Banks to take charge of credit insurance business

Institutions respond to excess profit accusations by consumer associations

French banks are in the process of taking their group credit insurance business in-house. The bank Societe Generale has already announced that the loans that it makes to its customers after 1 March 2008 will be insured by the group’s own life insurer Sogecap. Until now, indeed for the past 40 years, this business has been insured by Generali.