76% of Insurers Plan to Increase Private Markets Allocations, Down From 94% a Year Ago, and 41% Name Private Debt as the Area to Grow, a Survey of 463 Finds

A global survey of 463 senior insurance executives across 31 markets, released on 27 October 2026, found that 76% of insurers expect to increase their private markets allocations over the next 12 months, while the other 24% plan to hold them where they are. A year earlier, 94% of respondents said they planned to increase. The respondents represent more than $24 trillion of investable assets. For a GP, the message is that insurers remain committed to the asset class but are buying less broadly than a year ago.

What the survey found

Insurers already hold a lot of private assets. Of the respondents, 92% allocate at least 5% of their portfolios to private markets, and more than 40% allocate over 15%. Those are shares of respondents by count; the survey does not report them by assets, so we cannot say what share of the $24 trillion sits in each band. Private debt is the area insurers most often name for more capital, at 41% of respondents. 74% plan to reach private debt through separate accounts or bespoke mandates instead of commingled funds. The release does not make the base of that figure explicit, so we read it as a share of respondents rather than of capital. The survey also found that 84% describe their approach to asset management as hybrid, mixing internal and external capabilities, and that 49% expect to use external managers more over the next 12 months.

How it compares

The headline is the drop. Intentions to increase fell 18 percentage points from last year's 94%, and the survey release put earlier readings at 91% in 2024 and 89% in 2023, so this year is the lowest reading in that run. By our arithmetic, 76% plus the 24% who plan to maintain accounts for every respondent, which leaves no one planning cuts. The pattern matches the wider LP picture, where 37% of LPs plan to deploy more than last year, down from 43%. The survey sponsor described the shift as a move from broad increases toward more selective deployment, and the numbers fit that reading: insurers are still growing their exposure, but more selectively.

Why it matters for GPs

The 74% separate-account figure is the practical number. An insurer that wants a bespoke mandate is likely to ask about guidelines, reporting and capital treatment before it asks about a fund's target return, so a GP who can only offer a commingled vehicle may find fewer open doors in private debt. One recent example of the model in action is Japan's Meiji Yasuda, which plans to lift its Man Group commitment to about $1.25 billion, focused on private credit, alongside a preferred-partner role. Our playbook for pitching an insurer that wants a bespoke mandate sets out the steps. For the wider LP picture, see LP allocation trends for 2026, and for how one insurer's chief investment officer changed the map of who to approach, see our note on a Swedish insurer that widened its CIO's remit.

What to watch next

Watch the next survey for whether intentions stabilise near three in four or keep falling, and for whether the 41% for private debt moves. Insurers sit in our insurer LP category, and FundLinx members can see which institutions are active in your strategy.

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