Report Overview

France Insurance Brokerage Market – Industry Trends & Forecast Report, 2029

France insurance brokerage market size was estimated at USD 28.67 billion in 2022. During the forecast period between 2023 and 2029, the France insurance brokerage market size is projected to grow at a CAGR of 6.57% reaching a value of USD 41.99 billion by 2029. The insurance brokerage market in France is expected to witness moderate growth in the coming years, driven by increasing demand for insurance products in various sectors, including automotive, healthcare, and real estate. The rise of Insurtech and digitalization is also expected to have a significant impact on the industry, with brokers investing in technology to improve customer experience and streamline operations. Overall, the market is expected to remain competitive, with established players and new entrants vying for market share.

Insurance Brokerage – Overview

Insurance brokerage refers to the intermediary role that insurance brokers play in connecting individuals, businesses, or organizations seeking insurance coverage with insurance providers. An insurance broker is a professional who acts as an independent agent and represents the interests of clients rather than any specific insurance company. Their primary goal is to help clients find suitable insurance policies that meet their needs and budget.

France Insurance Brokerage Market

Growth Drivers

Digitalization and Innovations

The growth of France insurance brokerage market is expected to be driven by the increasing adoption of digitalization and innovations by players in the market. With the rise of Insurtech, insurance brokers are embracing innovative technologies, such as artificial intelligence (AI), blockchain, and data analytics, to provide personalized and efficient services to their clients. This, in turn, is expected to boost the growth of the insurance brokerage market in France by enhancing the customer experience and reducing operational costs. Also, the growing demand for insurance products and services due to the increasing awareness of risks and the need for financial protection is expected to fuel the growth of the France insurance brokerage market.

Restraints

Regulatory Challenges

France insurance brokerage market has faced significant regulatory challenges in recent years, hampering its growth potential. Stringent regulations on data protection, anti-money laundering, and cybersecurity have increased compliance costs and administrative burdens for insurance brokers, limiting their ability to expand and innovate. Also, the emergence of Insurtech startups has disrupted the traditional brokerage model, challenging established players to adapt and modernize their operations. Thus, smaller insurance brokers struggle to compete in a rapidly evolving market. The industry must find ways to navigate these challenges to realize its full potential and better serve customers.

Impact of COVID-19 on France Insurance Brokerage Market

The COVID-19 pandemic adversely affected the France insurance brokerage market, as it affected the overall economic environment and consumer behavior. The insurance industry witnessed a surge in demand for certain types of insurance policies, such as health and life insurance, while the demand for others, such as travel insurance, decreased significantly. The pandemic also forced the companies to adapt to remote work, which impacted the way insurance brokers operate and communicate with clients. Despite these challenges, the France insurance brokerage market is expected to recover as the country emerges from the pandemic, and brokers are adapting to the changing landscape by leveraging digital channels and technology.

France Insurance Brokerage Market

Segmental Coverage

France Insurance Brokerage Market – By Type

On the basis of type, France insurance brokerage market is divided into general insurance, life insurance, and health insurance segments. General insurance, including property and casualty coverage, liability insurance, and other non-life insurance products, is the largest segment of the market. Life insurance, which includes policies that provide benefits upon death or disability, is the second-largest segment. Health insurance, which includes policies that cover medical expenses and other health-related costs, is the fastest-growing segment of the market. Insurance brokers play a crucial role in helping consumers and businesses navigate the complex landscape of insurance products and policies offered by various insurers.

France Insurance Brokerage Market – By Mode

Based on mode, the France insurance brokerage market is split into online and offline segments. The online mode segment holds a higher share in the market. It is also expected to maintain its dominance during the period in analysis. The increasing digitalization of various industries, including insurance, has led to a shift in consumer behavior. Online insurance brokerage provides a convenient platform for customers to research, compare, and purchase insurance policies at their own pace and from the comfort of their homes. Online platforms provide easy access to a wide range of insurance products, allowing customers to explore different options without the limitations of traditional office hours. Online insurance brokerage enables consumers to compare different insurance policies, coverage options, and prices from various insurers, empowering them to make informed decisions based on their needs and budgets.

France Insurance Brokerage Market – By Commission

By commission, the France insurance brokerage market is divided into policy basis, premium basis, and fixed segments. Policy basis is the most common type of commission structure in France. Brokers receive a percentage of the premium paid by the customer for each policy that they sell. The percentage of commission varies depending on the type of insurance and the broker's experience. In premium basis structure, brokers receive a flat fee for each policy that they sell. The fee is typically based on the complexity of the policy and the amount of work involved in selling it. Fixed is a rare type of commission structure in France. Brokers receive a fixed monthly or annual fee, regardless of the number of policies that they sell. This type of commission structure is typically only used by large brokers who have a large volume of business.

Competitive Landscape

Major players operating in France insurance brokerage market include Marsh & McLennan Companies, Aon plc, Willis Towers Watson, Howden Group Holdings, BMS Group Limited, Arthur J. Gallagher & Co., Lockton Companies, Inc., and JLT Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In 2021- The French government introduced new regulation for insurance brokers, which was designed to improve transparency and protect consumers. The new regulation requires insurance brokers to be more transparent about their fees and commissions, and to provide better information to consumers about their insurance options. Insurance brokers in France welcomed the new regulation, stating that it would help to improve the reputation of the industry and make it easier for consumers to find the right insurance.

Scope of the Report

By Type

• General Insurance

• Life Insurance

• Health Insurance

• Others

By Mode

• Online

• Offline

By Commission

• Policy basis

• Premium basis

• Fixed

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. France Insurance Brokerage Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Digitalization and innovations
         2. Increasing demand for insurance products due to the rise in risk factors
      2. Restraints
         1. Regulatory changes
      3. Opportunities
         1. Increasing demand for corporate insurance policies
      4. Challenges
         1. Managing risk associated with insuring emerging industries and technologies
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. France Insurance Brokerage Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. General Insurance
         2. Life Insurance
         3. Health Insurance
         4. Others
      2. By Mode
         1. Online
         2. Offline
      3. By Commission
         1. Policy basis
         2. Premium basis
         3. Fixed
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. France Insurance Brokerage Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on France Insurance Brokerage Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Marsh & McLennan Companies
   2. Aon plc
   3. Willis Towers Watson
   4. Howden Group Holdings
   5. BMS Group Limited
   6. Arthur J. Gallagher & Co.
   7. Lockton Companies, Inc.
   8. JLT Group
   9. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.  Qualitative Research
      1.  Primary & Secondary Research
   2.  Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents
   5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       France Insurance Brokerage Segmentation            

Figure 2       France Insurance Brokerage Market Value Chain Analysis          

Figure 3       Company Market Share Analysis, 2022         

Figure 4       France Insurance Brokerage Market Size, By Value (USD Million), 2019–2029          

Figure 5       France Insurance Brokerage Market Share, By Type, By Value, 2019–2029             

Figure 6       France Insurance Brokerage Market Share, By Mode, By Value, 2019–2029             

Figure 7       France Insurance Brokerage Market Share, By Commission, By Value, 2019–2029

List of Tables

Table 1        France Insurance Brokerage Market Size, By Value (USD Million), 2019–2029

Table 2        France Insurance Brokerage Market Size, By Type, By Value, 2019–2029      

Table 3        France Insurance Brokerage Market Size, By Mode, By Value, 2019–2029     

Table 4        France Insurance Brokerage Market Size, By Commission, By Value, 2019–2029

Table 5        Marsh & McLennan Companies Company Overview

Table 6        Marsh & McLennan Companies Financial Overview

Table 7        Aon plc Company Overview

Table 8        Aon plc Financial Overview

Table 9        Willis Towers Watson Company Overview

Table 10      Willis Towers Watson Financial Overview

Table 11      Howden Group Holdings Company Overview

Table 12      Howden Group Holdings Financial Overview

Table 13      BMS Group Limited Company Overview

Table 14      BMS Group Limited Financial Overview

Table 15      Arthur J. Gallagher & Co. Company Overview

Table 16      Arthur J. Gallagher & Co. Financial Overview

Table 17      Lockton Companies, Inc. Company Overview

Table 18      Lockton Companies, Inc. Financial Overview

Table 19      JLT Group Company Overview

Table 20      JLT Group Financial Overview