On 28th December 2023, a new Order was published in the French National Gazette about change of the rates of the so called CATNAT additional contribution relating to the “natural disaster” guarantee for insurance contacts that cover fire damage or any other type of property damage, as well as damage to the bodies of motorized land vehicles.
The new Order introduces a significant rise in the CATNAT premium rates. The property damage default rate, which was formerly 12%, has now been raised to 20%. Additionally, the rate relating to theft and fire guarantees of vehicles climbed from 6% to 9% and all other vehicle related premium rate increased from 0.5% to 0.75%.
The provisions of this decree will come into force on 1st January 2025. They are applicable to premiums and additional contributions for contracts incepted or renewed from this date.