Hello everyone, your insurance, banking and finance press review this week.

• Médiateur de l'assurance case study: the use of compensation in the event of a not-at-fault accident
• Publication of the 8th prospective mapping of insurance risks by France Assureurs
• Information systems security: ACPR calls on insurers to step up their efforts
• Access to financial data: the European Commission maintains its draft IFAD regulation
• Pension reform for local civil servants: a draft law under debate
• Budget 2025: a text finally adopted

Médiateur de l'Assurance case study: the use of compensation in the event of a not-at-fault accident

February 14, 2025

In the event of a not-at-fault accident, the insured may choose not to repair the vehicle without affecting the compensation paid by the insurer.

An example of a case recently handled by the Insurance Mediation officer illustrates this rule.

A motorist whose contract did not include damage cover had his vehicle appraised after an accident. The damage was assessed at 2,700 euros. The insurer, taking the view that the insured did not wish to carry out the repairs, initially paid a reduced sum of 1,030 euros, before revising the indemnity to 1,310 euros after taking VAT into account. The insured contested this reduction and won the case: the indemnity was to be calculated on the basis of the expert's report, irrespective of his decision not to repair the vehicle.

Publication of the ^8th prospective mapping of insurance risks by France Assureurs

February 4, 2025

For the ^8th year running, France Assureurs has surveyed 232 experts on the main risks threatening the insurance industry and French society. This survey highlights the growing importance of climate change, now on a par with cyber attacks, which share the top spot in the ranking of risks for 2025. While these threats remain predominant, the economic environment follows closely behind. The cost of claims linked to climatic events continues to rise, with record figures in 2024, reinforcing the impact of climate change on the insurance industry.

Political and social risks have risen sharply this year. In particular, inequalities and social tensions, which now rank^2nd among risks of concern to society, are of growing concern to insurers, a trend accentuated by recent political events. In addition, generative artificial intelligence is now viewed with some suspicion, with a growing awareness of the dangers it poses, particularly in terms of mass surveillance and ethics.

Overall, the risk environment is intensifying for 2025. The frequency and severity of threats are clearly on the rise, with risks now more pressing in the short term. Faced with this rise in dangers, the insurance industry must adapt to an increasingly uncertain reality, with significant consequences for society as a whole.

Information systems security: ACPR calls on insurers to step up their efforts

February 12, 2025

ACPR calls on insurers to step up their information systems security efforts (ISS). A 2024 survey shows progress in terms of awareness, but gaps persist in the implementation of measures, particularly concerning the involvement of the ISS function in key decisions and the management of critical assets.

The growing use of the cloud increases risks, although efforts have been made to strengthen the monitoring of providers. Finally, organizations are beginning to prepare for the DORA regulation on digital resilience, but improvements are still needed to fully comply with the new requirements.

Access to financial data: the European Commission maintains its draft IFAD regulation

February 11, 2025

Despite strong opposition from the insurance industry and the French government, the European Commission is maintaining its draft FIDA regulation regulation on open financial data, including insurance data. Part of the 2025 work program, the text aims to promoteopen finance, but raises concerns about data protection and the balance of the insurance model.

While France was arguing for a revision or abandonment of the project, Brussels is initiating the final discussions between the Commission, Parliament and Council.

Pension reform for local civil servants: a draft law under debate

February 3, 2025

On February 03, 2025, Modem Senator Isabelle FLORENNES tabled a draft law to transpose into law the agreement signed in July 2023 between territorial employers and trade unions.

The bill calls for the general introduction of compulsory group provident schemes, an increase in employer contributions to 50% and the retention of 90% of net income in the event of disability.

Budget 2025: a text finally adopted

February 6, 2025

After several weeks of debate and the use of 49.3 in the French National Assembly, Parliament definitively adopted the 2025 budget. The Senate validated the text on February 06, 2025, thus ratifying the agreement reached by the joint committee of deputies and senators. This vote puts an end to a process marked by major negotiations and a delay of a month and a half on the initial timetable.

The budget calls for a reduction in the public deficit to 5.4% of GDP, with 50 billion euros in savings and tax increases.

Very good week.

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