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Réflexions sur les rentabilités de l'assurance

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  • Robert Teyssier

Abstract

[fre] La prestation de service d'assurances revêt un caractère dual : elle s'accompagne d'une activité technique de mutualisation des risques et d'une activité financière de placement des fonds en représentation des engagements techniques des assureurs. La conjoncture macrofinancière des années récentes, très favorable à la progression des marchés financiers, a sensiblement et durablement rentabilisé l'activité financière des entreprises d'assurances et de capitalisation, comme en témoigne la part des profits dits exceptionnels sur cessions d'éléments d'actifs dans leur résultat. L'ajustement boursier de l'automne 1987 et l'éventualité non déraisonnable d'une rupture dans l'évolution, jusque-là fortement croissante, des plus values latentes de ces entreprises, ne sont pas sans souligner l'hypothèse d'un resserrement des contraintes d'exploitation auquel devrait dorénavant s'adapter l'offre d'assurances. Il s'en suivrait un assujettissement plus fort que par le passé des entreprises d'assurances aux performances techniques de la gestion des risques ; une régulation plus élargie du secteur de l'assurance, non seulement marquée par son aptitude à concurrencer et à compléter les services rendus par les banques et les établissements financiers, mais encore, par sa propension à rivaliser avec les prestations rendues par les organismes de protection sociale complémentaire. [eng] On the profitability of Insurance . The provision of insurance services is a twofold affair involving risk-pooling operations and financial investment operations with funds representing insurers' technical liabilities. The general financial climate of recent years, favourable to the growth of financial markets, has led to a significant and durable increase in the financial activities of insurance and capitalization companies —évidenced in the share of their profits shown under exceptional earnings on assets sales. The readjustment of the securities market in October 1987, and the conceivable prospect of a stalling of hitherto vigourous growth in the capital gains of these companies, are not insignificant pointers to the hypothesis of a tightening of operating constraints to which insurance provision will have to adapt. As a result, insurance companies may have to concentrate more than in the past on their risk management business. We may even see increased regulation of the insurance industry, which now competes with and complements services provided by banks and financial institutions, as well as offering an alternative to the supplementary benefit facilities provided by social security organizations.

Suggested Citation

  • Robert Teyssier, 1988. "Réflexions sur les rentabilités de l'assurance," Revue d'Économie Financière, Programme National Persée, vol. 7(3), pages 29-45.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_1988_num_7_3_1545
    DOI: 10.3406/ecofi.1988.1545
    Note: DOI:10.3406/ecofi.1988.1545
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