Japanese insurer's view on gold investments

20 May, 2024

To accurately determine Japanese insurers’ current level of gold investments is challenging, since such investments are typically grouped under broad categories in their disclosure reports, such as “others” for gold bullion, “other securities” for domestic gold funds/ETFs, and “foreign stocks and others” for global gold funds/ETFs.

Nevertheless, we can infer that their exposure to gold remains fairly limited. To assess how Japanese insurers perceive gold investments, we conducted market research and analysis supported by Oliver Wyman in H2 2023. 19 market participants in Japan involved in investment and risk management were surveyed: 12 of them work for life insurers, 6 for P&C insurers and 1 for asset management company. Moreover, some of the interviews were with global players operating in Japan, so as to provide a comprehensive understanding of how the Japanese insurance sector perceives gold investments, including some of the practical hurdles they encounter when considering the inclusion of gold in their investment portfolios.


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