection insurance premiums remained almost
stable in 2016 at €155.5 bn in direct business,
France.
There was a slight reduction in life insurance and
capitalisation premiums of -1.2% to €133.9 bn and
a rise of 3.6% in premiums relating to sickness and
non-motor personal injury insurance to €21.5 bn.
Payments made to insured parties under life
insurance and capitalisation contracts (€116.8 bn)
were up again as in 2015 (+4.3%) following the falls
seen in 2014 (-1.6%) and in 2013 (-9.7%). Sickness
and accident insurance benefits and claims
paid continued to rise (+4.9% in 2016), reaching
€16.9 bn.

Life, health and protection insurance in 2016 – Direct business France

Premiums: €155.5 bn (-0.5%) 2016 in € bn Change

„„ Life and capitalisation 133.9 -1.2%
Euro products 106.7 -0.8%
Unit-linked products(1) 27.2 -2.6%
„„ Sickness and personal injury accidents 21.5 +3.6%
Health care 11.4 +3.6%
Permanent and temporary disability-Long-term care-
10.1 +3.6%
Accidental death

Benefits, withdrawals and claims paid: €133.7 bn (+4.3%)

„„ Life and capitalisation 116.8 +4.3%
„„ Sickness and personal injury accidents (2)
16.9 +4.9%

Net inflows (life and capitalisation): €17.1 bn (-27%)

Euro products 3.1 -66.0%
Unit-linked products(1) 14.0 -2.0%

Mathematical provisions and profit sharing reserves(3) (life and capitalisation): €1,634.5 bn (+3.2%)
Mathematical provisions 1,591.0 +2.7%
Euro products 1,286.9 +1.5%
Unit-linked products(1) 304.1 +7.8%
Profit sharing reserves 43.6 +23.6%
(1) Including Eurocroissance products
(2) Benefits and claims paid
(3) Mathematical provisions + profit sharing reserves

Source: FFA

INSURANCE DASHBOARD 69
 Economic and financial environment
The monetary policies of the major Long-term rates also fell in 2016, although not as
central banks continue to diverge continuously as short-term rates. Long-term rates
remained steady during the first nine months of the
2016 was characterised by:
year until 28 September, when they fell to their lowest
ever level of 0.09%. This reduction was largely due
◾◾ inthe Eurozone, a slight slowdown in gross
to the ultra-relaxed monetary policy of the ECB,
domestic product (1.8% after 2.0% in 2015),
which decided, in March, to increase the monthly
a return to positive inflation as a result of the
envelope of its asset repurchase programme from
recovery in oil prices, and a reduction in the
€60 bn to €80 bn, while extending the purchase of
unemployment rate for the third consecutive
debt securities issued by highly rated non-financial
year, although it remained high (10%);
companies. However, it was also due to investors
returning to French government bonds, which were
◾◾ in the United States, a more pronounced
regarded as a safe haven after the shock suffered
slowdown in growth (1.6% following 2.6%
by the markets as a result of Brexit. Nevertheless,
in 2015), a sharp pickup in inflation and an
this downward trend was reversed in the last
unemployment rate of less than 5% at the end
quarter with a sharp rise in long-term rates, as a
of 2016.
result in particular of the election of Donald Trump
as president of the United States. His electoral
While for the first time since the financial crisis
programme of massive tax cuts, higher public
of 2008 the Eurozone economy grew slightly
spending to finance major infrastructure works
more quickly than the economy of the United
and the hardening of trade barriers revived fears
States, the significant differences in inflation and
of inflationary pressures which would impact long-
unemployment accentuated the divergences in the
term rates over time. Finally, the signature of the
monetary policies followed on either side of the
historic agreement of OPEC and Russia to reduce
Atlantic. The US Federal Reserve (Fed) continued
their production of oil and the Fed’s decision to
to increase its key rates (although more slowly),
increase its key rates by a quarter of a point at the
while the European Central Bank (ECB) continued
end of the year also played a part. French ten-year
to loosen its ultra-relaxed monetary policy.
OATs (fungible treasury bonds) ended the year at
0.68%, 32 basis points lower than at the end of
Short- and long-term rates fall
2015.
to historically low levels
Short-term rates continued to move downwards in The Paris stock market saved right at
2016. Once again, this was due to the actions of the end of the year
the European Central Bank (ECB) which, through
In 2016, the CAC 40 index succeeded in ending
its various interventions, took short-term rates a
the year in positive territory (+4.86%), although this
little further into negative territory. Its decision at
increase was almost half that of 2015 (+8.53%).
the beginning of March to reduce all its key rates
The year had started very badly, with a fall of 16%
was the main factor. The refinancing rate fell from
in six weeks, resulting in the CAC 40 reaching its
0.05% to 0% and the deposit rate was reduced by
lowest point in the year on 11 February. Fears
10 basis points to -0.40%. The 3-month Euribor
for the banking sector, weak oil prices and, more
ended December at the historic low level of -0.32%,
generally, the health of the global economy,
19 basis points lower than its level at the end of
particularly the Chinese economy, were the main
2015.
reasons for this fall. Volatility then returned with
alternating bull phases (associated with higher

70 INSURANCE DASHBOARD
oil prices) and bear phases until early summer,
when there was a severe correction. The reason:
the Brexit referendum in the United Kingdom, the
result of which surprised investors. Nevertheless,
the markets subsequently recovered as a result
of the monetary policies implemented by the
major central banks in response to the wish of the
British to leave the European Union. However, we
had to wait for Donald Trump’s surprise election
to the White House for the Paris index to enter
positive territory for 2016. Expectations that the
new president’s programme would include a fiscal
stimulatory package in the United States put an
end to fears of deflation.
Life insurance and capitalisation contracts
Premiums from life insurance and capitalisation
contracts in 2016 were almost stable - down 1.2%
- compared to 2015, at €133.9 bn (direct business
France). This was the result of an economic
environment more or less unchanged from 2015,
with a high savings rate and low competition for
cash owing to the low rates and the sharp increase
in current account deposits. Despite the good
performance of the stock markets, premiums
invested in unit-linked products were down (-2.6%,
at €27.2 bn). Insured parties continued to largely
favour Euro products, investing €106.7 bn.
At the same time, benefits paid and withdrawals
grew by 4.3% compared to the previous year
to €116.8 bn, representing 7% of mathematical
provisions and profit sharing reserves at end
December 2016.
The narrowing of the gap between premiums and
benefits and withdrawals paid resulted in a positive
net inflow (premiums minus benefits) of €17.1 bn,
lower than the figure for 2015 (€23.5 bn).
Continuing the trend of recent years, the share of
net inflows accounted for by unit-linked products
Positive growth, a lower saving rate
and borrowing remaining steady
The French economy achieved slightly higher
growth in 2016 (1.2%) than in 2015 (1.1%). The good
performance of the traditional engines of French
growth – consumer spending and household
investment and above all business investment –
counterbalanced the negative impact of foreign
trade. Despite inflation turning positive again in
mid-2016, mainly owing to the recovery in energy
prices, households saw an increase in purchasing
power that enabled them to consume and invest
more. That they also drew on their savings is
reflected by the reduction in the saving rate from
14.3% in 2015 to 13.9% in 2016. Finally, housing
and consumer lending to households remained
stable in 2016 thanks to the historically low level of
interest rates for home loans.
increased significantly in 2016. The breakdown of
premiums between Euro products and unit-linked
products was 80%/20%. Thus, although volatility
on the Paris stock market and on financial markets
in general remains high, insured parties’ aversion
to risk seems to be reducing.
The fall on the life insurance market was
characterised by a reduction in premiums from
individual contracts (-2.3% in 2016 to €120.4 bn).
Premiums from group contracts rose in 2016
(+9.9%) to €13.5 bn.
Mathematical provisions grew by 2.7% to €1,591 bn
at 31 December 2016. Unit-linked products
accounted for 19% of these provisions (€304.1 bn),
up strongly over the year (+7.8%), once again
benefiting from positive valuations.
Profit sharing reserves increased significantly by
23.6% to €43.6 bn at end 2016.
Life insurance mathematical provisions and profit
sharing reserves grew by 3.2% to €1,634.5 bn at
end December 2016.
INSURANCE DASHBOARD 71
 The return on Euro products and the performance
of unit-linked products
Euro products Finally, after the change in the consumer prices
index had been zero in 2015 and +0.2% in 2016,
In 2016, the return on Euro products fell by more
remuneration net of inflation was down at 1.6%
than it has in recent years, by 50 basis points (bp)
compared to 2.3% in 2015.
to 1.8%, compared to 2.3% in 2015. This fall in
the return on Euro products was higher than in
Rates of return gross of inflation
2015 (-27 bp) and higher than the average over
(in %)
the last 5 years (-22 bp), reflecting a focus by the
industry as a whole on preserving the returns on 2016 (e)
life insurance over future years. This reduction
„„ Life insurance unit-linked prod. 2.9
made it possible to fund profit sharing reserves for
the fifth consecutive year „„ Life insurance Euro products 1.8

„„ Home savings plans (1) 1.3

During the last ten years, the rate of return has thus
lost almost 2.3 percentage points, i.e. an average „„ Livret A et LDD (1) 0.75
of 0.2 percentage points per year.
„„ Taxable passbook saver accounts (1) 0.45
Insurers suffered the impact of the historically low „„ Inflation (1) 0.2
level of long-term interest rates, which restricts the
(1) Annual average
return of the bonds they buy. At the end of 2016,
the average yield on government bonds was only
Rates of return net of inflation
0.8%, close to the 1% at the end of 2015, but with
(in %)
a historical low of 0.2% in August 2016 and the
Unit-linked
lowest annual average ever seen at 0.5%. This
products
average was almost 4 percentage points lower 4.9 (average
than the average for 2007. 2013-2016)
Return on
The fall in returns on Euro life insurance products Euro
was a direct consequence of the continuing low 2.3 products
1.9 2.0
interest rate environment. It is balanced because Home
it allows very competitive rates of remuneration to 2.0 2.0 1.6
1.6 purchase
be paid while protecting the future by increasing 0.9 1.1 savings
0.7 0.6
reserves. 0.6 plans
Livret A
2013 2014 2015 2016

72 INSURANCE DASHBOARD
Unit-linked products
Life insurance continued to provide the best
returns when compared with regulated savings.
Those who took risks were rewarded, with the
return on unit-linked products up for the fifth
consecutive year at 2.9% in 2016 (after 4.1% in
2015).
Sickness and personal-injury accident insurance
In 2016, personal injury insurance (sickness
and personal-injury accidents) grew by 3.6% to
€21.5 bn (direct business France).
The main reason for this growth, which was
higher than that recorded in 2015 (+3.1%), was
the strong growth of group contracts (+6.4%) as
a result of a particularly strong increase in health
care cover of 11.7%, the direct consequence of
rolling out supplementary health insurance to all
employees of private companies on 1 January
2016. For individual contracts, premiums were up
0.9%, although with a reduction of 3.1% in health
care cover offset by a rise of 6.2% in cover for
permanent and temporary disability, long term care
and accidental death.
In 2016, the performance of unit-linked products
was lower than the average recorded over the last
4 years (2.9% compared to an average of 4.9%
over the period 2013-2016) because:
◾◾ the
growth of stock markets was lower (4.9%
compared to 8.5% in 2015);
◾◾ the
performance of the bond markets was also
lower (3.1% compared to 5.0% in 2015).
Benefits paid in 2016 were €16.9 bn, an increase
of 4.9% over one year. In terms of type of contract,
the increase was 7.6% for group contracts and
1.4% for individual contracts. In terms of type of
cover, health care cover grew by 3.6%, while other
types of cover grew by 6.4%.
The increase of +3.4% in benefits for health care
cover paid by insurance companies in 2016 was
higher than that for the general social security
scheme (+2.2%) and the social security scheme
for the self-employed (+2.0%).
INSURANCE DASHBOARD 73
 INSURANCE AND HOUSEHOLDS’
LONG-TERM SAVINGS IN 2016
Household wealth
At the end of 2016, household wealth was estimated
at €12,200 bn. More than 60% of this was made
up of non-financial assets (real estate, built-on
Household’s financial assets
Having increased by 4% in 2015, the stock of
households’ financial investments grew at a faster
rate in 2016 (+6%). Insurance accounted for
42% of households’’ financial assets, compared
to securities (29%), cash (23%) and contractual
savings (6%).
According to the financial accounts of the
Banque de France, households’ net new financial
investments rose again, albeit weakly, in 2016, to
€111 bn, having increased significantly in 2015.
With the household saving rate falling slightly, this
small increase came exclusively from the fact that
household borrowing was maintained. However,
even though households’ net new financial
investments grew for the third consecutive year,
they were still below the record levels reached
between 2005 and 2007 (€130 bn on average over
74 INSURANCE DASHBOARD
land, gold, valuable objects, etc.), with almost 40%
comprising financial assets. Insurance accounted
for 16% of total household wealth.
the period). Insurance, which accounted for a little
less than half of this flow in 2015, represented only
38% in 2016, although it retained first place.
Cash, which accounted for 20% in 2015, now
represents more than 30%. This sharp increase
is explained by the high level reached by current
accounts, the good performance of the taxable
passbook saver accounts (livrets soumis à l’impôt)
but also by a return to growth in deposits in Livret
A accounts after two years of massive withdrawals.
The share (16%) accounted for by contractual
savings was significantly lower (16%) owing to the
reduction in new inflows to home savings plans.
The explanation lies in the two reductions in the
interest rate for this product, the first on 1 February
(from 2% to 1.5%) and the second on 1 August
(from 1.5% to 1%).
Long-term savings
Long-term savings, comprising medium- and long- Life insurance remains the leading vehicle for
term financial investments such as life insurance, long-term savings in France, accounting for 54%
contractual savings (home savings plans, bank in 2016.
popular savings plans) and other long-term savings
products (shares, bonds, employee savings plans,
etc.) stood at €3,600 bn at the end of 2016.

Household wealth

2015 2016

„„ Non-financial assets 62% 61%

„„ Financial assets 38% 39%

- Insurance products 15% 16%

- Cash investments 9% 9%

- Securities 12% 11%

- Contractual savings 2% 2%

54+39+7R
Source: Banque de France

Long-term savings

2015 2016

Life insurance 50% 54%

Other savings products

(shares, bonds, employee 42% 39%
savings plans)
Home savings plans, bank
8% 8%
popular savings plans
Source: Banque de France

Net new financial investments

(in billions of Euros)

2012 2013 2014 2015 2016

„„ Cash investments 42 18 4 22 34

„„ Contractual savings 1 8 17 23 18

„„ Securities 23 17 20 13 17

„„ Insurance products 23 41 54 50 42

„„ Net new financial investments 90 84 96 108 111

Source: Banque de France

INSURANCE DASHBOARD 75
 INSURANCE AND SOCIAL
PROTECTION OF HOUSEHOLDS
IN 2015*
The role of insurance in social protection
Insuranc e organisations (1) supplement the
compulsory schemes in financing supplementary
pensions, reimbursing health care costs, paying
benefits in the event of sickness, permanent
disability or the need for long-term care and paying
a capital sum or an annuity in the event of death.
Insurance organisations also act as managers
of the compulsory schemes for self-employed
workers and farmers. The basic cover for accidents
at work and occupational diseases for farmers was
transferred to Social Security on 1 April 2002,
although farmers can still choose the manager.
Moreover, these insurance organisations provide
cover for accidents at work for those who are
not covered by Social Security, for example
the personnel of local authorities or the liberal
professions.
Benefits paid in respect of social protection in
France were €706 bn for 2015 (FFA estimate).
This amount is made up of benefits paid for old
age/survival (45%), health (35%), maternity and
family (8%), employment (6%) and other risks (6%).
Insurance organisations paid €46.9 bn(2) of benefits
in respect of pensions, health, temporary and
permanent disability and death.
This amount represents 7% of social protection
in France. It should, however, be noted that only
benefits paid by mutuals falling within the scope
of the Mutual Insurance Code and by provident
institutions and pension funds are included in the
social protection accounts.

Benefits paid by all insurance organisations(1)

(in billions of Euros)

2011 2012 2013 2014 2015

„„ Health care costs 24.3 25.0 25.4 25.6 26.0

„„ Death, temporary and permanent

13.1 13.4 14.2 14.6 15.2
disability and long-term care (2)

„„ Pensions (3) 5.0 5.3 5.6 5.7 5.7

„„ Total 42.4 43.7 45.2 45.9 46.9

* Sources: DREES (French Department of Research, Surveys, Evaluation and Statistics), FFA, CTIP and FNMF (2016 data will be available during 2018)

(1) Insurance companies under the Insurance Code, mutuals under the Mutual Insurance Code and provident institutions under the Social Security Code
(2) Not including death benefits paid under life insurance contracts (refund of premiums where the insured party dies before the term of the contract)
(3) Benefits paid under contracts in the course of payment (excluding end-of-service and pre-retirement contracts) and including group savings plans (Perco)

76 INSURANCE DASHBOARD
Financing pensions
The compulsory pension schemes (basic and
complementary schemes) paid €302.5 bn of
benefits in 2015. Taking demographic changes into
account, the expected decrease in the value of the
pensions paid by these schemes, as a percentage
of gross final salary, creates a high and growing
need for supplementary benefits.
The purpose of the pension insurance contracts
offered by insurance organisations is to guarantee
the insured party payment of a regular income from
retirement age until they die (or until their spouse
dies, in the event of a reversionary pension).
In 2015, insurance organisations and managers
of group pension savings plans (PERCO) paid
Financing the costs of health care and medical goods
Consumption of health care and medical goods in
2015 was €194.6 bn, an annual increase of 1.8%.
While growth had been below 3% since 2010, 2015
saw the lowest increase since 2002.
With €152.2 bn paid in 2015, an annual rise of
2%, Social Security (general scheme and special
schemes), the State and local authorities paid for
Death, temporary and permanent disability and long-term care
benefits
Death, temporary and permanent disability and
long-term care benefits paid in 2015 are estimated
in total at €45.4 bn, up by 3%, the same level of
growth as in 2014.
The basic compulsory schemes paid out €24.6 bn
of insurance payments for sickness, maternity,
permanent disability, death and accidents in the
work place and €5.6 bn in respect of the personal
€5.7 bn to their insured parties, i.e. 1.9% of the
pension benefits paid by the compulsory schemes
in 2015.
These contracts can be taken out:
◾◾ bycompanies for their employees: company
pension savings plans, defined contribution
contracts, “article 82” contracts and end-of-
career payment contracts;
◾◾ by individuals: contracts falling within the Madelin
Act for the self-employed, specific pension
contracts for certain occupations (farmers, civil
servants, etc.) and personal pension plans.
78.2% of the costs of health care and medical
goods. This was a slightly higher proportion than in
2014. The portion financed by the supplementary
insurance providers was 13.3% in 2015 at €26.0
bn. This represented a modest rise of +1%. The
portion paid by households in 2015 was 8.4% or
€16.4 bn, the same as in 2014.
independence allowance to persons with long-
term care needs. They therefore accounted for
66% of total financing.
In total, insurance organisations paid €15.2 bn of
supplementary benefits in 2015, an increase of
5%. They thus accounted for 34% of benefits paid
by all financing bodies.
INSURANCE DASHBOARD 77
 Retirement pension benefits paid
(in billions of Euros)

2011 2012 2013 2014 2015

„„ Compulsory schemes (1)

271.3 281.2 288.9 297.2 302.5

„„ Insurance organisations and others (2) 5.0 5.3 5.6 5.7 5.7

„„ Total 276.3 286.5 294.5 302.8 308.2

Source : DREES (French Department of Research, Surveys, Evaluation and Statistics)

(1) Retirement pensions paid in respect of direct and derived rights, as well as non-contributory benefits such as the minimum old-age pension
(2) Insurance companies, mutuals, provident institutions and managers of group pension savings plans (Perco) (Benefits paid under contracts in course of
payment, excluding end-of-career payment and pre-retirement contracts)

Benefits paid in respect of the costs of health care and medical goods
(in billions of Euros)

2011 2012 2013 2014 2015

„„ Compulsory schemes 137.9 141.0 144.3 149.1 152.2

„„ Insurance organisations 24.3 25.0 25.4 25.6 26.0

- Insurance companies 6.5 6.8 6.9 7.1 7.2

- “Type 45” mutual 13.3 13.5 13.6 13.6 13.7

- Provident institutions 4.5 4.6 4.9 4.9 5.0

„„ Households 16.6 16.6 16.3 16.4 16.4

„„ Total 178.7 182.6 186.1 191.2 194.6

Source: DREES (health accounts)

Death, temporary and permanent disability and long-term care benefits paid
(in billions of Euros)

2011 2012 2013 2014 2015

„„ Compulsory schemes 22.6 22.9 23.4 24.1 24.6

„„ Personal independence allowance 5.3 5.4 5.5 5.5 5.6

„„ Insurance organisations(1) 13.1 13.4 14.2 14.6 15.2

„„ Total 41.0 41.8 43.0 44.2 45.4

Sources: FFA estimates from FFA, CNAMTS, CNSA, CTIP, DREES and FNMF data

(1) Insurance companies, mutuals and provident institutions

78 INSURANCE DASHBOARD
INSURANCE INDUSTRY’S
FINANCIAL ACTIVITY IN 2016
The insurance industr y plays a key role in
financing the economy. Figures for the purchase
and management of financial assets by insurance
companies grew in 2016. In a mixed financial
environment (CAC 40 up +4.9% and the ten-year
OAT (fungible treasury bond) down -32 basis points)
Investments
In 2016, the balance sheet value of insurance
companies’ investments reached €2,053.6 bn,
compared to €1,982.5 bn in 2015.
Investments held
The stock of investments held (realisable value)
by insurance companies grew by 6.1% in 2016:
5.5% in life insurance and capitalisation and
12.2% in non-life insurance. This growth was
mainly due to positive net inflows of €17.1 bn in
life insurance together with the performance of
Results for the year
In a still recovering economic and financial
environment, the insurance sector’s results for
the year were slightly down, at €9.5 bn in 2016
compared to €10.7 bn in 2015.
Return on equity was 8.2%. In 2016, financial
income was €51.2 bn, down €4.9 bn compared to
2015. This change was characterised by a reduction
in both current financial income (-€2.5 bn) and
realised capital gains (-€2.4 bn).
For life insurance, financial management made it
possible to release resources of €46.5 bn in 2016,
down 8.6% compared to 2015, of which €4.2 bn
profits from disposals of assets. Of the €46.5 bn
investment income allocated to management of
contracts, at least 85% of these resources are
allocated to insured parties through the beneficiary
clauses in the contracts.
and against a background of positive net inflows in
life insurance, the balance sheet value of assets
rose by 3.6%. The insurance industry continued
to make an important contribution to financing
the economy in 2016, reaching €2,350 bn, mainly
directed at businesses (59% of assets).
Net new investments slowed in 2016, with €71.2 bn
compared to €91.5 bn the previous year.
the assets held in portfolios. More generally, the
rise of equity markets and the higher values of
bonds associated with the continued low interest
rates over the year contributed to the increase in
the value of assets. As a result, unrealised capital
gains rose by €64.8 bn.
The net accounting results of life insurance
contracted slightly in 2016 to €6.3 bn. Profitability
was 9.3% of equit y in 2016. Transfers to
m at h e m at i c a l p r ov i s i o n s to c ove r f ut u r e
commitments to insured parties grew, along with
the positive change in premiums and the increase
in value of unit-linked products.
For non-life insurance companies, financial
performance was also down at €4.6 bn. Net
financial income was €3.6 bn and realised capital
gains were €1 bn.
INSURANCE DASHBOARD 79
 With claims paid rising (+€0.8 bn) and resources
(premiums and financial income) down by €0.5 bn,
the technical result was €3.8 bn in 2016. The average
expense ratio (acquisition and administration costs
compared to premiums) remained stable in 2016
at 24.3%. The combined ratio, net of reinsurance,
was down slightly at 100.5% compared to 99.6%
the previous year. This ratio relates claims paid and
provisioned, acquisition and administration costs
and other technical expenses to premiums. The
net accounting result was €3.8 bn, representing
6.6% of equity.

34+21+1676214R
Foreign revenues of French insurers in the European Union
in 2016

Italy 33.0%

Germany 23.6%

United Kingdom 14.5%

Luxembourg 8.0%

Spain 6.8%

Belgium 6.5%

Ireland 1.6%

Poland 1.5%

Czech Republic 0.9%

Others 3.6%
Source: FFA

51+15+1312621R
Breakdown of foreign revenues of French direct insurers
in 2016

European Union (excluding France) 49.4%

North America 17.3%

Asia 13.2%

Europe (excluding EU) 11.9%

Latin America 6.5%

Near East and Africa 1.5%

Oceania 0.2%
Source: FFA

80 INSURANCE DASHBOARD
French insurers’ international activity
The international revenues of French insurers fell
by -0.5% to €115.0 bn in 2016. This fall related to
Europe in particular. The majority of direct insurers’
international activity was conducted within the
European Union (49.4%). In 2016, the revenues of
French reinsurance companies totalled €23.8 bn,
€12.1 bn of which came from their subsidiaries
abroad.

22+17+1613654R
Market shares of the principal countries of the European Union
in 2016

United Kingdom 22.5%

France 17.5%

Germany 15.9%

Italy 12.0%

Netherlands 5.9%

Spain 5.1%

Ireland 4.4%

Others 16.7%
Sources: SWISS RE, SIGMA N° 4/2017

Breakdown of the investments of insurance companies at the end of 2016

(at market value and after replacing the value of UCITS units with the value of the assets held)

In € bn in %

„„ Shares 401.1 17.1%

„„ Corporate bonds 907.3 38.6%

„„ Bonds issued or guaranteed by the State 772.8 32.9%

„„ Property assets 96.8 4.1%

„„ Monetary assets 122.9 5.2%

„„ Others 48.8 2.1%

„„ General total 2,349.7 100.0%

of which:

- Life and composite insurance companies 2,113.5 89.9%

- Non-life insurance companies 236.2 10.1%

Sources: FFA, Banque de France

INSURANCE DASHBOARD 81
 Change in insurance companies’ Foreign revenues of French insurance
investments companies
(in billions of Euros) (in billions of Euros)

2012 1,856 2012 103.9

1,712 144 60.6 37.7 5.6

2013 1,938 2013 108.4

1,794 144 63.7 34.4 10.3

2014 2,144 2014 110.7

1,891 253 68.5 30.9 11.3

2015 2,214 2015 115.6

1,982 231 68.9 33.0 13.7

2016 2,350 2016 115.0

2,054 296 67.7 33.3 14.0

Balance sheet value Life

Unrealised capital gains Non-life
Reinsurance
Source: FFA
Source: FFA

Change in financial revenues and Change in financial revenues and

realised capital gains of life and realised capital gains of non-life
composite insurance companies insurance companies
(in billions of Euros) (in billions of Euros)

2012 2012
46.2 3.6

2013 2013
48.5 5.3

2014 2014
49.0 5.6

2015 2015
50.6 5.3

2016 2016
46.5 4.6

Source: FFA Source: FFA

82 INSURANCE DASHBOARD
Results of life and composite Results of non-life insurance
insurance companies companies
(in billions of Euros) (in billions of Euros)

5.6 3.1
2012 2012
4.6 1.6

6.3 3.7
2013 2013
5.1 3.3

5.7 4.3
2014 2014
5.1 3.6

7.4 4.9
2015 2015
6.6 4.1

7.6 3.8
2016 2016
6.3 3.2

Technical result Technical result

Net result Net result

Source: FFA Source: FFA

Solvency of life and composite Solvency of non-life insurance

insurance companies companies
(own funds + unrealised capital gains as % of (own funds + unrealised capital gain / premiums
mathematical provisions) in %)

2012 2012
11.3 106.5

2013 2013
10.7 109.3

2014 2014
16.6 119.3

2015 2015
14.7 125.1

2016 2016
16.9 142.3

Source: FFA Source: FFA

INSURANCE DASHBOARD 83
 The income statement of life and composite insurance companies (1)

2015 in € bn 2016 in € bn Change in %

„„ Technical account
Earned premiums 134.7 140.4 4.3%

Net income from investments (2) 50.1 46.0 -8.2%

Variable-capital insurance adjustment 10.4 7.9 -24.5%
Other technical income 1.8 1.7 -9.5%
Sub-total A 197.0 196.0 -0.6%
Benefits and claims paid 99.5 100.6 1.1%
Technical provisions charge 33.0 34.8 5.7%
Bonuses 42.3 37.7 -11.0%
Acquisition and administration costs 13.6 14.0 3.4%
Other technical costs 1.2 1.3 7.5%
Sub-total B 189.6 188.4 -0.6%
Technical result A-B 7.4 7.6 1.2%
„„ Non-technical account
Allocated investment income 0.6 0.6 1.4%
Other elements of the non-technical account -1.4 -1.8 30.2%
„„ Net accounting result 6.6 6.3 -4.9%
Sources: FFA, ACPR

(1) Transactions net of reinsurance

(2) Including capital gains realised on disposals of assets (net of capital losses) less investment income transferred to the non-technical account

84 INSURANCE DASHBOARD
The income statement of non-life insurance companies (1)

2015 in € bn 2016 in € bn Change in %

„„ Technical account
Earned premiums 59.7 59.8 0.2%
Allocated net investment income 3.9 3.3 -15.3%
Other technical income 0.8 0.8 2.5%
Sub-total A 64.4 63.9 -0.7%
Benefits and claims paid(2) 42.0 42.8 1.8%
Acquisition and administration costs 14.5 14.6 0.6%
Other technical costs 3.0 2.8 -6.1%
Sub-total B 59.5 60.2 1.1%
Technical result A-B 4.9 3.8 -22.9%

Net investment income(3) 1.4 1.3 -5.3%

Other elements of the non-technical account -2.2 -1.9 -13.3%
„„ Net accounting result 4.1 3.2 -22.2%
Sources: FFA, ACPR

(1) Transactions net of reinsurance

(2) Including transfers to the technical provisions
(3) Including capital gains realised on disposals of assets (net of capital losses), less investment income transferred to the non-technical account

The ten leading markets in the world in 2016

%
Revenues Global share
Life Non-life Total 2016 change
(in millions of US$) in %
2016/2015
„„ United States 558,847 793,538 1,352,385 2.7% 28.6%
„„ Japan 354,052 117,243 471,295 4.8% 10.0%
„„ China 262,616 203,515 466,131 20.6% 9.9%
„„ United Kingdom 199,369 104,839 304,208 -5.0% 6.4%
„„ France 152,818 84,826 237,644 3.1% 5.0%
„„ Germany 94,661 120,360 215,021 0.8% 4.5%
„„ South Korea 104,169 66,693 170,862 11.2% 3.6%
„„ Italy 122,438 39,945 162,383 -1.6% 3.4%
„„ Canada 49,976 64,547 114,523 -0.4% 2.4%
„„ Taiwan 84,493 16,952 101,445 5.7% 2.1%
Sources: SWISS RE, SIGMA N° 4/2017

INSURANCE DASHBOARD 85
 Statistical section

PREMIUMS
Global revenue

2011 2012 2013 2014 2015 2016

„„ Life,
capitalisation and € bn 143.8 138.1 144.3 158.1 164.8 175.7
composite companies in % -13.5 -4.0 4.5 9.6 4.2 6.6
€ bn 71.2 71.5 72.9 74.2 74.0 75.2
„„ Non-life companies(1)
in % 3.9 0.4 2.0 1.8 -0.3 1.7

„„ All
authorised € bn 215.0 209.6 217.2 232.3 238.7 250.9
companies(2) in % -8.4 -2.5 3.6 7.0 2.8 5.1

„„ Insurance subsidiaries € bn 87.6 92.9 91.3 93.5 95.7 95.4

abroad in % -8.2 6.1 -1.7 2.3 2.4 -0.3
„„ Reinsurance € bn 15.2 14.6 21.9 20.8 33.0 23.8
companies and
subsidiaries(3) in % 10.9 -3.9 50.0 -5.0 58.7 -27.9

€ bn 317.8 317.1 330.4 346.6 367.4 370.1

„„ GLOBAL REVENUE
in % -7.6 -0.2 4.2 4.9 6.0 0.7
(1) Excluding CCR, MCR
(2) This revenue includes direct business, reinsurance acceptances and activity under freedom to provide services or of branches
(3) Including CCR, MCR

Premiums by method of distribution (in %)

2011 2012 2013 2014 2015 2016

„„ Life, capitalisation and composite companies(1)
- Bancassurance networks 62 63 64 64 64 65
- General agents 7 7 7 6 6 6
- Brokers 12 11 11 11 11 11
- Salaried employees 16 16 15 15 15 15
- Other methods 3 3 3 4 4 3
„„ Non-life companies
- Bancassurance networks 11 12 13 13 13 14
- General agents 34 34 34 34 34 34
- Brokers 18 18 18 18 18 18
- Salaried employees 2 2 2 2 2 1
- Companies without intermediaries 33 33 32 32 32 32
- Other methods 2 1 1 1 1 1
(1) Excluding personal injury damage

86 INSURANCE DASHBOARD
STATISTICAL SECTION
Foreign companies’ share of premiums (in %)

2011 2012 2013 2014 2015 2016

„„ All companies
- Branches 1.1 1.5 1.6 1.6 1.8 1.8
- Subsidiaries 20.2 19.9 18.5 17.8 18.0 16.7
- Total 21.3 21.4 20.1 19.4 19.8 18.5
„„ Life, capitalisation and composite companies
- Branches 0.3 0.2 0.3 0.3 0.4 0.4
- Subsidiaries 18.7 19.6 18.2 17.6 17.7 15.9
- Total 19.0 19.8 18.5 17.9 18.1 16.3
„„ Non-life companies
- Branches 2.7 3.9 4.1 4.6 5.0 5.0
- Subsidiaries 23.3 20.4 19.1 18.2 18.6 18.5
- Total 26.0 24.3 23.2 22.8 23.6 23.5

Life, health and protection insurance premiums(1)

(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Life
insurance contracts
payable on survival and 114.1 102.8 108.1 118.1 124.4 122.6
capitalisation contracts
„„ Life
insurance contracts payable
107.5 96.7 101.6 110.6 117.0 115.3
on survival
- Individual contracts 102.7 90.1 95.8 105.1 111.7 108.8
- Group contracts 4.8 6.5 5.8 5.5 5.3 6.4
„„ Capitalisation contracts 6.6 6.2 6.6 7.5 7.4 7.3

„„ Insurancepayable in the event of

24.5 29.1 30.2 31.0 31.8 32.9
death, sickness or accidents
Insurance payable on death(2) 10.0 10.4 10.7 10.9 11.1 11.4
- Individual contracts 3.7 3.8 3.9 4.1 4.1 4.3
- Group contracts 6.4 6.7 6.8 6.8 7.0 7.1
„„ Sickness and personal injury
14.5 18.7 19.5 20.1 20.8 21.5
accident insurance(3)
- Individual contracts 6.5 10.0 10.3 10.7 10.7 10.8
- Group contracts 8.0 8.7 9.2 9.5 10.1 10.7

TOTAL 138.6 132.0 138.3 149.1 156.3 155.5

% SHARE OF TOTAL MARKET 74.7 72.8 73.4 74.4 74.9 74.4
„„ Life insurance contracts payable on survival and capitalisation contracts
„„ Unit-linked products(4) 16.5 13.8 16.8 20.7 28.0 27.2
„„ Euro products 97.5 89.0 91.3 97.3 96.5 95.4
(1) Life, health and protection insurance includes insurance payable on survival and on death, capitalisation contracts and personal injury damage insurance
(sickness and non-motor personal injury accident insurance). These latter appear in the financial accounts of non-life insurance companies.
(2) Including death cover in individual credit insurance contracts since 2007
(3) Including supplementary cover included in life contracts INSURANCE DASHBOARD 87
(4) Including Eurocroissance products
STATISTICAL SECTION
 Property and casualty insurance premiums
(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Motor 18.9 19.5 19.7 20.1 20.4 20.8
„„ Property damage
- Personal lines 8.4 8.9 9.2 9.7 10.0 10.3
- Business 6.1 6.2 6.2 6.2 6.3 6.4
- Agricultural 1.1 1.1 1.2 1.2 1.2 1.2
„„ Transport 1.0 1.0 1.0 1.0 1.0 0.9
„„ General liability 3.5 3.6 3.6 3.6 3.6 3.6
„„ Construction 2.4 2.4 2.3 2.2 2.1 2.1
„„ Natural disasters 1.4 1.5 1.5 1.6 1.6 1.6
„„ Sundry (credit, legal protection,
5.1 5.2 5.5 5.7 6.1 6.5
assistance)
„„ TOTAL 47.9 49.4 50.2 51.2 52.4 53.4
„„ % SHARE OF TOTAL MARKET 25.3 27.2 26.6 25.6 25.1 25.6

Total premiums
(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Life,
health and protection
138.6 132.0 138.3 149.1 156.3 155.5
insurance
„„ Property and casualty insurance 47.9 49.4 50.2 51.2 52.4 53.4
„„ TOTAL 186.5 181.4 188.5 200.3 208.7 208.8

88 INSURANCE DASHBOARD
STATISTICAL SECTION
BENEFITS AND CLAIMS PAID
Benefits, claims paid and withdrawals in life, health and protection insurance
(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Life and capitalisation 116.4 119.6 108.0 106.3 112.0 116.8
„„ Sickness and personal injury
12.8 13.8 14.7 15.1 16.1 16.9
accidents(1)
„„ TOTAL 129.3 133.4 122.7 121.5 128.1 133.7

Claims paid(1) in property and casualty insurance

(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Motor 15.5 15.8 16.2 17.1 16.9 17.8
„„ Property damage
- Personal lines 5.8 6.8 6.9 6.9 6.5 6.3
- Business and agricultural 4.1 4.3 4.7 4.4 3.8 4.4
„„ Transport 0.6 0.7 0.5 0.5 0.5 0.4
„„ General liability 2.1 2.3 2.3 2.4 1.7 2.2
„„ Construction 2.1 1.9 2.1 2.1 2.1 1.9
„„ Natural disasters 0.6 0.8 0.6 0.8 0.9 1.2
„„ Sundry (credit, legal protection,
2.4 2.5 2.6 2.7 2.4 2.3
assistance)
„„ TOTAL 33.2 35.1 35.9 36.9 34.8 36.6

Total benefits, claims paid and withdrawals

(direct business, in billions of Euros)

2011 2012 2013 2014 2015 2016

„„ Life,health and protection
129.3 133.4 122.7 121.5 128.1 133.7
insurance
„„ Property and casualty insurance 33.2 35.1 35.9 36.9 34.8 36.6
„„ TOTAL 162.5 168.5 158.6 158.4 162.9 170.3
(1) Benefits and claims paid during the financial year and transfers to provisions for claims payable, regardless of the date of occurrence of the loss.

INSURANCE DASHBOARD 89
STATISTICAL SECTION
 ACCOUNTING DATA
1,000.7 37.3
Life, capitalisation1,113.9
and composite companies 41.7
1,201.8 43.7
Technical provisions Own funds before appropriation of
1,208.2 46.7
(in billions of Euros) results
1,319.7 (in billions of Euros) 51.1
2010 1,420.7 2010 52.3
2011 1,437.5 2011 54.4
2012 1,493.9 2012 55.9
2013 1,558.7 2013 58.0
2014 1,636.3 2014 60.9
2015 1,713.3 2015 64.2
2016 1,796.6 2016 67.5

13.1 18.1
11.2 20.2
8.6 20.5
Own funds and unrealised capital Share of technical provisions
3.9 15.3
gains/technical provisions accounted for by unit-linked products
(in %) 6.9 (in %) 15.9
2010 5.8 2010 15.7
2011 3.8 2011 14.3
2012 11.3 2012 15.0
2013 10.7 2013 15.8
2014 16.6 2014 16.3
2015 14.7 2015 17.0
2016 16.9 2016 18.1

90 INSURANCE DASHBOARD
STATISTICAL SECTION
 93.7
83.0
59.6
- 11.5
Unrealised capital gains
40.4
(in billions of Euros)
2010 29.4
2011 - 2.3
2012 113.4
2013 109.2
2014 210.8
2015 187.9
2016 235.3

100.9 29.9
Non-life companies 99.6 31.4
100.4 33.6
Combined ratio Own funds before appropriation of
99.8 36.7
(as % of premiums) results
104.7 (in billions of Euros) 40.2
2010 104.0 2010 41.0
2011 100.3 2011 43.1
2012 100.9 2012 42.6
2013 101.9 2013 41.6
2014 101.3 2014 42.5
2015 99.7 2015 44.6
2016 100.7 2016 48.0

INSURANCE DASHBOARD 91
STATISTICAL SECTION
 104.9 110.7
114.9 115.6
115.3 120.0
89.8 121.2
Own funds and unrealized capital Technical provisions
gains/premiums (in %) 108.7 (in billions of Euros) 127.2
2010 103.2 2010 132.2
2011 91.2 2011 136.3
2012 106.5 2012 136.2
2013 109.3 2013 138.9
2014 119.3 2014 143.9
2015 125.1 2015 143.2
2016 142.3 2016 139.3

31.7
37.5
37.5
19.7
Unrealised capital gains
(in billions of Euros) 29.2
2010 28.0
2011 20.3
2012 31.0
2013 34.9
2014 42.2
2015 43.4
2016 60.8

92 INSURANCE DASHBOARD
STATISTICAL SECTION
Salaried employees of companies

2011 2012 2013 2014 2015 2016

„„ Total number of employees 147,500 148,200 147,300 146,600 147,100 146,200
- Administrative 130,300 131,200 131,000 130,200 131,300 131,500
- Travelling sales people 17,200 17,000 16,300 16,400 15,800 14,700
„„ Women 59.3% 59.6% 59.9% 60.2% 60.4% 60.4%
- Administrative 63.0% 63.2% 63.4% 63.7% 63.7% 63.4%
- Travelling sales people 31.4% 31.8% 31.3% 32.3% 32.9% 33.3%
„„ Managers 43.6% 44.2% 44.8% 45.6% 46.0% 47.6%
- Administrative 45.5% 46.0% 46.6% 46.9% 46.3% 49.0%
- Travelling sales people 29.7% 30.0% 30.7% 35.4% 36.7% 35.4%

Change in the number of cars and stock of housing in France

2011 2012 2013 2014 2015 2016

„„ Number of vehicles
38,067 38,138 38,200 38,408 38,652 nd
(in thousands)¹
Change in % 0.9 0.2 0.2 0.5 0.6
„„ Number of housing units
32,860 33,212 33,575 33,917 34,225 34,537
(in thousands)²
Change in % 1.0 1.1 1.1 1.0 0.9 0.9
1. Source CCFA (Committee of French Automobile Manufacturers)
2. Source INSEE (French Institute of Economic Research and Statistics)

INSURANCE DASHBOARD 93
STATISTICAL SECTION
 INSURANCE COMPANIES’
INVESTMENTS
Change: all companies
(in billions of Euros)

2500
2,349.7

2,213.8
2250 2,143.9

1,938.0
2000 2,053.6
1,856.3
1,982.4
1,890.9
1750 1,666.3
1,793.9
1,711.9
1,648.3
1500

1250

1000
2011 2012 2013 2014 2015 2016

Market value
Balance sheet value

Structure of the investments of all companies

(balance sheet value, breakdown in %)

80
71.5 71.9 71.8 70.7 69.8
67.6
70

60

50

40

30 24.5
22.3 22.0 21.8 22.3 22.9

20

10 3.7 4.0 4.5

3.2 3.4 3.5

0
2011 2012 2013 2014 2015 2016

Bonds and fixed-income UCIs

Equities and variable-income UCIs
Property

94 INSURANCE DASHBOARD
STATISTICAL SECTION
Change: life, capitalisation and composite companies
(in billions of Euros)

2500

2250 2,113.5
2,003.2
1,935.1
2000
1,743.6
1,667.7 1,878.2
1750 1,815.3
1,724.3
1,487.0 1,634.4
1500 1,554.4
1,489.3

1250

1000

750
2011 2012 2013 2014 2015 2016

Market value
Balance sheet value

Change: non-life companies

(in billions of Euros)

250
236.2

210.5
208.8

200 194.4
188.5
179.3

175.4
166.6 167.1
150 159.0 157.5 159.5

100
2011 2012 2013 2014 2015 2016

Market value
Balance sheet value

INSURANCE DASHBOARD 95
STATISTICAL SECTION
 Investments of all companies at 31 December
(balance sheet value in billions of Euros, change in %)

2011 2012 2013 2014 2015 2016

„„ Life,
capitalisation and 1,489.3 1,554.4 1,634.4 1,724.3 1,815.3 1,878.2
composite 1.0% 4.4% 5.1% 5.5% 5.8% 3.5%
159.0 157.5 159.5 166.6 167.1 175.4
„„ Non-life
3.1 % -0.9% 1.3% 4.5% 6.2% 5.0%
1,648.3 1,711.9 1,793.9 1,890.9 1,982.4 2,053.6
„„ Total
1.2% 3.9% 4.8% 5.4% 5.9% 3.6%

Structure of the investments of life, capitalisation and composite companies

(balance sheet value, breakdown in %)

2011 2012 2013 2014 2015 2016

„„ Bonds and fixed-income UCIs 72.6% 73.0% 72.9% 71.7% 70.6% 68.3%
„„ Equities and variable-income UCIs 21.8% 21.6% 21.5% 22.1% 22.8% 24.6%
„„ Property 2.9% 3.1% 3.3% 3.5% 3.7% 4.2%
„„ Loans and other assets including
2.7% 2.2% 2.3% 2.7% 2.9% 2.9%
financial futures
„„ TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Structure of the investments of non-life companies

(balance sheet value, breakdown in %)

2011 2012 2013 2014 2015 2016

„„ Bonds and fixed-income UCIs 60.6% 61.1% 60.7% 60.7% 61.0% 60.7%
„„ Equities and variable-income UCIs 26.9% 25.7% 25.0% 24.7% 23.7% 23.5%
„„ Property 5.7% 6.1% 6.4% 6.6% 6.8% 6.9%
„„ Loans and other assets including
6.7% 7.1% 7.9% 8.0% 8.5% 8.9%
financial futures
„„ TOTAL 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

96 INSURANCE DASHBOARD
STATISTICAL SECTION
FINANCIAL DATA
Households’ net new financial investments

2011 2012 2013 2014 2015 2016

„„ TOTAL (millions of Euros) 97,243 89,699 83,994 95,668 108,403 110,723
Change in % -11.3 -7.8 -6.4 13.9 13.3 2.1
„„ Breakdown in Euros
- Cash(1) 46,551 43,325 26,832 21,681 45,356 52,022
- Securities 22,732 23,281 16,617 20,394 12,685 16,710
- Insurance 27,960 23,093 40,545 53,593 50,362 41,991
(1) Including money market UCITS

Households’ financial investments

2011 2012 2013 2014 2015 2016

„„ TOTAL (millions of Euros) 3,797,466 4,020,696 4,169,307 4,329,957 4,522,033 4,777,363
Change in % 0.8 5.9 3.7 3.9 4.4 5.6
„„ Breakdown in %
- Cash 32.1 31.3 30.9 30.2 30.0 28.9
- Securities 27.8 29.6 29.9 30.2 30.8 29.1
- Insurance 40.1 39.1 39.2 39.5 39.3 42.0

Financial markets

2011 2012 2013 2014 2015 2016

„„ Eonia money market rate (1)
0.9 0.2 0.1 0.1 -0.1 -0.3
„„ 3-month Euribor rate(1) 1.4 0.6 0.2 0.2 0.0 -0.3
„„ Averageyield of long-term
government bonds on the 3.4 2.6 2.3 1.7 0.9 0.5
secondary market(1)
„„ CAC 40 French share index(2) 3,159.8 3,641.1 4,296.0 4,272.8 4,637.1 4,862.3
„„ EuroStoxx 50 European share
2,316.6 2,635.9 3,109.0 3,146.4 3,288.0 3,290.5
index(2)
(1) Average over the year
(2) Latest value for the year

Source: Banque de France

INSURANCE DASHBOARD 97
STATISTICAL SECTION
 MAIN EUROPEAN LEGISLATION
ADOPTED IN 2016
Directive (EU) 2016/97 of the European
Parliament and of the Council of 20 January
2016 on insurance distribution. This instrument,
which replaces Directive 2002/92/EC on insurance
mediation, profoundly reorganises the practice of
distributing insurance products in the European
Union and covers the entire distribution chain.
Regulation (EU) 2016/679 of the European
Parliament and of the Council of 27 April 2016
on the protection of natural persons with regard
to the processing of personal data and on the
free movement of such data. This instrument,
which repeals Directive 95/46/EC strengthens and
unifies data protection for natural persons within
the European Union. It aims to give citizens control
over their personal data, whilst simplifying the
business regulatory environment.
Directive (EU) 2016/1148 of the European
Parliament and of the Council of 6 July 2016
concerning measures for a high common level
of security of network and information systems
across the Union. This instrument establishes
cyber security and notification requirements for
operators of essential services and for digital
service providers in the event of security breaches.
Privacy Shield Agreement of 12 July 2016
between the EU and the United States. This
agreement establishes a legal framework for
businesses wishing to transfer personal data
belonging to Europeans to the United States.
Privacy Shield replaces Safe Harbour, a similar
agreement which the European courts declared
invalid in 2015. On its territory, the United States
must provide European data with “essentially
equivalent” protection to that under the European
instruments.
98
Council Directive (EU) 2016/1164 of 12 July 2016
laying down rules against tax avoidance practices
that directly affect the functioning of the internal
market.
Implementing Regulation (EU) 2016/1868
of 20 October 2016 amending Implementing
Regulat ion (EU) 2 015 /2 4 5 0 laying down
implementing technical standards with regard to
the templates for the submission of information to
the supervisory authorities according to Directive
2009/138/EC of the European Parliament and of
the Council, known as “Solvency 2”.
Regulation (EU) 2016/2340 of the European
Parliament and of the Council of 14 December
2016 amending Regulation (EU) No 1286/2014 on
key information documents for packaged retail
and insurance-based investment products
(PRIIPs) as regards the date of its application.
This regulation establishes uniform rules relating
to the format and contents of the key information
document to be drawn up by manufacturers of
PRIIPs, and the provision of that document to
retail investors so that they understand and can
compare the main characteristics of PRIIPs and
the associated risks.
Directive (EU) 2016/2341 of the European
Parliament and of the Council of 14 December
2016 on the activities and supervision of
institutions for occupational retirement
provision (IORPs).
MAIN NATIONAL LEGISLATION ADOPTED
IN 2016
General law
Order No 2016 -131 of 10 Februar y 2016
reforming contract law, the general rules
gover ning obligations and evidence of
obligations. This order aims, amongst other
matters, to simplify and clarify and provide balance
and foreseeability over the life of a contract from
the time it is formed and during performance and
up to the time it terminates or expires, in particular
enshrining and codifying many case law outcomes.
Law No 2016-1088 of 8 August 2016 on work,
modernising social dialogue and secured
professional paths. This instrument recasts
employment law, in particular giving more weight
to collective bargaining and laying down the
foundations of a new social model in the digital
age.
Law No 2016-1321 of 7 October 2016, the Digital
Republic Law. This legislation seeks to foster the
openness and movement of data, to ensure an
open digital environment respectful of the privacy
of Internet users and to facilitate citizen online
access.
It introduces in particular:
◾◾ a procedure to be set up for declaring any
processing of a person’s registration number
in the répertoire national d’identification des
personnes physiques (national identification
register of natural persons – NIR);
◾◾ a right to data portability and recovery;
◾◾ a definition of “online platform operator” and
the obligations with which such persons must
comply;
◾◾ the right freely to dispose of one’s data;
◾◾ wider powers for the CNIL (National Commission
on Information Technology and Freedoms);
◾◾ a definition of “online communication to the
public service provider”;
◾◾ paperless insurance policies.
Law No 2016-1547 of 18 November 2016 on
modernisation of the justice system in the 21st
century. This legislation seeks to improve day-
to-day justice for all, making it more accessible,
simpler and more effective, in particular by rolling
out the single point of contact for users of the
justice system. It also contains provisions enabling
collective actions to combat discrimination. It also
provides for the creation of a fichier des véhicules
assurés (database of insured vehicles – FVA) as
a measure to reinforce the fight against uninsured
drivers.
Law No 2016-1691 of 9 December 2016, known
as the Sapin II Law, on transparency, combating
corruption and modernisation of economic
life. Amongst other matters, this law concerns
creation of the Agence française anticorruption
[French Anticorruption Agency], the setting up of a
public online register of lobbyists and creation of a
general status to protect whistleblowers.
In relation to insurance, the main crosscutting
provisions are the following:
◾◾ new powers for the Autorité de contrôle prudentiel
et de résolution (French Prudential Supervision
and Resolution Authority, ACPR);
◾◾ transposition of the Directive of 20 January 2016
on insurance distribution;
◾◾ mission and funding of the Fonds de garantie
des assurances obligatoires de dommages
(Compulsory Damage Insurance Guarantee
Fund);
◾◾ reform of the Code de la Mutualité (Mutuality
Code);
◾◾ disclosure obligations of the members and
agents of certain public bodies;
◾◾ combating breaches of probity;
◾◾ reporting certain information to the public register
of beneficial owners;
◾◾ control of directors’ remuneration by general
meetings.
99
 Decree No 2015-1850 of 29 December 2015
under Article L. 533-22-1 of the Monetary
and Financial Code. This decree, which came
into force on 1 January 2016, implements Article
173 of the Energy Transition Law which requires
new information to be included in annual reports.
These new information relate to how companies’
investment policy takes account of criteria for
meeting social and environmental objectives and
objectives for good governance of the means used
to contribute to energy and ecological transition.
Non-life insurance
Order of 5 January 2016 defining a standard
form insurance certificate containing the
minimum information required by Ar ticle
L. 243-2 of the Insurance Code. This order
requires certain information to be reproduced
in builders’ annual and individual site insurance
certificates and in the certificate relating to
collective ten-year liability policies.
Decree No 2016-703 of 30 May 2016 on the use
of recycled automotive spare parts. This decree
defines recycled spare parts and identifies the
situations in which professionals are not required
to allow consumers to choose to use those parts.
Decree No 2016-723 of 31 May 2016 modifying
the requirements for obtaining a driving
licence for category A and BE vehicles.
Decree No 2016-799 of 16 June 2016 on the
professional liability insurance obligations
of crowdfunding investment advisers and
intermediaries. This decree introduces minimum
amounts of cover.
Order of 17 June 2016 on the arrangements
for informing insured persons at the time
of an accident of their right to choose the
professional repairer they wish to use under
Article L 211-5-1 of the Insurance Code.
Law No 2016-816 of 20 June 2016 promoting the
blue economy. This law provides, amongst other
matters, that marine renewable energy facilities
are treated as high risk facilities exempt from the
requirement for compulsory natural disasters
insurance.
100
Law No 2016-1087 of 8 August 2016 for the
recapture of biodiversity, nature and landscape.
This law sets out a number of provisions relating
to the governance of biodiversity and of water
policy, access to genetic resources and natural
spaces and the protection of species. It enshrines
the notion of ecological damage, recognised in a
decision of 25/09/2012 of the criminal division of
the Cassation Court in the “Erika” case. It creates
Title IV ter of the Civil Code under the heading
“Ecological damage reparation”.
Decree No 2016-1232 of 19 September 2016 on
the requirement for drivers and passengers
of motorcycles, motor t ricycles, motor
quadricycles and mopeds to wear gloves.
Order of 15 December 2016 under Article
L. 121-6 of the Code de la route [Traffic Code].
This order specifies the information which must be
given about the natural person driver or about the
proof of theft, licence plate misuse or any event of
force majeure, depending on the chosen method of
communication.
Life and capitalisation
insurance
Order of 13 Januar y 2016 est ablishing
the minimum information under Ar ticle
R 132-5-7 of the Insurance Code which must
appear in the notice sent by policyholders
to beneficiaries informing them of their right
irrevocably to elect the transfer of securities
or shares. This order defines the circumstances
in which the beneficiary of a life insurance contract
can irrevocably elect the transfer of securities or
shares in the event of the beneficiary clause being
exercised in accordance with Article L. 131-1 of the
Insurance Code.
The ACPR’s report to Parliament of 28 April
2016 on unclaimed life insurance contracts.
This report was issued under Article 13 of Law
No 2014-617 of 13 June 2014 on dormant bank
accounts and unclaimed life insurance contracts.
Order of 24 June 2016 implementing Articles
L. 132-9-3-1 and L. 132-9-4 of the Insurance
Code and Articles L. 223-10-2-1 and L. 223-10-3
of the Mutuality Code. This instrument clarifies
the arrangements for implementing insurance
companies’ annual publication and reporting
obligations under, on the one hand, Article 75 of
Law No 2013-672 of 26 July 2013 on the separation
and regulation of banking activities and, on the
other, Article 3 of Law No 2014-617 of 13 June
2014 on dormant bank accounts and unclaimed life
insurance contracts.
Decree No 2016-918 of 4 July 2016 on social and
solidarity economy assets under the contracts
and investments referred to in paragraph I bis
of Article 990 I of the Code général des impôts
(General Tax Code). This decree gives further
details about the social and solidarity economy
assets invested in the context of “Vie génération”
contracts. Funds, securities or annuities derived
from a “Vie génération” contract which are invested
in social solidarity economy assets complying with
the requirements defined by this decree enjoy the
20% proportional tax relief.
Decree No 2016-959 of 13 July 2016 on asset
transfers to investments giving rise to creation
of a provision for diversification.
Order of 13 July 2016 relating to the disclosure
obligations of insurance undertakings which
acquire investments giving rise to creation of a
provision for diversification.
Order of 13 July 2016 relating to the temporary
right to transfer assets to investments giving
rise to creation of a provision for diversification.
These instruments, which relate to Eurocroissance
contracts, give insurance companies a temporary
right, subject to conditions, to transfer assets
which do not represent unit-linked investments and
have not been allocated in subsidiary accounts to
investments giving rise to creation of a provision
for diversification.
Decree No 2016-1559 of 18 November 2016 on
the conditions under which credit insurance
contract can be terminated on grounds
of increased risk. This decree specifies the
cumulative requirements for an insurer to terminate
a credit insurance contract on grounds of increased
risk resulting from a voluntary change in behaviour
by the insured.
Law No 2016-1691 of 9 December 2016 on
transparency, combating corruption and
modernisation of economic life. This legislation
enacts in particular:
◾◾ wider macroprudential powers for the Haut
Conseil de Stabilité Financière (Financial
Stability Council) and modifies the rules on
creation and reversal of the profit sharing reserve
and on precautionary measures;
◾◾ a change to the maximum penalties available
to the Prudential Supervision and Resolution
Authority applicable in particular in relation to
obligations concerning unclaimed life insurance
contracts reflected in the amendment of Article
L. 612-39 of the Monetary and Financial Code
which now establishes a new ceiling of 10% of
annual net turnover on penalties imposed by the
ACPR;
◾◾ a limit on loading for acquisition costs in funeral
contracts to 2.5% of the sum insured;
◾◾ wider powers for general meetings which are
now the only body able to authorise changes
to essential provisions of a group insurance
contract taken out by the firm or company;
◾◾ changes relating to pensions, including:
− creation of a new category of undertaking
engaged in supplementar y occupational
retirement provision;
− adapt ing p oint s - base d supplement ar y
retirement schemes;
− an obligation to provide information to holders
of supplementary retirement contracts when
they reach retirement age;
− creating a surrender option specific to the
plan d’épargne retraite populaire (retirement
savings plan – PERP) where the plan has a
low transfer value;
− the requirements for surrender where the
insured person’s rights to unemployment
benefits expire;
− a provisional cap on the surrender of shares
in UCITS and AIFs in the event of a liquidity
crisis and the consequences for unit-linked life
insurance contracts.
101
 Law No 2016-1918 of 29 December 2016, the
rectifying finance law for 2016. This instrument
introduces, inter alia:
◾◾ a notice of attachment for indirect taxes, to
collect sums paid by a taxpayer who is the
policyholder or a member of a surrenderable
insurance contract;
◾◾ a penalty mechanism for failure to declare a life
insurance contract taken out with an insurance
undertaking or similar body established outside
France (a single penalty of an 80% increase in
the tax payable in the event of rectification)
Health
Law No 2016- 41 of 26 January 2016 on the
modernisation of the French health system.
This law is structured around three pillars:
prevention, access to care and innovation. It
therefore establishes measures to combat smoking,
to control drug addiction and to combat obesity
and measures to consolidate the health system
and introduces a right to be forgotten in order to
improve access to insurance and borrowing for
people who have or have had a serious illness
such as cancer.
The law also introduces collective actions for
health matters and other provisions affecting
supplementary sickness insurance schemes,
including:
◾◾ roll-out of third-party payment for all insured
persons treated by health professionals
practising in urban areas, in relation to the part
of the expenses paid by compulsory sickness
insurance;
◾◾ the requirements which insured persons must
satisfy to be entitled to third-party payment;
◾◾ access by the general public to health data in
the Système National des Données de Santé
(National Health Data System), free of charge
and with no risk of re-identification.
Decree No 2016-1249 of 26 September 2016
on collective actions for health matters. This
decree sets out the arrangements for bringing
collective actions for health matters, including the
civil or administrative procedure rules required
by the specific features of collective actions for
health matters, in particular in view of the individual
assessment of personal injury.
102
Law No 2016-1827 of 23 December 2016,
the social security finance law for 2017.
This instrument provides in par ticular that
complementary sickness insurance undertakings,
which in 2012, at the time of negotiating
supplementary agreement 8 to the healthcare
agreement, undertook to participate in funding
alternative forms of remuneration to payment per
intervention, in the form of the flat rate charge
(forfait médecin traitant), up to €150 million, will
extend that contribution for 2017, albeit changing
the calculation method. The participation by the
complementary undertakings will no longer be
calculated on the basis of the initial €150 million
envelope but will be fixed at €5 per insured person
and eligible beneficiary.
Consumer protection
Decree No 2015-556 of 19 May 2015 on the
telemarketing opt out list. This decree, which
came into force in 2016, defines in particular
the role and powers of the body responsible for
managing the opt out list.
Decree No 2016- 505 of 22 April 2016 on
disclosure obligations on online comparison
websites. This decree, enacted to implement the
Consumer Affairs Law of 17 March 2014, specifies
the contents and forms of presenting the fair, clear
and transparent information required by that law by
means of the new Article L. 111-6 of the Consumer
Code.
ACPR Recommendation No 2016- R- 02 of
14 November 2016 on complaints handling.
This recommendation includes the adaptations
necessar y as a result of the new statutor y
mechanism for the extrajudicial resolution of
consumer disputes, mediation. It also clarifies
that the two-month maximum period within which
professionals undertake to process complaints is
to be understood as the period between the date
on which the complaint is received and the date
on which a final response to the customer is sent.
Organic Law No 2016-1690 of 9 December
2016 on the powers of the Défenseur des
droits (Ombudsman) to provide guidance
and protection for whistleblowers. The single
article of this law supplements in particular Article
4 of the Organic Law of 29 March 2011 to give the
Ombudsman powers, on the one hand, to refer to
the competent authorities any person pointing out
wrongdoing in accordance with the requirements
under Law No 2016-1691 of 9 December 2016
and, on the other hand, to protect the rights and
freedoms of that person.
Insurance companies
Decree No 2015-1854 of 30 December 2015
on the methods by which the Bank of France
discloses data on undertakings’ financial
situation to insurance under takings and
management companies and those entities’
reporting obligations. This decree is enacted
under Article 169 of the Law of 6 August 2015
promoting growth, activity and economic equality
of opportunity which amended Article L. 144-1 of
the Monetary and Financial Code and extended
access to the banking database of businesses
(FIBEN) to all insurance undertakings investing
in loans and similar instruments on the terms laid
down in their respective codes.
Law No 2016-731 of 3 June 2016 reinforcing the
fight against organised crime, terrorism and
their financing and improving the effectiveness
and safeguards of criminal proceedings. This
law provides for harder repression of terrorism,
reinforces witness protection, improves the fight
against weapons offences and cybercrime and
reinforces investigatory powers and administrative
controls.
ACPR Notice of 2 November 2016 on the
appointment of “effective officers” and “key
function managers” under the “Solvency 2”
regime.
ACPR Recommendation No 2016- R- 01 of
14 November 2016 on the use of social media
for commercial purposes. This instrument
a p p li e s to i n sur a n c e i nte r m e di a r i e s a n d
undertakings, including those operating under
freedom of establishment or exercising freedom
to provide services, which use social media to
circulate or relay advertising communications or
communications aimed at an insurance contract
being taken out.
Order No 2016-1575 of 24 November 2016
reforming the mechanism for freezing assets.
This order redrafts a chapter of the Monetary and
Financial Code. A number of provisions clarify the
definitions of act of terrorism, funds, economic
resources, holding and control, the freezing of
funds and the freezing of economic resources,
harmonising those definitions with those laid down
by the European measures enacted under Article
29 of the Treaty on European Union.
Order No 2016-1635 of 1 December 2016
strengthening the French provisions to
combat money laundering and the financing
of terrorism.
This instrument seeks in particular to:
◾◾ clarify and reinforce the provisions governing
risk assessment conducted by the persons
covered by the order and the monitoring and
information exchange procedures to be put in
place, including by financial and non-financial
groups;
◾◾ clarify and reinforce the powers of the financial
intelligence unit (Tracfin), in particular in relation
to exchanging information with the persons
covered by the order and foreign financial
intelligence units;
◾◾ reinforce the mechanism for supervising and
penalising the persons subject to obligations
relating to money laundering and the financing
of terrorism, in accordance with the transposed
directive (pecuniary sanctions; the ability to
penalise the natural persons responsible for
breaches by legal persons; publicity of penalties).
103
 Taxation
Law No 2015-1785 of 29 December 2015, the
finance law for 2016.
Law No 2015-1786 of 29 December 2015, the
rectifying finance law for 2015.
Law No 2015-1702 of 21 December 2015, the
Social Security finance law for 2016.
This legislation establishes, amongst other matters:
◾◾ a further increase in the rate of the tax on
insurance agreements, applicable to legal
expenses cover;
◾◾ a reduction by half in the rate of the contribution
by insured persons to the Fonds de gestion des
risques agricoles (Agricultural Risk Management
Fund) coupled with a withholding by the State
from the reserves belonging to that Fund;
◾◾ implementation of the automatic exchange of
information between States about “financial
accounts” held by non-residents.
Order of 1 September 2016 on the introduction
of the automatic processing of personal
data by the Direction générale des finances
publiques (Public Finance Directorate) for
management of the database of capitalisation
and life insurance contracts known as Ficovie.
This order is adopted under Article 1649 ter of
the General Tax Code which provides that,
from 1 January 2016, insurers must declare the
subscription and settlement of capitalisation
contracts and similar investments, in particular life
insurance contracts, to the tax administration. For
non-surrenderable life insurance contracts taken
out since 20 November 1991, they must also each
year declare the total amount of premiums paid
between the seventieth birthday of the policyholder
and 1 January of the year of declaration, where that
amount is €7,500 or more and for other contracts,
whenever they were taken out, the total amount
of the premiums paid as at 1 January of the year
of declaration and the surrender value or the sum
insured, including in the form of annuities, on that
date, where that amount or that value is €7,500 or
more.
104
Order of 10 November 2016 setting the amount
of the contribution by insured persons to the
Fonds de garantie des victimes des actes de
terrorisme et d’autres infractions (Guarantee
Fund for victims of acts of terrorism and other
offences, FGTI). This order sets the contribution
to the FGTI at €5.90 per contract from 1 January
2017.
D e c r e e N o 2 016 -16 8 3 o f 5 D e c e m b e r
2016, published in the Official Gazette of
7 December 2016. This decree lays down the
rules and procedures for the automatic exchange
of information relating to financial accounts.
Law No 2016-1918 of 29 December 2016, the
rectifying finance law for 2016. This law amends
the methods for recovering the C3S [social solidarity
contribution] by introducing a new contribution, the
“supplementary” C3S contribution, the amount of
which will count towards the C3S.
Law No 2016-1917 of 29 December 2016, the
finance law for 2017. This legislation enacts in
particular:
◾◾ an in-depth reform of how income tax (impôt
sur le revenu, IR), is recovered, with no change
whatsoever to the rules governing its basis of
calculation, introducing “withholding at source” of
IR, which will come into force for taxable amounts
received or earned from 1 January 2018. This
reform concerns insurance companies in two
ways:
− as employers, in respect of the income they
pay as salaries;
− as third-party payers, in respect of the income
replacement benefits they pay to their insured
persons;
◾◾ adjustment of the payment on account mechanism
for the flat rate withholding tax so that it applies to
all income from transferable securities subject to
the flat rate withholding tax declared by the payer
institutions for their customers for the month of
December. This mechanism relates in particular
to the flat rate withholding in full discharge of the
tax on the proceeds of life insurance contracts
or instruments surrendered in respect of that
month;
◾◾ a progressive reduction in the normal rate of
corporation tax (impôt sur les sociétés) to bring it
down to 28% for all undertakings by 2020;
◾◾ tightening the regime for payments on account of
corporation tax for large companies.
USEFUL ADDRESSES
Association pour la Gestion Chambre Syndicale des Courtiers
des Informations sur le Risque d’Assurances (CSCA)
en Assurance (AGIRA)
10 rue Auber
1, rue Jules Lefebvre 75009 Paris
75431 Paris Cedex 09 Tel. : + 33 1 48 74 19 12
www.agira.asso.fr www.csca.fr

Association of Professionals of Commission Nationale de

Reinsurance in France (APREF) l’Informatique et des Libertés (CNIL)
26, boulevard Haussmann 3 place de Fontenoy
75009 Paris TSA 80715
Tel. : + 33 1 42 47 90 10 75334 Paris Cedex 07
www.apref.org Tel. : + 33 1 53 73 22 22
www.cnil.fr

Attitude Prévention
26, boulevard Haussmann
75311 Paris Cedex 09
Tel. : + 33 1 42 47 90 00
www.attitude-prevention.fr
Autorité de Contrôle Prudentiel
et de Résolution (ACPR)
61, rue Taitbout
75436 Paris Cedex 09
Tel. : + 33 1 49 95 40 00
www.acpr.banque-france.fr
Bureau de représentation de la FFA
à Bruxelles
51, rue Montoyer
B-1000 Bruxelles
Tel. : +32 2 894 30 94
europe-international@ffa-assurance.fr
Centre National de Prévention
et de Protection (CNPP)
Route de la Chapelle-Réanville
BP 2265
27950 Saint-Marcel
Tel. : + 33 2 32 53 64 00
www.cnpp.com
Fédération nationale des syndicats
d’Agents Généraux d’Assurances
(AGEA)
30, rue Olivier Noyer
75014 Paris
Tel. : + 33 1 70 98 48 00
www.agea.fr
Global Federation of Insurance
Associations (GFIA)
51, rue Montoyer
B-1000 Bruxelles
Tel. : +32 2 894 30 81
www.gfiainsurance.org
Institut de Formation de la Profession
de l’Assurance (IFPASS)
172-174 rue de la République
92800 Puteaux
www.ifpass.fr
Insurance Europe
51, rue Montoyer
B-1000 Bruxelles
Tel. : +32 2 894 30 00
www.insuranceeurope.eu

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 La Prévention Routière ORIAS
4, rue de Ventadour 1, rue Jules Lefebvre
75001 Paris 75431 Paris Cedex 09
Tel. : + 33 1 44 15 27 00 Tel. :+ 33 1 53 21 51 70
www.preventionroutiere.asso.fr www.orias.fr

La Médiation de l’Assurance Revue Risques

TSA 50110 26, boulevard Haussmann
75441 Paris Cedex 09 75009 Paris
www.mediation-assurance.org www.revue-risques.fr

Observatoire de l’évolution Union Nationale des Organismes

des métiers de l’assurance d’Assurance Maladie Complémentaire
(UNOCAM)
1, rue Jules Lefebvre
75431 Paris Cedex 09 120, boulevard Raspail
Tel. : + 33 1 53 21 51 20 75006 Paris
www.metiers-assurance.org Tel. : + 33 1 42 84 95 00
www.unocam.fr

CREDITS
The data published in this repor t relate to
all French and foreign insurance companies
operating in France. These data are provided by
the member companies of the FFA, as well as by
the professional organisations representing
general agents (AGEA) and brokers (CSCA).
Pending receipt of the final results of all insurance
undertakings, the 2016 data included in this report
should be treated as estimates.

Fédération Française de l’Assurance : July 2017 - www.ffa-assurance.fr

Design and production:    www.lcomfi.fr

Photography Credits:
Attitude Prévention, Brigitte Baudesson, William
Beaucardet, Stephan Birrer, Phlippe Cap,
F. Christophorides, Yves Durand, Thierry Franco,
Alain Goulard, Marc Ginot, Franck Juéry, Thomas
Koszul, Valérie Labadie, JF Labat, Bernard Martinez,
Daniel Mouillade, Xavier Renauld, Patrick Sagnes,
Seignette-Lafontan, Swiss Life, Hervé Thouroude,
Fabrice Vallon, Mathieu Walter, DR, © thierry
faula – Fotolia, iStock.

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