François Villeroy de Galhau: Insuring in the long term in a short-term world

Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), at the 11th International Insurance Conference, Paris, 25 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
28 October 2019

Madam President, Ladies and Gentlemen

I am delighted to participate in this 11th International Insurance Conference. This will be my fourth time at this unmissable annual event, but the first for you, Florence. Bernard Delas and I would like to offer you our warmest wishes for success at the head of the Fédération française de l'assurance (FFA - French insurance federation). For our part, changes are also underway and I would like to take the opportunity this evening to welcome the appointment of Dominique Laboureix as Secretary General of the ACPR, with First Deputy Secretary General, Patrick Montagner, whom you know well, at his side.

The subject of your 11th Conference - "Insuring in the long term in a short-term world" - perfectly sums up the real challenge to the insurance profession. I would like to begin by thanking France's 712 authorised insurers that never waver in playing their key role in the financing of our economy, with EUR 2,600 billion of investments. In 2018, France became the leading European insurance market, outpacing the United Kingdom and Germany in terms of total balance sheet value and non-life premiums earned. The French insurance market has also enjoyed strong growth, with revenue up by almost 3% [2.7% and 3.1% in non-life and life insurance, respectively]. In response to the legitimate concerns that many of you have raised, I have chosen to focus on two main issues: the challenge of low interest rates (I) and our ambition for the Solvency II review (II).