2026 Global Insurance Survey

• More than 40% of global insurers are now allocating over 15% of their investment portfolio to private markets, with 76% planning further increases
• Inflation remains the leading macro concern for insurers' investment strategy at 62%; 18% cite recession, down from 35% in 2025
• 84% describe their asset management approach as hybrid, combining internal and external investment capabilities, and 49% expect to increase their use of external asset management over the next 12 months

NEW YORK, Oct. 27, 2026 - Insurers' fears of recession have nearly halved, while more than three quarters plan to increase allocations to private markets further, according to BlackRock's 15th-annual survey of insurers globally. The survey includes perspectives of 463 insurers across 31 markets representing investable assets of more than $24tn.

In an increasingly complex global investment environment, inflation risk remains the most cited macro concern for insurers (62%) - consistent from 2025. However, 61% of insurers globally expect a soft landing in the next year (24% see no landing; 9% expect stagflation conditions). While the majority expect a soft landing, the findings show regional disparities (75% in EMEA expect a soft landing, 63% in North America, 47% in Asia-Pacific and 40% in Latin America).

Overall investment risk appetite remains steady, with 82% planning to maintain their risk profile. Within the group maintaining risk, 57% see insufficient opportunities to justify additional risk-taking, up 22 percentage points from 2025, while 50% seek greater diversification within their existing risk budget. The findings suggest that stable risk appetite reflects selectivity, not simply confidence in existing exposures.

An increasingly strategic role for private markets

Over the past decade, private markets have evolved from an alternativesource of yield into an established component of portfolios. Today, more than 9 in 10 global insurers (92%) allocate at least 5% of their investment portfolio to private markets, while more than 40% now allocate over 15%.

Adoption is forecast to accelerate, with 76% expecting to increase private markets allocations over the next 12 months and 24% maintaining current levels, albeit down from the historic highs of the past three years (94% in 2025, 91% in 2024, 89% in 2023). The findings suggest a shift from broad-based increases toward more selective deployment as insurers focus on portfolio construction, relative value and implementation within existing allocation targets.

Demand remains strongest in private debt, which was identified by 41% of respondents as an area for increased allocation.

Structural shifts

The research highlights the growing role of partnerships in insurers' operating models. Today, 84% of respondents describe their asset management approach as hybrid, combining internal and external investment capabilities, and 49% expect to increase their use of external asset management over the next 12 months. Reflecting insurers' growing focus on implementation, 74% of respondents plan to access private debt through separate accounts or bespoke mandates.

The role of these partnerships extends beyond investment management with 82% of insurers reporting external partnerships across at least two business functions, spanning investments, capital provision, liability and product design, and distribution.

"Insurers are increasingly looking for partners that can do more than manage investments. To achieve their long-term objectives, insurers are looking across investment, capital, and technology holistically to navigate an increasingly complex operating environment. Bringing these capabilities together is the defining competitive advantage in this market," Mark Erickson, Global Insurance Strategist in BlackRock's Financial Institutions Group, said.

"Private markets are an established part of insurers' investment strategies, but strategic commitment does not mean indiscriminate buying," Charles Hatami, Global Head of the Financial & Strategic Investors Group and Co-Head of the Global Partners Office at BlackRock, said. "The question is not simply how much to allocate, but which assets and structures best support each insurer's income, liquidity and capital objectives. That places a premium on investment selection and solutions designed for the insurance balance sheet."

Mirroring broader headlines across industries, insurers continue to invest in artificial intelligence (AI), as 60% of respondents report at least one scaled or embedded AI use case. Adoption is broad but scaling remains uneven - scaled or embedded applications are reported by 21% of respondents in underwriting and pricing, compared with 3% in investment selection and credit monitoring. These findings highlight the distinction between adopting AI and embedding it into repeatable investment workflows.

The full report is available on BlackRock.com

About the BlackRock Global Insurance Survey

The BlackRock Global Insurance Survey, now in its 15th year, provides industry-leading insight into the thinking and plans of the insurance industry through independently conducted interviews of senior insurance executives across the globe. This year's survey, conducted from June to September 2026, encapsulates the views of 463 senior industry executives in 31 markets with the following regional distribution: 38% from EMEA, 28% from North America, 25% from Asia-Pacific, and 9% from Latin America. Taken together these companies represent investable assets of more than US$24 trillion. The associated interactive report complements the global findings with regional results, comments from industry peers and insights from BlackRock experts.

About BlackRock

BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

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