American insurance companies' dollar hedging scale soared, surpassing the peak of "Liberation Day".

With increasing volatility of the US dollar since the beginning of the year, insurance companies have been buying USD forward contracts to hedge against it. According to data from Clearwater Analytics Holdings, the buying volume of USD forward contracts by US insurance companies has significantly increased since mid-January, surpassing the peak reached when the USD fell after President Donald Trump announced "Liberation Day" tariffs last year. The Bloomberg Dollar Index has fallen 1.7% since 2026.