Two transformative forces are shaping European insurers' investment strategies, according to David Walker, chief analyst at Insurance Risk Data, the data arm of Insurance Asset Risk.
Speaking on a webinar today (21 October), with Phil Manley, research director at Insurance Risk Data, Walker introduced key findings of a report he just authored, and which is launched today: Insurance Investment Outsourcing Opportunities Report: Europe and UK 2026.
Manley opened the webinar by highlighting the breadth of the research: "It's a 362-page report with 180 exhibits - the result of six months of dedicated research by the Insurance Risk Data team."
He stressed its value to asset managers seeking to understand how chief investment officers at insurance companies are allocating capital under Solvency II.
Walker first explored insurers' shift toward private markets. "There has been a strengthening trend of CIOs across Europe - indeed globally - to allocate more of their general accounts to private-markets assets," he explained, citing private credit, infrastructure, and private equity.
This movement, once driven by low yields, "has endured the spike, then normalisation, in rates", as CIOs now weigh "the opportunity cost of not investing more heavily than the risk of investing".
Insurance Risk Data has tracked 520 undertakings engaged or planning such allocations, spanning the full spectrum of general account sizes, not just Europe's largest insurers.
A second key theme is the surge in private equity and asset manager ownership of insurers. "We have unearthed insurance undertakings across 21 jurisdictions in Europe that acknowledge being partly or completely owned, by about 100 different PE or asset managers," Walker said.
This cohort - 113 insurers with a combined €230bn general account - has exhibited notably higher premium growth than the broader market. But regulators remain cautious, particularly after high-profile failures.
As Manley concluded, the report's intelligence is "novel and unique", offering asset managers both granular outsourcing data and a high-level view of the "seismic plates determining outsourcing by Europe's CIOs".
The webinar is accessible on demand by registering here. And for further details about this unique research report and to order a copy contact phil.manley@fieldgibsonmedia.com.