from next year, the French will be able to move more easily from complementary health. Parliament definitively adopted Thursday the law to terminate “without charge and at any time” all types of contracts. Currently, they are cancelable as of their anniversary date. The objective is to improve the purchasing power of the insured. It has been requested by the end of 2018, in the midst of a crisis of the “yellow vests”, by Emmanuel Macron. The new rules will come into force no later than December 1, 2020.
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Many experts believe that this could have adverse effects. And cause rate increases, in order to compensate for the inflation of the advertising expenses necessary to attract new policyholders. “We can expect increases of 1% to 2% per year on average, thus provides Cyrille Chartier-Kastler, founder of the firm Facts & Figures. Plus, we’re going to less of mutualization of rates.” In fact, insurers could further segment the rates: the “bad risks”, such as the elderly, may pay more than today, while young people in good health will see their premiums decrease.
“This type of measurement is not good for the players already in place,” says Cyrille Chartier-Kastler. In contrast, bancassurance (insurance companies, banks) should take advantage of them. For the time being, the banks hold only 1 % to 2 % market share in the health insurance business and 3% to 5% with individual contracts. But that should change. “They are going to attack the market of complementary individual, simpler to manage and more cost-effective than collective contracts”, anticipates the expert. Offensive in general insurance (auto, home), bancassurance operators are taking market share away from traditional insurers. They have for them to meet regularly with their clients in the agencies, which allows them to propose new products. The banks have made insurance a lever to improve their incomes and profitability.
