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item for a company, specially if we add on
group insurance, health and sometimes life How does the insurance sector work in Monaco?
insurance: “There are always solutions to In Monaco, the insurance offer is complete with brokers who represent the main insurance
meet your budget and be well covered. Our companies such as Generali, Axa, Aviva, Allianz and MMA, as well as brokerage firms.
role, as an insurer, is to make entrepreneurs On a geographical territory of 2.5 km , there are about 50 brokers and more than 130
aware of the risks, offering them high- companies. The sector has approximately 300 employees.
performance products, in particular for
everything relating to business interruption, The market includes certain peculiarities. According to the Chamber of Insurers of Monaco,
at the best possible price.” the taxes levied on insurance contracts do not have the same rates as on French territory
and must be paid to the tax services of the Principality. This concerns any risk located
My wish: on the territory of the Principality. Insurance contracts are largely identical, with a few
“That every company, merchant or individual, exceptions, to those available on French territory. owever, certain guarantees, such as
should take out insurance in Monaco and not natural disasters or attacks, do not apply.
France. Indeed, you have to know how to make In terms of construction, neither the 10-year guarantee nor an equivalent to the “damage
your contribution to the Mon gasque economy to works” policy are compulsory.
and, in a way, give back what the Principality Similarly, since accidents at work for employees are not covered by the Social Security,
brings to everyone.” it is up to the employer to take out a contract with an approved company (through an
agent or a broker) covering this risk before any hiring.
Independent status
On a personal level, Pierre Bri re knows the In relation to complementary health contracts, the Monaco CCSS Social Security rate
reflexes of the entrepreneur. To be an insurance is different from that of the French, so contracts must be adapted and offer adequate
broker is to be exercising a professional activity reimbursement rates.

“That every

company, merchant
or individual, should

take out insurance

in Monaco and not
France.”

with an independent status which somewhat
resembles a franchise status. “Since my arrival
in the Principality, I have developed my turnover,
with a portfolio of loyal customers in Monaco.
My philosophy is to provide service. In my
view, the ABC of the job is to listen carefully
to customer expectations, be proactive and
mobile if necessary, otherwise we would have
no added value compared to insurance on the
internet, for example.” Pierre Bri re knows that
he also benefits from the financial strength
of MMA, the spearhead of the COVEA Group,
which also includes MAAF and GMF. “ aving
such solvency makes it possible to offer
competitive investments to boost savings or
build retirement. Pierre Bri re is one of the
1,200 brokers attending the general assembly
of MMA. “We vote on changes within our mutual
group and we can ask questions of the big
bosses of MMA.” During the Covid crisis, for Depositphotos © designmaster81
example, Pierre Bri re requested special aid
for entrepreneurs.

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