For decades, banks have enjoyed a dominant position by requiring borrowers to subscribe to their loan insurance offer. On which they could release very comfortable margins, for example 50%. In a market open to competition, however, it was impossible for borrowers to subscribe to the borrower insurance of their choice, nor to compete on a yearly basis, as it is for other types of insurance.
It took legislators 8 years to force banks to open the market to competition.
Banks are resisting to defend this lucrative market for them. First by lobbying the governments in place to lessen the impact of the 3 consecutive laws that have required the opening of the market to competition. They are also affirmed that the Bourquin law (which makes it possible to cancel each year its insurance of loan) was illegal: they go even before the Constitutional Council. The latter has erased their last illusions of being the only ones to benefit from this market : on January 18, 2018, the freedom to choose its insurer was instituted and irrevocable by the Constitutional Council. Banks are already anticipating the loss of their role as exclusive market players: to counter this loss of turnover, they could concentrate their margins on higher loan rates.
Change borrower insurance easily and quickly:
If you have a current home loan you can now change your borrower insurance. With experts you can now simulate the savings you could achieve by changing borrower insurance.
experts halves the price of loan insurance:
- 10 min to subscribe online
- experts takes care of everything: from the cancellation of your old contract to choosing the best guarantees
- Without medical formalities: a simple health questionnaire is to be completed
- We work with safe and sustainable insurers, recognized for their management quality