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Media room

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Julie Poissier
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Following the deadly and devastating floods that plunged the Alpes-Maritimes department into mourning, insurers and CCR made a first estimate of claims in terms of number and cost.

A total of 14,000 claims are expected to be filed for a cost of insured losses that is expected to reach €210 million. Insurers and CCR are committed to handling these claims as quickly as possible.


The investment programme Assureurs – Caisse des Dépôts Relance Durable France, the initial amount of which was EUR 1.5 billion, is finally going to reach EUR 2.2 billion, with nearly EUR 2 billion coming from insurers.


A further step is taken in the development of the investment programme “Insurers - Caisse des Dépôts Sustainable Stimulus France”, with the selection of the manager Montefiore Investment to invest and manage the Nov Tourisme - unlisted shares Sustainable Stimulus France fund.


The insurers join in the emotion of the French people regarding the human and material consequences of the floods in the Alpes-Maritimes and offer their condolences to the families of the victims.


The planet is now facing a health crisis for which the length and repercussions are still difficult to assess. We insurers, are aware of the distress of entrepreneurs whose activity stopped overnight, with a brutality that obviously cannot leave anyone insensitive. It is therefore essential to quickly draw the first lessons from this crisis and to build together a mechanism that will make it possible to better protect companies in the future.


France’s Health Minister and Minister for Public Accounts have informed the FFA, the FNMF and the CTIP of their intention to tax complementary insurance companies known as “Organismes Complémentaires d’Assurance Maladie” (OCAMs) to the tune of EUR 1 billion in 2020 and EUR 500 million in 2021 for lower healthcare expenses incurred by the French during lockdown.


Paris, 2 July 2020 - One year ago, the primary professional bodies and associations representative of the Paris Financial Centre (ASF-French Association of Financial Companies , AFG–French Asset Management Association, FBF-French Banking Federation, FFA-French Insurance Federation, France Invest- French association of private equity actors, Paris EUROPLACE and Finance for Tomorrow) announced new commitments to combat climate change and to further the goal of a net zero-emissions economy by 2050. Today, they have seized this occasion to review the actions taken thus far and those yet to come.


As major players involved in financing the economy and as long-term investors, French insurers have made a commitment to the public authorities to support the country’s economy affected by the health crisis and have decided to set up a €1.5 billion investment programme with Caisse des Dépôts et Consignations. It will consist of three tranches and will be mainly invested in equities.


Exceptional because of its scale, the Covid-19 has highlighted the limits of the private insurance system, which is unable to respond to a systemic crisis without a specific system.
In order to learn lessons and find the resources to effectively support businesses faced with such events in the future, the FFA, at the end of April and in cooperation with the French Ministry of the Economy and Finance, set up a workgroup to sketch ideas for a future scheme.
As committed earlier to the government, the FFA today presented the conclusions of its work on a new system for protecting businesses against the economic consequences of a major event like Covid-19.


In order to give their insurance customers maximum support to deal with the consequences of the health crisis, insurers have taken a series of non-contractual measures totalling 1.75 billion euros, in solidarity with the populations and businesses most at risk.


Following the emergency measures announced last week, and those put in place by its members on an individual basis, this morning the FFA presented new solidarity measures to Mr Bruno Le Maire, Minister for the Economy and Finance.


Insurers have already received more than 42,000 claims following the floods that struck the South-East on 22-24 November and 1 and 2 December this year. This figure could rise to 57,000 claims for the two events, with a total cost of insured damage estimated at 390 million Euros.


The French Insurance Federation (FFA) and four trade unions – CFDT, CFE-CGC, CFTC and UNSA – have signed an innovative agreement on the recognition and development of trade union career paths in the insurance sector, with the aim of ensuring the conditions exist for the sustainable development of the presence and activities of trade unions within the industry.


Insurers have so far recorded almost 20,000 claims following the floods that hit the Alpes-Maritimes and Var departments between 22 and 24 November. The total cost of the insured damage is estimated at 285 million Euros for this period alone.


Taking the opportunity of Climate Finance Day 2019, to be held on 29 November in Paris, French insurers and reinsurers are wholeheartedly renewing their commitment to fighting global warming. The third edition of their Baromètre ESG-climat (Environmental, social, governance and climate barometer), published today, shows that the sector made significant progress in responsible investment in 2018. In addition, in keeping with the commitment it made on 2 July 2019, the FFA is passing on new NGO recommendations for defining a coal strategy.


Representatives of the main French, European and international actors in insurance met at the FFA on 25 October to discuss the major issues facing the sector. The event brought together more than 200 attendees – representatives of insurance and reinsurance undertakings, supervisory authorities, journalists – with some twenty influential speakers, including Bruno Le Maire, French Minister for the Economy and Finance, Jacques de Larosière, former managing director at the IMF, Michaela Koller, director general of Insurance Europe, Pierre Gramegna, Luxembourg’s Finance Minister, and François Villeroy de Galhau, governor of the Banque de France.


Florence Lustman has today taken up her position as President, a position to which she was unanimously elected by the French Insurance Federation’s General Meeting on 18 June this year.


At its meeting today, the Executive Board of the French Insurance Federation appointed its three vice-chairs: 

- Jean-François Lequoy, chairman of the French Association of Bancassurance Companies (GFB), chief executive officer of Natixis Assurances; he succeeds Pierre de Villeneuve, chairman of the Board of Directors of BNP PARIBAS Cardif.

- Thierry Martel, chairman of the French Association of Mutual Insurance Companies (AAM), chief executive officer of Groupama Assurances Mutuelles; he succeeds Pascal Demurger, chief executive officer of the French Teachers Mutual Insurance Society (MAIF).

- Jacques Richier, chairman of the French Federation of Public Limited Insurance Companies (FFSAA) and chairman and chief executive officer of Allianz France, whose term of office as chairman of the FFSAA comes to an end on 31 December 2019.


At the occasion of a meeting with Bruno Le Maire, French Minister for the Economy and Finance, the main professional bodies and associations representing the Paris Financial Center (ASF-French Association of Financial Companies , AFG–French Asset Management Association, FBF-French Banking Federation, FFA-French Insurance Federation, France Invest- French association of private equity actors, Paris EUROPLACE and Finance for Tomorrow) announced today in a joint declaration new collective commitments to combat climate change and contribute to achieving the goal of net zero carbon by the year 2020.


Florence Lustman to succeed Bernard Spitz as chair of the FFA from 1 October 2019.