While new legislation and regulations rattle the insurance industry, two French lobby groups have decided it is better to join forces than to go it alone.
Industry associations Fédération Française des Sociétés d'Assurances (FFSA) and Groupement des entreprises mutuelles d'assurance (GEMA) have joined together to form the French Insurance Federation (FFA).
FFA covers 280 companies, or 99% of the local market.
“Insurers will benefit from an association designed to meet diverse challenges affecting them, be that in regulation, in digital, in climate or society,” the FFA said in statement.
Former president of FFSA Bernard Spitz was elected president of the new organisation.
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