Did you know that total trade in goods and services (i.e. exports plus imports) between the UK and France was £85.4bn in the four quarters to the end of Q1 2020?
TRADE AND INVESTMENT BETWEEN FRANCE AND THE UK
Total trade in goods and services (i.e. exports plus imports) between the UK and France was £85.4bn in the four quarters to the end of Q1 2020. Total UK exports to France amounted to £40.9bn in the four quarters to the end of Q1 2020 (a decrease of 5.0% or £2.1bn compared to the four quarters to the end of Q1 2019).
In the top 5 services exported from the UK to France in the four quarters to the end of Q1 2020 were, financial (£5.1bn or 28.4% of all UK services exported to France) services ranked number one, followed by other business services (£4.0bn or 22.5%).
French insurance groups’ assets represent more than 80% of the assets owned by institutional investors in France (€2,500 billion of assets in 2016, up by 7% up). There are c.500 Paris-based players – French and foreign banks and financial institutions. French insurers generated c.€210 billion premiums (€75 billion for non-life products; €135 billion for life insurance) and thus is one of the biggest in Europe along Germany in terms of premiums.
With a turnover of €56.1 billion in 2018, the property and liability insurance market grew by 2.8%. The market is mainly composed of motor and property damage (personal, professional and agricultural) lines of business, which represent approximately 40% and 33% of premiums, respectively. (EY, 2020)
At the end of July 2019, the total assets under management (AuM) of life insurance contracts was estimated to be €1,754 billion. (EY, 2020)
According to EY, the French insurance market is facing deep changes in an increasingly complex and regulated environment. Digital transformation is impacting the entire sector, creating new business models, a new customer experience, and a necessary evolution of the industry.