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Insurance firms are increasingly interested in crypto

U.S.-based insurers are leading the trend of increasing interest in crypto with 11 percent of U.S. respondents having indicated that they are either interested in or already have investments in crypto.

Image by WorldSpectrum from Pixabay

Fri, 03 Jun 2022, 10:14 am UTC

Investment banking giant Goldman Sachs just released the Insurance Survey 2022, the bank’s eleventh edition of its annual insurance report that included crypto for the first time. One of the most interesting findings presented in the survey is that insurers are now warning up to digital currencies such as Bitcoin (BTC) and Ether (ETH).

U.S.-based insurers are leading the trend of increasing interest in crypto among insurance firms. The survey revealed that 11 percent of U.S. insurance companies are either interested in or already have investments in crypto, according to Cointelegraph.

“We surveyed for the first time on crypto, which I thought would get no respondents, but I was surprised,” Goldman Sachs global head of insurance asset management Mike Siegel said in a podcast. “A good 6% of the industry respondents indicated that they’re either invested in crypto or considering investing in crypto.”

Meanwhile, 6 percent of insurance firms based in Asia indicated interest or are currently invested in crypto followed by European insurers, where only 1 percent of respondents indicated interest in crypto. Goldman Sachs’ survey included 328 chief financial officers (CFOs) and chief investment officers (CIOs) of the largest insurance companies in the world.

“We had respondents that represented over $13 trillion worth of assets, which is about half of the global industry's assets,” said Goldman Sachs’ global head of insurance asset management and liquidity, Mike Siegel in a podcast hosted by the company. “So, we think that the survey is very representative of what the industry is thinking

United States-based insurers are the most interested in cryptocurrency investment according to a Goldman Sachs global survey of 328 chief financial and chief investment officers regarding their firm’s asset allocations and portfolios.

“We had respondents that represented over $13 trillion worth of assets, which is about half of the global industry's assets,” Siegel added, according to Forbes. “So, we think that the survey is very representative of what the industry is thinking.”

Insurers place crypto as the fifth asset class that can deliver the highest returns over the next 12 months. In terms of potential returns, insurers expect private equity, commodities and emerging market equities to perform better than crypto.

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