Insurance, pensions see 6.2% rise amidst market gains
In 2023, global financial assets rose by 7.6%, reaching $267.68t (EUR239t), recovering from the previous year’s decline. Amongst asset classes, insurance and pensions saw a notable increase of 6.2%, driven by rising interest rates and stock market gains, according to Allianz’s 15th edition of its “Global Wealth Report.”
Households globally shifted away from bank deposits, which saw minimal growth of 4.6%, one of the lowest increases in two decades.
Instead, insurance and pensions proved more resilient in attracting savings, with a relatively small decline in new savings of just 4.9%.
Asia’s household financial assets grew by 7.5%, with insurance and pensions increasing by 5.5%.
Despite this, Asian household liabilities grew at 6.8%, surpassing the global average and highlighting concerns about increasing debt levels. For the first time, Asia’s debt ratio exceeded Europe’s, at 62.8% compared to 59.5%.
Overall, the global rise in financial assets was matched by more restrained debt growth, with total household liabilities reaching $63.84t (EUR57t), up 4.1% from 2022.
Read more @insuranceasia
