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The French life insurance market during the health crisis
[Le marché de l’assurance-vie en France pendant la crise sanitaire]

Author

Listed:
  • Baddou Saïda
  • Jérôme Coffinet
  • Cécile Fraysse
  • Stéphane Jarrijon

Abstract

Although the French life insurance market was impacted by the health crisis, it nevertheless showed its resilience. During the first lockdown, gross inflows slowed temporarily and redemptions increased briefly before dropping sharply and then reverting to their long term average level at the end of 2020. Net inflows recovered in 2021, with strong momentum in unit linked contracts. The market continued its transformation that began in the low interest rate environment and that has favoured unit linked products. This trend, which has not abated since, represents a shift in the product offering towards long term, equity oriented investments that better channel savings to the financing of the economy. These developments also change the nature of the product, which should drive continued efforts to make customers aware of the risks involved. En France, le marché de l’assurance-vie a été affecté par la crise sanitaire tout en faisant preuve de résilience. La collecte brute a ralenti de façon transitoire lors du premier confinement. Les rachats, après un bref épisode d’augmentation, ont significativement baissé pendant la période du premier confinement avant de revenir à leur moyenne de long terme fin 2020. La collecte nette s’est redressée en 2021, avec un fort dynamisme des contrats en unités de compte. Le marché poursuit la transformation engagée dans l’environnement de taux bas, au profit des supports en unités de compte. Cette tendance, qui persiste depuis, caractérise une refonte de l’offre vers des produits de long terme, tournés vers les fonds propres, mobilisant mieux l’épargne au service du financement de l’économie. Ces évolutions modifient également la nature du produit, ce qui doit inciter à poursuivre les efforts d’information auprès de la clientèle sur les risques portés.

Suggested Citation

  • Baddou Saïda & Jérôme Coffinet & Cécile Fraysse & Stéphane Jarrijon, 2021. "The French life insurance market during the health crisis [Le marché de l’assurance-vie en France pendant la crise sanitaire]," Bulletin de la Banque de France, Banque de France, issue 238.
  • Handle: RePEc:bfr:bullbf:2021:238:01
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    References listed on IDEAS

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    1. David Bounie & Youssouf Camara & Etienne Fize & John Galbraith & Camille Landais & Chloé Lavest & Tatiana Pazem & Baptiste Savatier, 2020. "Dynamiques de consommation dans la crise : les enseignements en temps réel des données bancaires," Working Papers hal-02972885, HAL.
    Full references (including those not matched with items on IDEAS)

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