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Marsh Survey Reveals That Insurers’ Private Credit Appetite Continues to Grow, but Discipline Remains Paramount

MRSH
  • Marsh released the 2026 Global Insurance Investments Survey revealing that private credit demand remains strong but increasingly selective.
  • 57% of insurers plan to increase private credit exposure in the next 12-24 months, surpassing the 48% planning to grow public investment-grade fixed income.
  • Insurers are prioritizing investment-grade direct lending, private placements, structured credit, asset-based finance, NAV lending, & fund finance.
  • North America shows the strongest appetite, with 65% of US insurers & 74% of Canadian insurers planning allocation increases compared to 51% in Europe & 46% in the UK.
  • Larger insurers with over $25 billion in assets (81%) are more likely to increase allocations than those with less ($25 billion).
  • Life insurers (73%) show higher allocation intent than health (56%) or property & casualty (40%) insurers.
  • Key concerns include a reduction in illiquidity premium (66%), deteriorating underwriting standards (54%), & rising defaults or PIK structures (51%).
  • Only 30% of insurers report having most of the private markets capabilities needed to invest with confidence.
  • 54% of insurers are not using AI meaningfully in investment operations, with 75% of those managing over $100 billion reporting meaningful use versus 10% of those managing under $1 billion.
  • The survey covered 123 insurers from 24 countries holding over US$4 trillion in assets & was conducted between March & April 2026.