The story begins with what appears to be an old, sadistic British general walking a pack of angry dogs. A dog gets away and chases a small boy... thus beings one of a few stories of people's fears. The fears displayed in these animated segments usually involve an insect or animal beast. I think that the director either had a fascination or fear of bugs/animals.
In between each segment, a soothing french voice tells us her "fears" but what I interpret as her observations and cristicms of society and social behaviors.
One segment, a man is haunted by a praying mantis; in another, a girl is possessed by the ghost of a samuarai, in another.. a man has an encounter with the ghosts of an abandoned house.
Each segment has a unique art style where people's bizarre fears become their lives. A great artistic representation of how people's fears can so easily become part of their reality - whether those fears are overcome or succombed to.