France

AZF explosion and 11 September losses blamed for fall in earnings

The French insurance market had a difficult year in 2001. Earnings declined for both the life and nonlife sectors and the growth in premium income slowed down compared with 2000. Some of the leading players were impacted by the 11 September terrorist attacks in the US while the AZF chemical plant explosion in Toulouse, the largest industrial accident in France since the Second World War, cost the market an estimated €1.2bn.