The hard market experienced by the insurance industry since 2017/2019 has brought back into the picture some contractual practices that risk detractors should fear.

The movement seems to have started for captives domiciled in France. In only one day, on June 18, the Autorité de contrôle prudentiel et de résolution (ACPR) gave its approval to two French groups, Bonduelle and SEB, to create their own reinsurance captive in France. They became respectively the 7th and 8th French groups to hold a captive in France and therefor join a very restricted circle of French companies.

On February 3rd, 2021, the underwriting agency Centrix announced its decision to join the Managing General Agents Association (MGAA) – the only association in the UK that represents and promotes the Managing General Agents (MGA) industry and its members. “A natural choice,” according to the newly created MGA (2019) fancying to expand its presence in the London market.

Jade Grandin de l’Eprevier – 24.05.21

Le ministère de l’Économie aimerait que les grands groupes qui choisissent de s’assurer eux-mêmes – en créant une captive d’assurance – le fassent en France plutôt qu’au Luxembourg

An eventful year 2020

In 2020, more and more insurance professionals suffered administrative sanctions by both the DGCCRF and the ACPR for failing to comply with obligations related to cold calling.

These sanctions are part of a legislative framework that is becoming increasingly restrictive for insurance product distributors.

The debate on exclusion of warranty in insurance contracts is endless witness the numerous ongoing litigation cases before the French courts.