Financial wealth: strong household enthusiasm for life insurance in 2019

by

Household financial wealth amounted to 833 billion dirhams at the end of 2019, up 5.3%, reports Eco Inspirations in its publication this Wednesday, August 5. The newspaper, which looks back on a recent report by Bank Al-Maghrib, points out that this increase comes after a deceleration of 4.5% observed a year earlier and a deceleration of 6.5% in 2017. The report identifies, of elsewhere, two points as the main factors allowing this increase. These are the resumption in the growth of bank deposits and the greater orientation of households towards investments in life insurance, compared to investments in securities.

Eco Inspirations indicates that deposits with banks are still the big jackpot at 82.4%, while the share of life insurance assets has increased significantly by 0.6 percentage point to 10.4 %. We learn that household deposits with banks recorded an increase of 4.3% in 2019, after 3.7% in 2018 and 6% in 2017, totaling 686.3 billion dirhams. It should be noted that residents hold a 73% share, with deposits increasing by 5.2%, while those of Moroccans living abroad recorded only a very limited increase of 0.9%. , or nearly 185 billion dirhams. For their part, foreign currency deposits by resident individuals increased by 2.8%, after 0.6% in 2018. However, the daily indicates that their share in the total deposits of resident individuals remains limited to 1%. adding that this increase in bank deposits is also due to an increase in sight deposits of 4.9%, to 414.4 billion dirhams and savings accounts by 4.7%, to 163.4 billion dirhams.

Eco Inspirations insists in particular on the fact that households are turning more and more towards other types of investments, in particular life insurance. The daily notes that the financial wealth of households in the form of life insurance products increased in 2019 by 12.4%, against 7.9% a year earlier. It should be noted that this interest had an impact on household investments in transferable securities, which reached 60 billion dirhams, up 7.4% in 2019 against 9.3% in 2018.

.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.