The three families of insurers in France

In France, three categories of bodies carry on insurance, each governed by its own code. Insurance undertakings, public limited companies and mutual insurance companies, fall under the Insurance Code and cover all lines. Mutuals, governed by the Mutuality Code, are non-profit legal entities run by their members, historically focused on health and protection. Provident institutions, governed by the Social Security Code, are jointly managed by employer and employee representatives, and operate mainly in group protection and health, often under industry-wide agreements. This diversity has historical roots, from the nineteenth-century mutual movement to postwar joint management. It has been largely harmonized by European law: all three families are subject to Solvency II, supervised by the same authority, the ACPR, and their contracts follow increasingly similar rules. Differences nonetheless remain in governance, the absence of shareholders for mutuals and institutions, taxation and some contract rules. The market has concentrated through mergers, notably within groups combining all three families. For the analyst, this structure explains the weight in France of non-capitalist players in health and protection, and certain features of collective bargaining.