Increasing competition and reducing the monopoly of banks on the borrower insurance market: these are the objectives of the Lemoine law, passed in 2022. If the first objective is indeed successful – individuals can now terminate their contract at any time to choose a cheaper one that is at least as protective -, the second is still far from being achieved. Banks still collect 84% of market contributions, to the great displeasure of specialized insurers who share the remaining crumbs. An inertia partly due to the difficulties that customers have in asserting their rights.
As the consulting firm Sia Partners points out in a study that Capital was able to consult, not all borrowers have benefited from this reform. The socio-professional categories with the highest incomes represent 58% of requests for changes to contracts during the credit period, thus repeating a study by the Financial Sector Advisory Committee (CCSF). “The advantages of this reform mainly benefit the wealthy populations while the very essence of the Lemoine Law was to promote access to bank credit for a large part of the population,” the document underlines.
The still too high prices represent one of the biggest obstacles for households: “The objective of a liberalization law is to lower prices so that the greatest number of people can benefit from them. This has not been the case for borrower insurance”, points out Ahmed Langazou, manager at Sia Partners (…)
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