Insurance Investment Outsourcing Hits $5.5T as Private Markets and Europe Drive Growth
Event summary
- Clearwater Analytics' 2026 Insurance Investment Outsourcing Report (IIOR) shows $5.5T in third-party general account insurance assets under management, up 23% YoY and 65% since 2021.
- Private markets AUM doubled since 2021 to $947B, now representing nearly one-third of outsourced insurance allocations.
- Europe and the UK's outsourced insurance AUM grew 32% YoY to $2.1T, accounting for 38% of total global AUM.
- The top 10 managers' share of total AUM declined from 70% to 59% over the past decade, indicating increased competition.
The big picture
The insurance investment outsourcing market is undergoing a structural shift, with private markets and global expansion reshaping traditional dynamics. The near-doubling of consultant AUA in two years highlights insurers' growing reliance on external expertise to navigate increasingly complex investment landscapes. This transformation is compounded by the rise of Europe and APAC as major forces in the outsourcing market, challenging the historical North American-centric model.
What we're watching
- Private Markets Expansion
- How insurers' increasing allocation to private markets will affect asset managers' strategies and risk profiles.
- Regional Competition
- Whether European and APAC managers can sustain their rapid growth and challenge North American dominance.
- Consultant Influence
- The pace at which investment consultants will expand their role in shaping insurers' complex investment programs.
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