Life insurance collection reached 3 billion euros in January, according to France Assureurs. If the geopolitical context brings its share of uncertainties, insurers want to be reassuring about the market exposure to Russia and Ukraine, which is extremely low.
The French life insurance market started the year rather well. Net inflow reached 3 billion euros in January, a first for almost three years, according to figures published by France Assureurs (formerly the French Insurance Federation). ” Life insurance recovered throughout 2021 and the start of 2022 confirms this “, declared Franck Le Vallois, general manager of the federation during a press conference. Contributions thus amount to 13.8 billion euros (300 million more than in January 2021). Benefits are for their part down 400 million euros compared to last year, to 10.8 billion euros.
18 million French people have life insurance
After a year 2020 hit hard by the pandemic, life insurance again experienced growth in 2021: some 150 billion euros were deposited there over the year, a record, underlines the federation. Faced with the drop in return on funds in euros, the capital of which is guaranteed, the French have also increased their exposure to risk, a sign of an improvement in confidence after the shock of the health crisis. In January, unit-linked (UA) contributions amounted to 5 billion euros, up 800 million euros. In total at the end of January, outstanding life insurance contracts reached 1.871 billion euros, up 4.3% over one year. In France, there are some 18 million contract holders and 38 million beneficiaries. The geopolitical context, disrupted by the war in Ukraine, could in the coming months have an impact on the economy and on the way French people save, but these consequences remain uncertain for the time being.
The Managing Director of France Assureurs nevertheless wanted to be reassuring by stating that “life insurance for French savers represents a buffer against the various effects that a crisis, with its economic impacts, can have “. He also stated that the exposure of French insurers in Russia and Ukraine was ” less than 0.03% ” and so ” very limited “.
LM with AFP.