...October 23, 2026 This report does not constitute a rating action. PARIS (S&P Global Ratings) Oct. 23, 2026--Ongoing riots in France are likely to generate material claims for domestic insurers, particularly those covering self-employed, small- and midsize enterprises, and the public sector. We expect these claims and those related to natural catastrophes earlier in the year to weigh on the sector's profitability in 2026 and push insurers to increase tariffs and apply more selective underwriting policies from 2027. Potential litigation around the responsibility of public authorities is unlikely to materially offset the impact on the insurance industry. In our view, primary insurers are also likely to bear the bulk of the total cost, with limited claims passed on to reinsurers. Nevertheless, we believe that insurers have lowered their limits and increased deductibles compared to the most recent riots in the summer of 2023, which had an insured cost of about 730 million according to industry...
