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PARISDespite increased competition over the past five years, French nonlife insurers should be able to maintain a strong position, according to Moody's Investors Service, Inc.
Moody's said it maintains a stable outlook on the French nonlife industry.
The rating agency said that combined ratios for French nonlife insurers may rise, particularly in auto business, because of a decrease in rates, coupled with an increase in average claims costs.
Those rate decreases are likely to "dwindle", however, according to Moody's.
Many players will be tempted to protect their margins and are, therefore, unlikely to engage in a price war, especially bearing in mind that the claims environment may be less benign in the years ahead," said Timour Boudkeev, a vice president at Moody's, in a statement.