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comment se situe le ratio combiné des assurances de biens et de rc sur l’année 2020 ?

**Understanding the Combined Ratio: How did Property and Liability Insurers Fare in France in 2020?**

The **combined ratio** is a pivotal metric in the insurance industry, reflecting an insurer’s ability to manage costs relative to earned premiums. For property and liability insurers in France, 2020 brought unique challenges due to the pandemic. This post explores the trends, impacts, and implications of the 2020 combined ratio, supported by industry data and expert analyses.

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### What is the Combined Ratio?
The **combined ratio** measures an insurer’s profitability in underwriting activities. It combines two key components:
1. **Cost of Claims (Sinistres):** The total amount paid for claims.
2. **Operational Costs:** Commissions, administrative expenses, and other underwriting costs.

**Calculation**:
[
text{Combined Ratio} = frac{text{Claims + Expenses}}{text{Premiums}} times 100
]
– A ratio **below 100** indicates underwriting profitability.
– **Above 100** implies a technical loss (excluding investment income).

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### Pre-2020 Trends (2009–2019): A Fragile Equilibrium
Historical data from **Statista** reveals fluctuations in France’s property and liability sector:
– In *2018*, the combined ratio reached **100%** (statutory basis), marking a precarious equilibrium after years of volatility. Between 2009–2018, the ratio averaged around **98%**, hitting a low of **93% in 2011** (due to lower claims post-financial crisis) and peaking at **98%** in 2010 and 2018.
– For individual property insurance (e.g., home insurance), figures as of *2019* suggested gradual consolidation, but profitability remained thin.

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### 2020: The Pandemic’s Double-Edged Sword
The pandemic altered risk and cost dynamics drastically:
1. **Volume of Claims**:
– Reduced economic activity (lockdowns, travel restrictions) likely decreased claims in sectors like *motor liability*.
– However, *property damage claims* (from home-related incidents, legal challenges, or economic hardship?) might have increased.

2. **Operational Costs**:
– Delays in claim processing due to remote work and logistical disruptions could have inflated expenses.

3. **Premium Behavior**:
– Insurers faced pressure to freeze or reduce premiums for struggling businesses, squeezing margins.

**Estimated 2020 Result**:
Industry forecasts (via **Atlas Mag**) project a combined ratio of **~98%**—matching the 2010 level—indicating a slight technical profit. However, profitability was undermined by:
– **Lower investment returns** due to volatile markets.
– **Increased operational costs** (e.g., claims management during the crisis).

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### Why Was 2020 a “Win” Despite Challenges?
– **Efficient Cost Management**: Insurers minimized expenses.
– **Lower Claims in Key Areas**: Fewer car accidents and reduced commercial activity lowered payout obligations.

However, **Argus de l’Assurance** notes that even a 100% ratio (break-even technically) saw a decline in profits in recent years due to shrinking net income from slower investments.

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### Key Takeaways from 2020
1. **Resiliant Recovery in Technical Performance**:** The 98% estimate suggests insurers stabilized after reaching 100% in 2018, despite economic headwinds.
2. **Dependence on Non-Underwriting Income**:** Overall profitability requires investment returns, which slumped in 2020, complicating the picture.
3. **Structural Challenges**:** The sector faced margin pressure, with commentators notingling that insurers must balance premium hikes (to improve the ratio) against market competition.

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### Looking Ahead: 2021 and Beyond
– The **ratio might rise slightly** in 2021 as pandemic-related claims (e.g., business interruption disputes) increase.
– Insurers will need to refine pricing strategies and operational efficiency to sustain technical margins while navigating volatile markets.

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### Conclusion
The 2020 ratio of **~98%** highlights insurers’ ability to manage costs amid crisis, yet underscores dependencies on non-underwriting income. As the market adapts to pandemic aftershocks, the coming years will test insurers’ ability to balance affordability, risk-taking, and profitability.

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**Sources**:
– Statista’s historical data on French insurance ratios.
– *Atlas Mag* (2020) projections for post-pandemic conditions.
– *Argus de l’Assurance* analysis linking technical profits to broader profitability challenges.

Let us know what you think—is a 98% ratio a sign of resilience or just a drop in the bucket?

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