Pacifica Becomes Leading Insurer for France's Forests
Crédit Agricole's subsidiary Pacifica has partnered with XLB to become the leading insurer of France's forests, capturing over 50 percent of the market. The collaboration aims to provide insurance solutions for forest owners.
Pacifica, a subsidiary of Crédit Agricole Assurances, has become the primary insurer for forests in France through a partnership with specialist brokerage XLB. The agreement positions Pacifica to cover over half of the French forest insurance market, addressing a historically underinsured sector.
The partnership involves Pacifica insuring XLB's portfolio, while XLB will continue to manage policy subscriptions and claims handling. Crédit Agricole's regional banks and LCL will promote these insurance products to their customers. The policies offer coverage against storm and fire damage, along with liability insurance, reflecting Pacifica's commitment to the forestry sector and its expansion into specialized insurance.
Currently, only about 5 percent of France's private forests are insured against storm and fire. The French government aims to increase this figure to 25 percent within the next three years, supported by the Farming Modernisation Act which provides incentives through tax breaks on forestry insurance premiums.
Insuring forests is also viewed as a significant environmental commitment, as it facilitates replanting efforts following damage from fires or storms. This new offering, launched in the International Year of Forests, aligns with the Crédit Agricole Group's broader environmental economics strategy for 2014.