Tariff turmoil, widening deficits, and market volatility have put US assets under meaningful scrutiny in 2025. A decline in the dollar, coupled with rising long-term Treasury yields, have many analysts pointing to international divestment from US assets. But have foreign investors really soured on US markets?
This research report leverages a sample of 50 non-US insurers on Clearwater’s platform (with a collective $100B+ in assets) to arrive at the following conclusions:
- In 2025, non-US insurers on Clearwater’s platform have reduced their exposure to US assets;
- Net purchases of US assets have been declining for months and are the lowest in at least 1.5 years; and,
- Divestment appears to have accelerated amid trade policy action and rhetoric.
While this research should not be extrapolated to wider market flows given its narrow scope, it is concrete evidence that at least some foreign investors have divested from the US in a short timespan.
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If you are interested in the details of this analysis and additional insight, download our Are foreign investors divesting from US assets? | Evidence of “sell America” from the insurance industry.