BlackRock’s 15th annual survey of the global insurance industry found that respondents are increasingly seeking partners that go beyond investment management to take a holistic approach to investment, capital and technology to achieve long-term objectives and navigate an increasingly complex operating environment.
The survey, which includes perspectives of 463 insurers across 31 markets representing investable assets of more than $24 trillion, underlined the growing role of partnerships in insurers’ operating models.
According to BlackRock, 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 firm added.
BlackRock added that 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.
Mark Erickson, Global Insurance Strategist in BlackRock’s Financial Institutions Group, commented, “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.”
Elsewhere, the survey found that inflation remains insurers’ most-cited macroeconomic concern, with 62% identifying it as a key risk, unchanged from 2025, amid an increasingly complex global investment environment.
Globally, 61% of respondents expect a soft landing over the next year, while 24% anticipate no landing and 9% expect stagflation.
However, expectations reportedly vary by region, with 75% of respondents in EMEA expecting a soft landing, compared with 63% in North America, 47% in Asia-Pacific and 40% in Latin America.
BlackRock continued, “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.”
BlackRock’s survey also highlighted the increasingly strategic role of private markets, noting that over the past decade, they have evolved from an alternative source of yield into an established component of investment portfolios.
Today, more than nine in 10 global insurers (92%) allocate at least 5% of their investment portfolios to private markets, while more than 40% allocate over 15%.
BlackRock added, “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.”
Charles Hatami, Global Head of the Financial & Strategic Investors Group and Co-Head of the Global Partners Office at BlackRock, said, “Private markets are an established part of insurers’ investment strategies, but strategic commitment does not mean indiscriminate buying.
“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.”
