October 28, 2025 Newswires

BlackRock Survey: Opportunity Amid Uncertainty – Insurers Globally Embracing A More Flexible Approach

Business Wire

Inflation tops insurers’ risk concerns (63%), while overall risk appetite remains low (12% planning to increase exposure)
Private markets continue to gain importance, with 30% of insurers planning to increase their allocations and 58% intending to maintain current levels
85% of insurers are open to, and actively planning, a shift toward more flexible asset management models
Capital Management priorities include utilizing reinsurance sidecars, (67%), increasing usage of third-party capital (54%), and enhancing captive capabilities (53%)
Technology investments are focused on AI-related software (74%), portfolio and risk management (70%), and liability and analytical tools (56%)

NEW YORK--(BUSINESS WIRE)--
Insurers are bracing for another year of uncertainty, with inflation once again cited as one of the top macroeconomic risks, according to BlackRock’s 14th annual Global Insurance Report. The report surveyed 463 senior investment professionals across 33 markets—representing $23 trillion in assets under management—shows a sector adapting with caution but also seizing opportunities in both public and private markets.

Even as risk appetite remains low - just 12% of insurers plan to increase their overall investment risk exposure in 2025 - allocations to private markets continue to rise. Nearly a third (30%) of insurers expect to increase private allocations with 58% intending to maintain their current exposure. 79% of respondents expect their private markets exposure to change by 1 to 5%, 13% anticipate a change between 6 and 9%, and 1% expect a change of 10% or more over the next 12 months, influenced by market movements and asset allocation over the next 12 months, signaling the continued structural shift toward private assets that has persisted across rate cycles. Private credit, infrastructure, and multi-alternative strategies remain the most cited opportunities.

At the same time, public markets remain foundational to portfolios: 73% of insurers plan to maintain their current allocations and 21% plan to increase them.

“The story of 2025 is one of caution amid volatility, but also of conviction in the long-term opportunities private markets can offer,” said Mark Erickson, Global Insurance Strategist of BlackRock’s Financial Institutions Group. “Insurers are navigating the environment with discipline while many are embracing new operating models, such as hybrid solutions to access private assets, and adopting investment, risk, and AI software to strengthen their portfolios.”

As the report highlights, insurers are focused not only on navigating current market volatility, but also on positioning their portfolios for long-term competitiveness. Many are rethinking their investment strategies and operating models. Private credit, infrastructure and technology continue to serve as useful tools to support insurers’ strategic initiatives.

“Insurers are sophisticated allocators across public and private markets, operating in a highly competitive and regulated environment. Today, we’re witnessing an accelerated transformation, particularly among life insurers, toward long-term private capital deployment, especially in areas like private credit and infrastructure. Their deep expertise, disciplined approach, and long-term investment horizon uniquely position them to offer valuable perspectives to other institutional investors navigating similar challenges,” said Charles Hatami, Global Head of the Financial & Strategic Investors Group and Co-Head of the Global Partners Office at BlackRock.

A defining feature of this year’s report is the shift toward more flexible operating models. As the competitive and market dynamics continue to evolve, insurers are adapting. Regarding their asset management operating model, 87% of insurers are changing their approach. Rather than solely relying on their in-house capabilities, many are adopting hybrid models that combine their internal expertise with external partners, supported by major investments in technology. In addition, we’ve observed a growing emphasis on capital management across all types of insurers. Over the next 12 months, 67% anticipate utilizing reinsurance sidecars, 54% expect to increase their use of third-party capital, and 53% plan to expand their captive management capabilities. This heightened focus on capital management is largely driven by insurers’ need to diversify balance sheet income through greater fee-based revenue, optimize balance sheets and capital structures, differentiate asset mixes via sidecars, and access non-dilutive sources of capital.

Insurers also remain committed to their long-term sustainable and transition investing goals. For the second year in a row, insurers most commonly cited clean energy infrastructure (55%) as the most attractive opportunity for sustainable and transition investing, followed by core infrastructure (51%) and green bonds (38%).

The full 2025 Global Insurance Report, including regional insights and commentary from industry leaders, is available for download here: https://www.blackrock.com/institutions/en-global/institutional-insights/thought-leadership/global-insurance-report-2025

About the BlackRock Global Insurance Survey

The BlackRock Global Insurance Survey, now in its fourteenth 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 in July – September 2025 encapsulates the views of 463 senior industry executives in 33 markets with the following regional distribution: 37% from EMEA, 29% from North America, 25% from Asia-Pacific, and 9% from Latin America. Taken together these companies represent investable assets of approximately US$ 23 trillion. The associated interactive report complements the global findings with regional results, comments from industry peers and insights from BlackRock experts.

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