Raphaël Rimelin on France

1. What are the main challenges for insurers in France?

“It’s a mature, highly regulated market, where achieving profitable, long-term growth is becoming increasingly demanding. Legacy savings products with guarantees weigh on capital and profitability, particularly under Solvency II requirements. Macroeconomic uncertainty, including inflationary and financial market volatility linked to broader geopolitical developments, adds further pressure. At the same time, rising medical costs are increasingly being shifted to the insurance sector. Rising morbidity and disability – including a significant increase in mental health conditions and the implications of an ageing population – are reshaping product requirements.”

2. What are the biggest opportunities?

“Demographic trends, under-penetration in certain segments, and healthcare reforms continue to create clear opportunities. There is demand for protection, retirement, and hybrid savings solutions. The shift towards more modular, unit-linked products, combined with digitalisation and improved data usage, enables insurers to adapt their offerings more effectively to changing customer expectations. However, success depends on solutions that are pragmatic and tailored to local market realities.”

3. How can these challenges and opportunities be addressed? “What’s required is a combination of technical expertise and in-depth market knowledge. We support insurers through disciplined underwriting, tailored reinsurance structures, and capital management solutions that improve efficiency and resilience. This also includes supporting product design, longevity risk management, and underwriting transformation through data and automation.”

4. What’s the impact? “The impact is first and foremost greater stability. Insurers can better manage capital constraints, limit volatility, and avoid sharp adjustments in pricing or product conditions. This supports more consistent financial performance over time and forms the foundation for sustainable future performance. For policyholders, it translates into greater predictability and trust in the long-term value of their cover – a key expectation in the French market.”

5. What else helps turn challenges into opportunities? “To support our clients successfully in France, we need to provide certainty in how we do business: consistency in decision-making, a clear risk appetite, and dependable follow-through. Our empowered local teams and close client relationships enable us to make pragmatic and timely decisions. A lean operating model and a collaborative, low-complexity culture support fast and effective delivery. Together, these factors create the foundation for solutions that combine creativity with the stability and trust expected in the market.”