Competition is expected to increase in the creditor insurance market. The National Assembly approved Thursday at first reading the bill brought by the majority MP Patricia Lemoine (Agir ensemble group) to allow the French to terminate their mortgage insurance at any time and free of charge. Like what is already done in auto, home and health insurance. Today, borrowers can change insurance (covering death, disability or job loss) at any time during the first year of their loan and then once a year, on an anniversary date. The text, which concerns nearly seven million homeowners with outstanding credit, must now be considered in the Senate. It aims to come into force in the coming months,before the end of the five-year term.
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In recent years, three parliamentary measures going in the same direction have not succeeded.
But, this time, the bill is supported by the government.
"I think it is a fair proposal and protective of the purchasing power of the French, said Wednesday on Franceinfo Bruno Le Maire, the Minister of the Economy.
You have to have competition to reduce costs.
"The savings linked to a change of insurance can reach on average" from 5000 to 15,000 euros approximately over the total duration of the contract ", according to Patricia Lemoine.
It all depends on the profile of the borrower.
Despite ten laws in ten years aimed at streamlining the remunerative activity of loan insurance, banks still hold nearly 88% of this market estimated at nearly 10 billion euros per year.
They take a dim view of this possible change.
"The pooling of risks will be less important," warns Henri Le Bihan, Deputy Managing Director of Crédit Agricole Assurances.
Price segmentation is likely to increase, with on the one hand young people in good health who will benefit from excellent conditions and on the other the over 40s who could see their insurance prices increase.
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Mutualists, on the other hand, support termination at any time. “Things are going in the right direction. We are ready to support the French, ”suggests Adrien Couret, CEO of Aéma Groupe (Macif). However, insurers do not expect the reform to disrupt the loan insurance market. “We hope the game will be more open, but the banks are in a good position. They will continue to offer insurance to their customers, ”points out a mutualist. “Banks should retain between 75% and 85% of market share, estimates for its part a bancassurer. With their group contracts, they will continue to offer better prices to those over 50 or those having difficulties. "
The bill also provides for the launch of work with banks and insurers on access to credit and insurance for people who have been ill.
The text proposes to reduce the time limits for the “right to be forgotten” for people who have had cancer, and to include other pathologies in the so-called Aeras convention (to “insure and borrow with an aggravated health risk”). ») Which facilitates access to credit for borrowers who have been ill.