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French to face steep rise in insurance costs

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French to face steep rise in insurance costs
Extreme weather in France was listed as one of the reasons behind the hike in insurance costs. Photo: AFP
17:52 CET+01:00
House and car insurance costs are going to rise in France next year.
It's been an expensive year for insurers in 2016, and we're going to feel the pinch next year. 
 
The average cost of car insurance is going to shoot up from 0.5 percent to 2.5 percent for 2017, and from 1 percent to 4 perfect for home insurance, reported Les Echos newspaper on Wednesday. 
 
These hikes are a result of the flooding in spring and the rising cost of car repairs, the paper reported.
 
Jean-Marc Willmann, the head of Maif insurance agency, said that car repairs costs had risen 2 percent alone. 
 
The French will also see an increase in the "terrorist tax", which the government decided to raise from €4.30 to €5.90 from January 2017. 

 

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