A new federation of French insurers was born in July 2016: the French Federation of Insurance (Fédération Française de l’Assurance – FFA) resulted from the merger between the French Federation of Insurance Companies (Fédération Française des Sociétés d’Assurances – FFSA) and the Pool of Mutual Insurance Companies (Groupement des entreprises mutuelles d’assurance – GEMA).
The FFA is an association of around 280 French insurance and reinsurance companies which represents approximately 99% of the market.
The insurance industry had been awaiting this merger for more than 25 years. Mutual Insurance Companies, which are non profit organisations, had previously been reluctant to merge their professional federation with the French Federation of Insurance.
The FFA aims to enhance the influence of French insurers, notably when dealing with French and EU authorities. One of the purposes of this new federation is to provide support to insurers in relation to the implementation of EU regulations.
In this respect, since the Brexit vote, the role of the FFA appears in a new light. The FFA’s new President, Mr. Bernard Spitz has said that he does not want Brexit to create discrepancies between UK and EU insurers. He has stated that the FFA will take an active part in defending “the interests of the European insurance market” (http://tinyurl.com/jjmnrt8) and has declared that the FFA will closely monitor the negotiations between Great Britain and the European Union.