With the increase in inflation, the various insurance contracts, including the compulsory home insurance, will undergo an increase in 2023. Nevertheless, under pressure from the Ministry of Economy, the insurance companies will not be able to apply an increase that is higher than inflation, corresponding to 6% in 2022.
car insurance
According to Assurland, the increases used in 2023 for car insurance contracts will be between 2.5 and 3%. According to the company Facts & Figures (F&F), which specializes in insurance and social protection, they should lie between 3% and 5% this year for contracts already in progress. This will vary depending on the insurance company and its geographic area. We remember that too 18-25-year-olds are covered by the highest contributions with an average of €1,061 in 2021 compared to €611 for all age groups combined.
This increase in insurance rates can partly be explained by increased repair costs. For example, overall parts from Asia are more expensive due to higher shipping costs. For spare parts manufactured in Europe, skyrocketing energy prices in turn lead to an increase in production costs and then in the price of parts. Finally, repeated natural disasters, which have increased in recent times, are also a factor in the increase.
As regards traffic accidents, the amount of compensation increases per injury, even if the number is stable.
home insurance
Still, according to Assurland, the increase in home insurance will be between 3 and 3.5%as far as the company Fakta & Tal is concerned, the bet is more on an increase of approx 3 to 5%. An increase that can be even higher if you live in an area exposed to climatic risks. There are actually significant differences in prices depending on the region. For example, Brittany, the region that declares the fewest claims, turns out to be the region where insurance contracts are the cheapest (€171 per year). The increase in home insurance is thus characterized by natural disasters, global warming and, of course, inflation. Several other criteria contributed to this increase, including:
- the increase in housing requirements (natural disasters, fires, floods, burglaries, water damage, etc.);
- the increase in the cost of building assets. The increase in the home insurance premium will be evaluated according to the index of the French Construction Association (FFB), based on the development of the cost of construction materials and labor;
- the increase in taxes.
According to facts and figures, housing contracts can increase by up to 8% with in particular:
- an increase of around €10 for the natural disaster guarantee, which covers material damage
- an increase of 3% to offset the increased costs of materials and labor;
- an increase between 3 and 5% for people in homes that are highly exposed to climatic risks.
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