European Insurance Industry 2023
Meeting Investment Needs
Evaluate and Act on Opportunities to Service European Insurers
- Examine insurers’ investment concerns, the types of investment vehicles they use, and the changes they will make to their asset allocations
- Explore the most common types of strategic partnership insurers develop with asset managers, the pricing of strategic relationships, and how strategic partnerships between insurers and asset managers are evolving
- Analyze the general account assets that are addressable for external managers, the expected outsourcing of fixed-income and private market investments, and the non-affiliated asset managers that insurers believe provide best value
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From asset managers to broad coverage of insurers, this report provides a comprehensive overview of Europe’s insurance asset management landscape. It details the products and services that will become necessary to do investment business with Europe’s insurers and the future of asset management outsourcing.
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A Note from the Author
How Can Third-Party Asset Managers Win More Mandates Among European Insurers?
Justina Deveikyte, CAIA
Justina joined Cerulli Associates in February 2014 and heads the European Institutional Asset Management research practice. In her role, she is responsible for all research activities relating to institutional investors, the firm’s analysis of alternative investments, the environmental, social, governance (ESG) section, and all data-science-based activities. She also contributes to multiple strategic consulting engagements and The Cerulli Edge series.
Justina is the lead author of several Cerulli reports, covering insurance, retirement, ESG, and alternative investments. Throughout her career, she has successfully developed partnerships with industry associations and has presented at several conferences and events across the Europe.
Prior to joining Cerulli, Justina was a Financial Manager and Global Analyst at Global Food Consulting; she previously has provided professional advice on banking products, including unit-linked insurance and third-pillar pension products at SEB Bank Group.
Full biography here.
Wouter Bakker, CFA
Wouter is a Senior Analyst on the European Institutional Asset Management team, providing quantitative and qualitative research for Cerulli’s European research products.
Prior to joining Cerulli, Wouter worked at Euronext, where he served as a Product Manager covering investment funds. He also previously worked as a Product Specialist at Candriam and Vanguard Asset Management.
Full biography here.
European insurers’ outsourcing of investment management to non-affiliated asset managers continues to grow, particularly for core fixed income. On average, 81% of insurers plan to increase their outsourcing of core fixed income to external asset managers over the next three to five years.Traditional fixed-income asset managers will find the most opportunities in Switzerland, Italy, and Germany, where a higher proportion of insurers plan to appoint external managers for investment-grade corporate bonds and government bonds than in other markets.
Insurers are also increasingly eyeing private assets, primarily real estate debt. More than half of the Italian, UK, and German insurers that plan to increase their allocations to real estate debt over the next 12 months will do so by hiring external managers. Although insurers typically do not have any issues with insurer-owned asset managers when allocating to private assets, most still prefer global independent asset managers.
Use Cerulli’s latest report, European Insurance Industry 2023: Meeting Investment Needs, to understand the addressable market for European general account assets. Identify the expected outsourcing opportunities for fixed-income and private market investments, and the non-affiliated asset managers that insurers believe provide best value.
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