As the leading savings item for the French, life insurance represented a total of 1,872 billion euros at the end of January, including 1,378 billion in euro funds, as reported by our colleagues at Capital. The global financial sector is currently going through a somewhat destabilizing period. Indeed, several banks around the world have been shaken by successive crises in recent weeks. It all started on March 10, when Silicon Valley Bank went bankrupt.
The establishment was the victim of a “bank-run”, namely a massive and sudden withdrawal of funds from many customers of the bank, following a strategic decision on the part of the management which did not please. The American state hastened to bring him help in order to calm the wave of panic that had followed.
10 days later, Credit Suisse fell, in the form of a takeover by UBS. Following these events, some feared a general spread of the crisis, particularly in the French banking sector. This is not the case, European banks are still extremely solid and the notion of a banking crisis, “an irrational concept”, according to the president of the French Banking Federation Philippe Brassac.
The managing director of France Assureurs Franck Le Vallois also spoke on this subject, wanting to be very reassuring and indicating that “there is no risk in life insurance for savers”. Despite the rise in central bank interest rates aimed at offsetting inflation, insurers are holding their ground.
